The new board is committed to change the structure - Folkestone Invicta

Saturday 06th February 2010

FOLKESTONE INVICTA can today confirm that with the formal approval of its creditors and shareholders, a Company Voluntary Arrangement (CVA) has been set in place to deal with the club’s state of indebtedness, writes Stephen McCartney.

Newly-appointed club chairman, Mr Lynn Woods (and not Mark Jenner as was reported by this website previously) stood up at the Ryman League member club meeting recently to unveil that the Cheriton Road club had an unpaid tax bill of £170,000.

But the club announced at last night’s meeting, which was held at Stripes at the club’s base at Cheriton Road, that it must find £800 per month over a five-year period to pay off it’s debts, and that the board have already coughed up £30,000.

The Cheriton Road club have today issued the following statement.

“The CVA will allow the club’s directors to plan and manage the club’s financial affairs with confidence, and to re-establish focus on extending the club’s community role and improving its facilities.

“The club anticipates that under current Ryman League rules it will automatically and immediately be deducted 10 points. It does not intend to contest this penalty.”

With a CVA now in place, Lynn Woods has taken up the role of chairman of the club, and former Ashford Town chairman Mark Jenner has agreed to join the board as the club’s chief executive. Existing directors have agreed to remain in post.

“The new board is committed to change the club’s constitution and shareholding structure to commit Folkestone Invicta into the control and effective ownership of a Supporters’ Trust. Further information on this proposal will be circulated before the end of the current season.

“An Extraordinary General Meeting will be required to approve any such changes.”

Folkestone Invicta suffered only their second league defeat of the season last Tuesday as they suffered a 1-0 defeat at big-spending Croydon Athletic.

But despite last night’s points deduction, Neil Cugley’s side bounced back and the long-serving, James Everitt scored the only goal of the game to win away to Walton Casuals today.

Croydon Athletic are now top of the Ryman League Division One South table with 48 points, followed by Fleet Town (48) and Folkestone Invicta are now third, going up one place following today’s win.

But everyone in Kent would agree, it’s better losing ten points, than Folkestone Invicta Football Club altogether!

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