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Date Posted: 01:12:56 05/24/02 Fri
Author: CUFC
Author Host/IP: 213.123.63.137
Subject: Hurrah for the Taxman !

Michael Knighton's grip on United could be fatally weakened tonight with the shock news that the Inland Revenue have issued the club with a winding-up order.
This will be heard in the High Court on June 26. The size of the debt to the taxman is not known but has been estimated at £700,000. Knighton claimed it was "several hundred thousand pounds less" when he responded to a question asked by Eric Martlew in the House of Commons earlier this month.

Under the terms of the winding-up petition, the club has 21 days to pay the debt or the court will decide whether to appoint receivers. The club can fend off the order by asking for more time or by selling assets to raise the necessary funds. One option open to United is to off-load highly-rated players Lee Andrews and Richie Foran. Both players are known to be unhappy at the prospect of being sold.

If receivers are appointed they will take control of the club, replacing current directors Mark Knighton and Andrea Whittaker, either or both of whom will remain at the club to assist the receivers. Their job is to raise as much money as possible to pay off creditors, with the Inland Revenue taking precedence. They will seek to sell the club as a going concern and if that fails, they will sell off all assets to pay the debts and would then close the business.

However there are no shortage of potential saviours, headed by John Courtenay and Brooks Mileson. The receivers will accept the highest bid, there are no grounds for picking and choosing between potential buyers.

Under Football Association rules, a new owner must take on all existing debts in order for the club to keep its place in the Football League. Otherwise, they would be relegated, possibly to the Conference or lower.

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Replies:

[> Knighton out, taxman in. -- orfc, 09:20:20 05/24/02 Fri (146.176.2.17)


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