BusinessBusiness RecoveryFootball League approves Huddersfield rescue

Football League approves Huddersfield rescue

Huddersfield Town FC has emerged from administration after the Football League agreed to its takeover by local businessman Ken Davy.

Link: Future looks tough for Football League clubs

This will be a huge boost to the club ahead of the new season, which begins over the weekend. In addition it has also secured the services of accountant Roger Armitage, a partner at the Huddersfield officer of mid-tier firm Mazars.

Armitage will become a director at the club after his retirement from Mazars at the end of the month and will join the board.

Huddersfield Town went into administration on 31 March 2003 with debts of £22m and was later relegated from the second division.

Under a company voluntary arrangement agreed in June, players will receive their wages, while preferential creditors, including the Inland Revenue will receive partial payment.

Another club in administration, second division team Notts County FC, will also start the new season after the Football League agreed to a request from its administrator, Paul Finnity, a partner at Kroll Corporate Advisory & Restructuring Group, for more time to explore a new offer for the club, following the breakdown of a preferred bid.

The Board of the Football League will consider this matter again at its next meeting on 8 September.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor