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Post by carvanian on Dec 24, 2012 13:02:56 GMT -1
Trying to put an unbiased spin on the situation Adi-
The previous board-Passionate about HUFC desperate to see the club play at a higher level. More money going out than coming in. Debts mounted.
Current board prepared to watch club get relegated as long as they clear the debts and secure the club. I believe they have now got the club running as a viable concern but are laden with the old debts. Despite paying off a large amount there is still more to go. If they can find a solution to this then the club will be safe.It will be running on a sound financial footing, but it will come at a cost on the field.
The fans seem to have grasped the situation and are being more patient than one might expect in the current situation.
Perhaps the perfect mix would have been the passion and football know- how of the previous board mixed with the financial expertise of the new board.
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Post by Adi Smith on Dec 24, 2012 17:04:39 GMT -1
I'll watch events with interest then
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Post by Adi Smith on Dec 29, 2012 12:04:17 GMT -1
I see the fans were successful in raising the money to pay off the transfer embargo, that's encouraging news.
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Post by ShiftZZ on Dec 29, 2012 18:42:05 GMT -1
Would you want to join a team thats going DOWN! Where you may not even get paid..
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Post by Adi Smith on Dec 31, 2012 11:13:02 GMT -1
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Post by ShiftZZ on Dec 31, 2012 11:39:00 GMT -1
Bookies are offering better odds on HUFC staying up compared the the LibDems winning aseat in the next election
;D
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Post by Adi Smith on Dec 31, 2012 12:15:07 GMT -1
Twitter tells me that the loss of two consecutive home fixtures has caused the problem - I did think that was going to be a major spanner in the works.
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Post by dynamitedan on Dec 31, 2012 18:54:28 GMT -1
Well, if the fate of a tin-pot football club is all that Hinckley has to worry about things must be looking up! ;D ;D ;D ;D ;D
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Post by carvanian on Jan 1, 2013 9:55:18 GMT -1
Whilst not wishing to overstate the importance of HUFC i would point out that there are well over 300 local kids involved in junior and youth football teams at the club. It is a fantastic facility for them , keeps them off the streets and whilst i fully support Shiftzz view that the club should be financially self sufficient i do believe it's survival is good for the town
The club are trying to pay off debts left by the previous regime -A regime that included a Senior local politician -How was this allowed to happen? They have been successful in recent months in paying off a huge amount. Abandoned games mean that there is no income. The games will be replayed in time and the players will then get paid. Not ideal but a harsh reflection of how serious the finances are.
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Post by Adi Smith on Jan 1, 2013 12:55:31 GMT -1
Despite a prodigious hangover, I shall be going down to the ground shortly - £10 more in the coffers
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Post by pillbox on Jan 1, 2013 15:29:51 GMT -1
Previous owners/directors should hang their heads in shame!
Looks like they ran the club with all the same talents they ran their other businesses with!
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Post by dynamitedan on Jan 4, 2013 17:00:12 GMT -1
Carvo, your point about the interests of the 300 kids is well put and therefore deserves not only mentioning but supporting also. It really is a pity that things have been allowed to deteriorate thus far.
I cannot help but feel that the past board have a hell of a lot to answer for.
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Post by ShiftZZ on Sept 3, 2013 14:20:42 GMT -1
By all accounts HUFC will no longer be around, it was in court recently and the judgment went against the club.. So from what I can gather the only hope is Administration...
Well thats the last HBBC will see of its yours/taxpayers £100k that was GIVEN to a load of donkeys..
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Post by ShiftZZ on Sept 6, 2013 3:14:38 GMT -1
Hinckley United face winding up order over more than £130,000 in debts Sep 5 2013 by Karen Almond, Hinckley Times HINCKLEY United has two weeks to clear more than £130,000 in debts or face being wound up.
If the struggling outfit can’t pay, can’t present contesting evidence in court or go into administration the Knitters may be no more.
An insolvency petition, lodged by former club chairman, Kevin Downes, his father Frank and brother Nigel, as trustees of the Downes family pension, was granted by a judge at Birmingham High Court.
The judge dismissed an injunction gained by United against the petition and adjourned proceedings until September 20. He also told the club to pay costs incurred by the Downes in fighting the injunction, naming club secretary Ku Akeredolu in the costs order.
The insolvency petition is the culmination of a long running and bitter financial wrangle over the Greene King Stadium.
Downes’ building business constructed the main stand in 2005.
When the club hit financial difficulty, with an outstanding tax bill of £200,000 in 2010, the Downes family say the board voted to sell the stand back to them to clear the debt.
Cash came from the Downes’ pension fund and the club started to pay rent.
Businessman Kevin Downes, 57, who resigned as club chairman in July 2012 amidst boardroom disputes, said when arears began mounting up and no effort was made to clear them the situation came to a head.
“In April we were told the club had placed the matter in the hands of solicitors. From then we had no choice. We are owed £75,000 in rent arears and £57,000 from a personal loan.
“Put that with court costs and United could be looking at a bill of £200,000 plus. This is not sour grapes, the club were well aware that payments needed to be made even before I resigned.”
He added: “I still have affection for the club. I was there for 15 years and put a lot of time, effort and money into it so the last thing I want is the club going into liquidation.”
If the Knitters can’t come up with the cash and can’t provide evidence to contest the petition the club could go to the wall.
If the club enters administration it will be sold to pay off debts but still exist.
A statement from Hinckley United said: “The board of directors of Hinckley United Football Club are fully aware of the situation of a winding up order on the club placed by the Downes Pension Fund which is to be heard on Friday September 20 2013.
“At present the board are considering all of the options available to the club to the best of their ability in the very short time available and are working endlessly for the club, supporters and the town to safeguard the future of Hinckley United Football Club.
“We would appreciate the town getting behind its club this Saturday and showing their support to the team when we have a home game against Weymouth at 3.00pm.”
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Post by carvanian on Sept 29, 2013 9:42:36 GMT -1
There is no doubt in my mind that HUFC will be liquidated on 7th October. I would be interested to see if the "Investor" that Kevin Downes suggested was in the background ever existed. Why would anyone want to take on this complex web of ownership and debt? If I was an investor I would wait until after the liquidation...hey ho As to the future I believe that large parts of the club are now under a separate company and therefore would be saved from liquidation? This would include the junior set up and pitches? Perhaps somebody could elaborate on this? If liquidators go in I am sure they will be reviewing the Financial practices of the club for several years and therefore I do not believe either present OR ex Directors will be relishing any questions that might be asked. Regarding the council Involvement I suspect that in the end there could well be a solution that would benefit the tax payers of the Borough both financially and for the preservation of the Junior set up..Let's hope so.
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