Post by QPR Report on Jul 30, 2009 19:07:32 GMT
BBC - Livingston saved from liquidation
Livingston have been saved from the brink of extinction after the Scottish Football League backed a proposal which will allow the club to carry on.
The rescue deal is being led by former Cowdenbeath owner Gordon McDougall and ex-Dumbarton chairman Neil Rankine.
The interested buyers, along with interim manager Donald McGruther, of administrator Mazars, will fund the debt-ridden outfit for a year.
As a result, Livingston will continue to play in the First Division.
However, the possibility of a points deduction remains, with the SFL to discuss the matter further.
The SFL, who sought a number of assurances from the new consortium, chiefly the payment of a "substantial" bond and a commitment to fulfil Livi's fixtures, will also consider changing their own insolvency rules.
Livingston looked doomed after chairman Angelo Massone refused to sell his shares for the ÂŁ25,000 offered to him by McGruther, who has already moved to make staff at the club redundant.
McGruther, appointed by the Court of Session after West Lothian Council took legal action to reclaim a ÂŁ330,000 debt, was on the brink of liquidating Livingston.
Massone turned up at the Hampden meeting on Thursday but was refused admission to the three-hour conference.
McGruther had offered Massone ÂŁ25,000 for his shareholding saying that this would then allow him to sell the club for a similar amount to investors interested in taking over the club and that figure may rise with the assistance of McDougall and Rankine.
"I think one of the greatest things Mr Massone wants is to walk away with a bit of dignity, rather than be run out town tarred and feathered," said Rankine.
Massone's Italian-based consortium bought Livingston last summer from former owner Pearse Flynn for ÂŁ1.
The Italian businessman has consistently claimed to have invested large sums of his own money to keep the club afloat, but last season Livingston hit the headlines for the late payment of wages and stories of unpaid debts.
The club chairman, who said his lawyer had advised him not to accept McGruther's offer, called on politicians, potential investors and the interim manager to work together with him to save the club.
McGruther had taken action after Mazars concluded that the club was "hopelessly insolvent, without any discernible cash flow, and in need of an immediate cash injection".
Livingston's players turned out on Saturday without pay as they lost their Alba Challenge Cup tie away to Queen of the South and they face a Co-operative Cup visit to Albion Rovers this weekend
BBC Tranmere owner fumes at eBay sale
Tranmere Rovers owner Peter Johnson said he was "appalled" to discover the club listed for sale on the online auction site eBay.
The listing, now removed, purported to be from Dornoch Capital, the US firm tasked with finding a buyer for the club, and had a starting bid of $10m.
"We were appalled," Johnson told BBC Radio Merseyside.
"It's totally inappropriate. We immediately e-mailed them and said 'take it off right away'."
Johnson added: "You can imagine how shocked we were to wake up this morning to find out we were on eBay."
The auction listed several factors about the club to interest potential buyers, including its lack of debt and its potential for creating "revenue growth" through sponsorship, television revenues and "upgrading the fan experience".
Johnson, who also acts as club chairman, said they are looking for outside investment but not at any cost.
"We'll be considering their [Dornoch Capital's] mandate. It's not a second-hand bike we're selling," he continued.
"One has to think of supporters and the ability to run the club. Putting it on eBay is not the right way of doing it and we would certainly have not let them if they'd asked us, so we're pretty furious."
Johnson refused to countenance the suggestion that Dornoch Capital had done Rovers a favour in the process by getting the sale in the public domain.
"I don't think we want this sort of publicity and I think a lot of people knew it was for sale because the local paper mentioned it at the beginning of last season," he said.
606: DEBATE
If it had started at 99p I might have bid!
dannytrfc
"If they can find the right buyer then he can takeover at Tranmere but its got to be the right buyer and I don't think putting it on eBay is going to find the right buyer."
While the club does not have any potential buyers lined up, Johnson does not regard the situation as a major problem.
He added: "I'm not trying that hard. I've been there since 1987, there's no panic to find a buyer but if somebody comes along I would obviously say 'Yes you can have a look at it'."
newsvote.bbc.co.uk/sport2/hi/football/teams/t/tranmere_rovers/8176708.stm
BBC - Hearts face court action over tax
Hearts are facing court action after HM Revenue and Customs lodged a petition at the Court of Session in Edinburgh over unpaid taxes.
Court officials will not say how much is owed, but say the action is a "last resort". No court date has been set.
Hearts expressed surprise at the move, adding that the club would pay all bills in line with agreed timescales.
If Hearts fail to settle they could be placed in administration, meaning a 10-point league deduction.
Gretna faced a similar fate last year before they eventually went out of business.
And earlier this month West Lothian Council took Livingston to court in an effort to reclaim rent arrears on Almondvale stadium.
The funds are available and sufficient to meet the obligations
Hearts director Sergejus Fedtovas
Hearts director Sergejus Fedotovas said: "Hearts has been informed of the petition that has been raised and that came as a surprise as the club has a payment schedule in place with HMRC and this will be met in full and to the agreed timescales.
"The funds are available and sufficient to meet the obligations. We have made excellent progress recently as a club in cutting our costs and reducing our debt while delivering a winning team on the field."
Derek Watson, chairman of the Hearts Supporters Club, said fans would be unfazed over the latest developments.
He said: "For many years Hearts under different regimes have always paid bills at the last minute and I think most people know that.
"So, it would have to go a bit further before people got worried. They're used to it by now."
