Post by Croc on Sept 4, 2009 14:53:48 GMT
Farsley Celtic go out of business
Farsley Celtic have been closed down by their administrators, who failed to find any new backers for the Blue Square North club.
Celtic entered administration at the end of June because of mounting debts including a £200,000 tax bill.
Administrators Mazars said the failure of a consortium to buy the club back left them no alternative but to lock-up Throstle Nest and close the club.
The West Yorkshire club celebrated their centenary year in 2008.
Farsley got into financial trouble after selling a portion of their Throstle Nest ground but, as a result of the recession, have not been paid in full.
They avoided a winding-up order by HM Revenue & Customs over unpaid taxes by going into administration on 1 July, but faced the prospect of having no league to play in after the Football Conference deemed them ineligible to play in the Blue Square North because of the financial problems.
But a reprieve saw them start the season on minus 10 points, a deficit wiped out on the pitch during the first six games of the season as negotiations to find a buyer continued behind the scenes.
Robert Adamson, joint administrator and partner at Mazars, said there had been lengthy talks to try and save the club.
"Since Farsley went into administration we have held extensive discussions with a number of interested parties with the aim of selling the the club, working extremely hard to try and secure the best deal possible for both the creditors and the club," he said.
"We have been very appreciative of the continued full support of the board of directors, who from the start of the season have also assisted in ensuring that the ongoing trading costs were met each week.
"However, following the withdrawal of the consortiums offer, no viable alternatives remain and there is no-one prepared to continue to underwrite the trading costs. Very sadly, the only option now is to close the club."
Supporters Club spokesman Phil Morris told BBC Radio Leeds the loss of the club would leave a big hole in the local community.
"We're all a little bit stunned at the speed at which this has happened," he said.
"I don't think anybody was under any illusion that the club wasn't in a perilous financial position. (President) John Palmer has worked extremely hard in the hope of securing the club financially but unfortunately it wasn't to be.
"He above all others I suspect is the most devastated of the lot. He's absolutely heartbroken."
Farsley Celtic have been closed down by their administrators, who failed to find any new backers for the Blue Square North club.
Celtic entered administration at the end of June because of mounting debts including a £200,000 tax bill.
Administrators Mazars said the failure of a consortium to buy the club back left them no alternative but to lock-up Throstle Nest and close the club.
The West Yorkshire club celebrated their centenary year in 2008.
Farsley got into financial trouble after selling a portion of their Throstle Nest ground but, as a result of the recession, have not been paid in full.
They avoided a winding-up order by HM Revenue & Customs over unpaid taxes by going into administration on 1 July, but faced the prospect of having no league to play in after the Football Conference deemed them ineligible to play in the Blue Square North because of the financial problems.
But a reprieve saw them start the season on minus 10 points, a deficit wiped out on the pitch during the first six games of the season as negotiations to find a buyer continued behind the scenes.
Robert Adamson, joint administrator and partner at Mazars, said there had been lengthy talks to try and save the club.
"Since Farsley went into administration we have held extensive discussions with a number of interested parties with the aim of selling the the club, working extremely hard to try and secure the best deal possible for both the creditors and the club," he said.
"We have been very appreciative of the continued full support of the board of directors, who from the start of the season have also assisted in ensuring that the ongoing trading costs were met each week.
"However, following the withdrawal of the consortiums offer, no viable alternatives remain and there is no-one prepared to continue to underwrite the trading costs. Very sadly, the only option now is to close the club."
Supporters Club spokesman Phil Morris told BBC Radio Leeds the loss of the club would leave a big hole in the local community.
"We're all a little bit stunned at the speed at which this has happened," he said.
"I don't think anybody was under any illusion that the club wasn't in a perilous financial position. (President) John Palmer has worked extremely hard in the hope of securing the club financially but unfortunately it wasn't to be.
"He above all others I suspect is the most devastated of the lot. He's absolutely heartbroken."