Take It or Leave It

Last updated : 15 March 2004 By Firparkcorner

Both shareholders and creditors will meet in the Corinthian in Glasgow on Wednesday afternoon and have the administrator’s proposal outlined.

The bottom line will be that the creditors will be offered 15p for every pound the club owes. Although the taxman will receive all of the due debt (believed to be between three and four hundred thousand pounds).

The transfer fee from Everton will provide the bulk of the money available for distribution. From that sum will be subtracted funds to cover any loss for this financial year and an amount for the undersoil heating which will be installed in the close season. It is important that the club comes out of administration with a ‘level’ balance sheet.

The main creditor is John Boyle. His decision not to take anything from this handout ensures that the rest can have a more meaningful share. As BJ said, “We can only pay out the money available to us and the only reason we can pay out any dividend at all is because the main creditor, John Boyle, agreed to waive his right to take a divided from this distribution of funds.”

What of the remaining creditors? Messrs Martinez, Ready, Forrest and the other former players form the largest group. But there is a long list of companies in the queue. Everyone who was owed money when the balloon went up joined the list. BT, Scottish Water, printers etc will form up in an orderly line to hear the proposal.


It is almost certain that the deal will be accepted (JB is in the background and he can force a deal through if needed).