Administration - The Last Few Steps

Last updated : 15 April 2004 By Firparkcorner

Solicitors submitted papers to the Court of Session on Wednesday and Bryan Jackson told FirParkCorner that he expects the papers to be processed in less than a fortnight. At that stage he will cease to be Interim Administrator though he will retain a supervisory role and ensure that the creditors receive their due payments. The club will be out of administration and back in control of its affairs.

A Black Day
The black period in the history of the club is all but over and we can look forward to rebuilding the club on a sound financial footing.

The effect of the administration experience and the voluntary agreement with the creditors is that the club has eliminated its debts and reduced its running costs.

When we entered the twilight zone, the club had debts approaching £11 million and that was increasing by about £250 000 per month. Now we have a level balance sheet and the understanding that the only sensible strategy for the future is that we can only spend what we earn.

Two years ago the club was placed on the market and interested parties were invited to inspect the books. John Boyle made it clear that he would write off his debt if a buyer with the interests of the club at heart was to appear. None did.

The appointment of Martin Rose to the board is seen as recognition that the future of the club will be best served if the fans have a greater involvement. The Supporters’ Trust has been established and it has a place at the top table as one of its targets. John Boyle has stepped into the background to some extent by giving up the position of chairman.

There are several priorities for the club as it regains control from the administrator. It has to transform into an organization which if self financing. The management of the stadium has to develop so that income from off field activities is maximized. The club has to be more customer friendly. It may be that season ticket prices have to be raised. It has to search out and retain local and national businesses and enter partnerships regarding sponsorship and advertising.

The monies generated will help the manager to build the team. The new realism creeping through the football industry should help in keeping wage demands at levels which are realistic. No one benefits if the club pays wages it cannot afford.

The true miracle evident in the last year has been the performance of the team. Terry, Maurice and Chris have been able to create the ideal which all management teams seek – a team which delivers more than the sum of its parts. In a season in which eleventh place would have been interpreted as success we seem certain to secure a top six finish.

So let’s celebrate the good times ahead. Let’s start than by supporting the team to a win over Dunfermline on Thursday night.

The links below pick out a few of the highs and lows from the last two years.

April 2002

One Year In
Taxman gets Priority