The rescue of Crystal Palace should not distract from the eight other clubs
on the financial “critical list”, according to
Using information collated by the insolvency specialists under its Red Flag
monitoring service, it finds that eight Premiership and Championship clubs were
on the financial critical list.
The Red Flag monitor measures a company’s financial wellbeing. Businesses
with significant problems are usually loss-making, have negative balances on the
balance sheet, file accounts late or face court action.
“[The] news that Crystal Palace has been saved is a welcome relief for all
those connected with the club but should serve as a wake up call to a number of
football clubs up and down the country,” said Gerald Krasner, Begbies partner.
“It is imperative that these clubs take steps as soon as possible to address
these issues otherwise Crystal Palace wont be the last club that we see
teetering on the bring of liquidation,” he added.
Krasner was chairman of Leeds in 2004 and administrator of Bournemouth in
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children