November 2007
Brendan Guilfoyle of insolvency specialists,
The P&A Partnership, is one of three administrators appointed
by the directors of Luton Town Football Club Ltd to run the
club with a view to its sale.
The directors reluctantly decided to appoint administrators
when advised by their finance director that the company could
not continue, given its decreasing income and escalating
liabilities.
Brendan Guilfoyle said: “Administration will give the
club breathing space and an opportunity to restructure its
finances. Our aim is to maximise the value of the company’s
assets and to place the club on a firm footing for the future.
“
We feel for the fans, the manager and the players as in the
short term the club will suffer a points deduction from the
Football League, but hopefully the long term prospects will
overcome the short term disadvantage.”
The administrators are looking for prospective buyers to
put proposals to the creditors before end December 2007.
Guilfoyle added that any Football Association charges against
the club will not be affected by administration. The Football
Association’s charges still stand and are a matter
for the Association to pursue.
The administrators are speaking to all those with a stake
in the club as soon as possible.
Guilfoyle explained: “The survival of this historic
club will depend on finding a purchaser. We will do everything
we can to find such a buyer.”
In order for the club to continue trading in the short term,
David Pinkney, chairman, has agreed to fund the trading losses
until the conclusion of a sales process, recognising that
there is no guarantee of these funds being repaid.
The administrators will look to retain and maximise any area
which brings value to the club for a prospective purchaser,
including the youth team, the training facility and potential
relocation.
As a result of Pinkney’s commitment, all football fixtures
will go ahead as scheduled.
Guilfoyle urged fans to get behind the club to ensure its
long term future: “The Hatters is a great football
club with more than 100 years of history behind it and it
needs your support now more than ever.”
The other administrators are John Russell and Chris White
of The P&A Partnership.
Brendan Guilfoyle, a chartered accountant, has specialised
in business rescue and insolvency for 30 years. His experience
is extensive and varied in complexity.
Former president of the trade body for licensed insolvency
practitioners (Association of Business Recovery Professionals
(R3), Brendan is a partner with The P&A Partnership which
has offices in Sheffield and Leeds (www.thepandapartnership.com).
Brendan is licensed to undertake insolvency appointments
in the UK & Northern Ireland by the IPA who have delegated
powers from HM Government. He is a member of the Council
and Chairman of the Professional Guidance and Ethical Standards
Committee of the IPA.
He is also a former member of a UK-wide oversight body, the
Insolvency Practices Council.
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