BusinessBusiness RecoveryKingstonian sold but must still raise money

Kingstonian sold but must still raise money

Kingstonian Football Club remains £100,000 out of pocket, despite being sold to a private investor for an undisclosed amount, its administrator announced today.

The sale will secure the future of the club and remove the burden of its mortgage and overdraft ending over six months of uncertainty after Kingstonian fell into administration.

But the club’s new owner Anup Khosla must still raise £100,000 in order to enter into a voluntary arrangement with its creditors and avoid being demoted by the football authorities to the lower reaches of the Ryman League.

Administrator Nick Hood, senior London partner at Begbies Traynor, said he was relieved to have been able to conclude a deal, ending a long period of uncertainty since the club went into administration last October.

Khosla will be launching a fund raising event on behalf of the club. He is also part owner of the Khosla hotel and travel agency group.

Kingstonian’s plight is one faced by many other lower division football clubs that are insolvent due to the high costs of players and a drop in advertising sponsorship.

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