Southend United left peering into the abyss
Southend United football club faces going out of business next week, due to an unpaid £400,000 tax bill owed to the Inland Revenue.
Representatives of the club including chairman John Main are due to meet with Revenue officials in London next Wednesday in a bid to find a solution to repay the debt.
If a compromise is not found, the club faces a winding up order from the Revenue and will find itself in administration – just weeks before the new season is due to kick off.
A club official confirmed the meeting next week, however the Revenue refused to comment on the issue.
Other clubs which have found themselves in administration recently include Swindon Town, Portsmouth and Crystal Palace.
The latest financial crisis to affect a football club, follows Football Association plans tackle the growing problem of financial mismanagement within the game by launching a financial awareness arm, expected to be called the ‘Football Advisory Unit’.
EXCLUSIVE: Football finance squad formed
https://www.accountancyage.com/Business/1105960
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