Folkestone Invicta fear points deduction

Thursday 21st January 2010

FOLKESTONE INVICTA could face a points deduction as they consider going into administration next month, writes Stephen McCartney.

Folkestone Invicta’s Recovery Group have written to the club’s shareholders and have invited them to a meeting, which will be held at the club’s Cheriton Road at 3:30pm on Friday, 5th February, to discuss the options.

Everything on the pitch is going well at the Cheriton Road club. Manager Neil Cugley’s side are seven points clear of Worthing at the top of the Ryman League Division One South table with a record of 15 wins and 5 draws from their 21 games, but according to League rules, the club could face a deduction of ten points.

The Recovery Group had issued a statement on their website this afternoon, and when one concerned supporter asked Lynn Woods whether this would mean that the club would be forced to go into administration, Mr Woods replied, “Only fleetingly. It's called a "pre-pack" process, where terms are negotiated and agreed with creditors and shareholders before any formalities are conducted. This way the Club in effect remains under its own command throughout.”

The statement, issued to www.folkestoneinvicta.co.uk, said: "The Club's shareholders should already have received postal invitations to a formal meeting scheduled for 3.30pm on Friday 5th February.

“This meeting has been called to seek ratification from the members of the Club of a proposed voluntary settlement with its creditors, principally HM Customs & Revenue.

“The essence of that settlement has already been agreed with HMRC, so this exercise is expected to restore the club's finances to a stable state, for all the fact that we face having to continue repaying creditors for several years yet.

“Full details of the settlement will be outlined to shareholders/members at the meeting on 5th February, and the club's officials will also take that opportunity to outline future composition of the Board and plans to transfer ownership into a Supporters Trust - www.supporters-direct.org/page.asp?p=2112 .

“The 3.30pm timing is a necessary formality as these meetings have to be scheduled between 9am and 4pm on a weekday, but we are planning to convene the meeting at that time to satisfy due process and then to immediately adjourn it to 6.30pm, so members and supporters do not need to turn up until after 6pm. The meeting will be held in Stripes.

“Any formal voting that is required at the meeting will be restricted to those who are formally members of the Club because they are shareholders. However, supporters who are not shareholders are also very welcome to attend this meeting.

“It is inevitable in these circumstances that thoughts will turn to League sanctions. We have to plead for patience on this. We don't know what view the Isthmian League and FA will take, nor for how long they will deliberate once the formalities are communicated to them. We also have to accept that whatever the perceived injustices of Invicta's treatment at the hands of HMRC, there are now protocols designed to ensure that Clubs which go through this experience are treated consistently. We will just have to resist speculation and wait for those issues to resolve.

“This message should be seen as an optimistic one. The main thing is that after two years of paralysis we can now start to rebuild the club's administration around the great things that are being achieved on the pitch and the industry of the youth and supporters organisations. We look forward to seeing a good turnout on the 5th, and some useful bar takings!"

Visit Folkestone Invicta’s website: www.folkestoneinvicta.co.uk