Hearts moved to allay fears over the club's finances last season, after twice being late in paying their playing staff
newsvote.bbc.co.uk/sport2/hi/football/teams/h/heart_of_midlothian/8176593.stm
Livingston have been saved from the brink of extinction after the Scottish Football League backed a proposal which will allow the club to carry on.
The rescue deal is being led by former Cowdenbeath owner Gordon McDougall and ex-Dumbarton chairman Neil Rankine.
The interested buyers, along with interim manager Donald McGruther, of administrator Mazars, will fund the debt-ridden outfit for a year.
As a result, Livingston will continue to play in the First Division.
However, the possibility of a points deduction remains, with the SFL to discuss the matter further.
The SFL, who sought a number of assurances from the new consortium, chiefly the payment of a "substantial" bond and a commitment to fulfil Livi's fixtures, will also consider changing their own insolvency rules.
Livingston looked doomed after chairman Angelo Massone refused to sell his shares for the ÂŁ25,000 offered to him by McGruther, who has already moved to make staff at the club redundant.
McGruther, appointed by the Court of Session after West Lothian Council took legal action to reclaim a ÂŁ330,000 debt, was on the brink of liquidating Livingston.
Massone turned up at the Hampden meeting on Thursday but was refused admission to the three-hour conference.
McGruther had offered Massone ÂŁ25,000 for his shareholding saying that this would then allow him to sell the club for a similar amount to investors interested in taking over the club and that figure may rise with the assistance of McDougall and Rankine.
"I think one of the greatest things Mr Massone wants is to walk away with a bit of dignity, rather than be run out town tarred and feathered," said Rankine.
Massone's Italian-based consortium bought Livingston last summer from former owner Pearse Flynn for ÂŁ1.
The Italian businessman has consistently claimed to have invested large sums of his own money to keep the club afloat, but last season Livingston hit the headlines for the late payment of wages and stories of unpaid debts.
The club chairman, who said his lawyer had advised him not to accept McGruther's offer, called on politicians, potential investors and the interim manager to work together with him to save the club.
McGruther had taken action after Mazars concluded that the club was "hopelessly insolvent, without any discernible cash flow, and in need of an immediate cash injection".
Livingston's players turned out on Saturday without pay as they lost their Alba Challenge Cup tie away to Queen of the South and they face a Co-operative Cup visit to Albion Rovers this weekend
BBC Tranmere owner fumes at eBay sale
Tranmere Rovers owner Peter Johnson said he was "appalled" to discover the club listed for sale on the online auction site eBay.
The listing, now removed, purported to be from Dornoch Capital, the US firm tasked with finding a buyer for the club, and had a starting bid of $10m.
"We were appalled," Johnson told BBC Radio Merseyside.
"It's totally inappropriate. We immediately e-mailed them and said 'take it off right away'."
Johnson added: "You can imagine how shocked we were to wake up this morning to find out we were on eBay."
The auction listed several factors about the club to interest potential buyers, including its lack of debt and its potential for creating "revenue growth" through sponsorship, television revenues and "upgrading the fan experience".
Johnson, who also acts as club chairman, said they are looking for outside investment but not at any cost.
"We'll be considering their [Dornoch Capital's] mandate. It's not a second-hand bike we're selling," he continued.
"One has to think of supporters and the ability to run the club. Putting it on eBay is not the right way of doing it and we would certainly have not let them if they'd asked us, so we're pretty furious."
Johnson refused to countenance the suggestion that Dornoch Capital had done Rovers a favour in the process by getting the sale in the public domain.
"I don't think we want this sort of publicity and I think a lot of people knew it was for sale because the local paper mentioned it at the beginning of last season," he said.
606: DEBATE
If it had started at 99p I might have bid!
dannytrfc
"If they can find the right buyer then he can takeover at Tranmere but its got to be the right buyer and I don't think putting it on eBay is going to find the right buyer."
While the club does not have any potential buyers lined up, Johnson does not regard the situation as a major problem.
He added: "I'm not trying that hard. I've been there since 1987, there's no panic to find a buyer but if somebody comes along I would obviously say 'Yes you can have a look at it'."
newsvote.bbc.co.uk/sport2/hi/football/teams/t/tranmere_rovers/8176708.stm
BBC - Hearts face court action over tax
Hearts are facing court action after HM Revenue and Customs lodged a petition at the Court of Session in Edinburgh over unpaid taxes.
Court officials will not say how much is owed, but say the action is a "last resort". No court date has been set.
Hearts expressed surprise at the move, adding that the club would pay all bills in line with agreed timescales.
If Hearts fail to settle they could be placed in administration, meaning a 10-point league deduction.
Gretna faced a similar fate last year before they eventually went out of business.
And earlier this month West Lothian Council took Livingston to court in an effort to reclaim rent arrears on Almondvale stadium.
The funds are available and sufficient to meet the obligations
Hearts director Sergejus Fedtovas
Hearts director Sergejus Fedotovas said: "Hearts has been informed of the petition that has been raised and that came as a surprise as the club has a payment schedule in place with HMRC and this will be met in full and to the agreed timescales.
"The funds are available and sufficient to meet the obligations. We have made excellent progress recently as a club in cutting our costs and reducing our debt while delivering a winning team on the field."
Derek Watson, chairman of the Hearts Supporters Club, said fans would be unfazed over the latest developments.
He said: "For many years Hearts under different regimes have always paid bills at the last minute and I think most people know that.
"So, it would have to go a bit further before people got worried. They're used to it by now."
Hearts moved to allay fears over the club's finances last season, after twice being late in paying their playing staff
newsvote.bbc.co.uk/sport2/hi/football/teams/h/heart_of_midlothian/8176593.stm