Bury are gone. | Page 5 | Vital Football

Bury are gone.

An update on the administration process provides some little nuggets.

19 expressions of interest to buy Bury FC out of administration since it entered it in November yielded 9 non-disclosure agreements and only two bids. One bid was unacceptable because the secured lender (not sure if that is RCR Holdings) would not agree to deferred payments. The second party, who was going to provide the necessary funds to propose a CVA , ultimately withdrew this offer during the due diligence process.

Club debts total £12,545,559 with HMRC claiming £1,403,537, £2,964,511 owed to trade and expense creditors, £7,113,480 owed to RCR Holdings (this is the debt bought for £70,000 by Dale's son-in-law), and employee claims amount to £1,143,232. Notes show that the sum owed to former owner, Steve Dale, is “unknown”.

A deadline for offers on the stadium has been set as the 5th August.

https://www.thebusinessdesk.com/nor...t-more-will-follow-according-to-administrator
 
cherryexile said:
An update on the administration process provides some little nuggets.

19 expressions of interest to buy Bury FC out of administration since it entered it in November yielded 9 non-disclosure agreements and only two bids. One bid was unacceptable because the secured lender (not sure if that is RCR Holdings) would not agree to deferred payments. The second party, who was going to provide the necessary funds to propose a CVA , ultimately withdrew this offer during the due diligence process.

Club debts total £12,545,559 with HMRC claiming £1,403,537, £2,964,511 owed to trade and expense creditors, £7,113,480 owed to RCR Holdings (this is the debt bought for £70,000 by Dale's son-in-law), and employee claims amount to £1,143,232. Notes show that the sum owed to former owner, Steve Dale, is “unknown”.

A deadline for offers on the stadium has been set as the 5th August.

https://www.thebusinessdesk.com/nor...t-more-will-follow-according-to-administrator
Click to expand...

Thanks for the update i actually thought Bury had been taken over due to the time frame but must be a hell of a mess, Macclesfield on the other hand got taken over and have been following what they are doing seems to be very impressive, now just a long way back from nth west counties league,
 
brisimp said:
Thanks for the update i actually thought Bury had been taken over due to the time frame but must be a hell of a mess, Macclesfield on the other hand got taken over and have been following what they are doing seems to be very impressive, now just a long way back from nth west counties league,
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Macclesfield Town were not taken over, the club folded.
 
cherryexile said:
An update on the administration process provides some little nuggets.

19 expressions of interest to buy Bury FC out of administration since it entered it in November yielded 9 non-disclosure agreements and only two bids. One bid was unacceptable because the secured lender (not sure if that is RCR Holdings) would not agree to deferred payments. The second party, who was going to provide the necessary funds to propose a CVA , ultimately withdrew this offer during the due diligence process.

Club debts total £12,545,559 with HMRC claiming £1,403,537, £2,964,511 owed to trade and expense creditors, £7,113,480 owed to RCR Holdings (this is the debt bought for £70,000 by Dale's son-in-law), and employee claims amount to £1,143,232. Notes show that the sum owed to former owner, Steve Dale, is “unknown”.

A deadline for offers on the stadium has been set as the 5th August.

https://www.thebusinessdesk.com/nor...t-more-will-follow-according-to-administrator
Click to expand...
What on earth would the purchaser be buying except debt? I suppose technically Gigg Lane would be the only asset if somebody can sort out the legalities. Even then, you just know there would be nothing straight forward about that and I'm not sure what it would be worth even with houses on the land.
 
"The phoenix club played its homes games at Radcliffe FC's Neuven Stadium and officials have confirmed they will return their again for the forthcoming season."

Not often I pick up this; it would be a full time job on here, but this is a proper news site misusing "their"
 
impede said:
"The phoenix club played its homes games at Radcliffe FC's Neuven Stadium and officials have confirmed they will return their again for the forthcoming season."

Not often I pick up this; it would be a full time job on here, but this is a proper news site misusing "their"
Click to expand...

Excellent observation there!
 
impede said:
"The phoenix club played its homes games at Radcliffe FC's Neuven Stadium and officials have confirmed they will return their again for the forthcoming season."

Not often I pick up this; it would be a full time job on here, but this is a proper news site misusing "their"
Click to expand...

There not great at grammar are they?
 
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