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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor