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Luke Imp

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Were getting taken over my a mystery consortium but that fell through.

Have a winding up petition against them, owe the council around £10m and now the builders of their new stand £3m!

http://www.bbc.co.uk/news/uk-england-northamptonshire-34553462
 
It's beginning to sound very, very fishy to me. (No reference to the cods intended, there!)
 
We had another thread about this a month or so ago, I think. It relates to a £12m loan made to the club by the council to improve the ground including the building of a stand (or was it two)? In September the chairman promised faithfully he would repay the money.

The fact they cannot pay £3m when they borrowed £12m a couple of years ago makes you wonder what is going on there.

The original news item:
http://www.bbc.co.uk/news/uk-england-northamptonshire-34358704
 
You really couldn't make this up. In these situations the statutory Directors should be held personally liable. There is a fine line between incompetence and negligence. Either way the statutory Directors are accountable for actually doing it or not having the governance in place to stop it.
 
Interesting article on them and the missing £10m.

http://www.theguardian.com/football/2015/nov/06/northampton-town-extinction-missing-millions
 
Those who think it doesn't matter whether Lincoln City Football Club has an effective, independent Supporters Trust shoud be very careful what they do wish for.

 
The police are now discussing the matter with Northampton Council, although no formal complaint has been received at this point:

http://www.bbc.co.uk/news/uk-england-northamptonshire-34743340
 
If I were a voter in Northampton, I'd be questioning the probity of the Council for lending this money in the first place. How did they ever expect ti to be paid back?
 
And so it begins:

http://www.bbc.co.uk/news/uk-england-northamptonshire-34750400

Northampton fans should now be very worried - this sounds more than a bit terminal to me.
 
Would any new stand or new ground in Lincoln be owned by Lincoln City Football Club, Lincoln City Holdings, or some other party? (And, please, don't anyone reply that LCFC and LCH are one and the same thing).
 
Michael Foley - 7/11/2015 11:31

Would any new stand or new ground in Lincoln be owned by Lincoln City Football Club, Lincoln City Holdings, or some other party? (And, please, don't anyone reply that LCFC and LCH are one and the same thing).
Click to expand...

How complicated a web can we weave? I trust you'll be all over these aspects on our behalf as the new stadium plans progress.

On another subject, to be callous for a moment: if Northampton Town is wound up, will there be three promotion places from the National League at the end of this season?
 
Scotimp - 7/11/2015 11:37

Michael Foley - 7/11/2015 11:31

Would any new stand or new ground in Lincoln be owned by Lincoln City Football Club, Lincoln City Holdings, or some other party? (And, please, don't anyone reply that LCFC and LCH are one and the same thing).
Click to expand...

How complicated a web can we weave? I trust you'll be all over these aspects on our behalf as the new stadium plans progress.

On another subject, to be callous for a moment: if Northampton Town is wound up, will there be three promotion places from the National League at the end of this season?
Click to expand...

I bet there won't be in that eventuality. Much more likely that only one team will be relegated out of the FL.
 
Was reading about this earlier, and how there is a difference of opinion of about £3m being a loan or a fee. How can that possibly be unclear? Very dodgy!
 
How can any public body make a loan of £10.5 million, especially to a football club, without any security? Can see the perpetrators getting away with this and the true supporters will be the ones who will suffer.
 
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