Margate propose one-year CVA

Ryman Premier League club Margate have today issued the following statement, concerning the current situation at Hartsdown Park.

The statement issued on the club's website at www.margate-fc.com said: “The Directors efforts to clear the outstanding Revenue and Customs debt, in time for the revised hearing in November continue but to date no firm commitments have been made.

“In order to protect the long term future of both the Club and the redevelopment, the Directors, in conjunction with the Clubs Development partner, have agreed to apply for a Company Voluntary Arrangement.

“The proposed CVA will be for a fixed period of one year. It will carry an undertaking from our Development partner that Revenue and Customs will be paid in full upon them entering into necessary leases with Thanet District Council and commencing the redevelopment.

“Whilst the proposed CVA will provide the protection needed to prevent the Company being wound up, the Club will automatically be deducted 10 points by the Football Association for its actions.

“The Directors continue to seek an alternative route for the Club and would like to thank MISA for their continuing efforts to raise funds. Should an alternative solution be found prior to 26 November 2008, the CVA will be halted.”

Meanwhile, Margate have no injury concerns for their trip to Worthing to play a Horsham side that knocked them out of the FA Cup at the first qualifying round stage earlier in the season.

Article courtesy of www.margate-fc.com

Horsham v Margate
Ryman Premier League
Saturday 8^th November 2008
Kick Off 3:00pm
At Woodside Road, Worthing, West Sussex RH13 5AD