NBDag wrote:Well we just can't possibly say that he will or won't buy us and rinse it dry. But that's not really any different with any other takeover of any club. Businessmen make money from making businesses profitable. And almost all businessmen have had failed ventures. Almost everyone fails at something before they succeed. It's narrow-minded to only assume that this can only end badly. Especially when we all know bugger all about his plans. He needs to come out and be open about everything so we can truly know whether he's a good idea or not. Also the rest of his investment would not be a promise, it would be a contract.
"If you know your 'istory...."
Telford United, then playing in the Football Conference, experienced severe financial difficulties towards the end of the 2003–04 season following the collapse of the Miras Contracts business of chairman and sole shareholder Andy Shaw. The club went into administration, and although supporters raised around £50,000 in two months, the club's debts totalled over £4 million, resulting in liquidation on 27 May 2004.
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In 1992 Max Griggs bought Rushden Town and Irthlingborough Diamonds football clubs. He successfully merged them into one as Rushden & Diamonds football club, which enjoyed league status for a time. One of the stands in the club's ground was called the Airwair stand (a type of DM shoe). Max Griggs sold the club to the fans in 2005 for £1. The club went into administration six years later.
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Hornchurch F.C. went into administration during the 2004/05 season, after backers Carthium Ltd. declared bankruptcy with debts of over £7 million. The club announced that there were no longer funds able to sustain the club, and the club was liquidated after a proposed CVA was rejected. At the time the club folded it was managed by Tony Choules, previously of Northwood. A new club, A.F.C. Hornchurch, has been created, and they currently play in the Isthmian League Premier Division.
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Huge tax debts buried Halifax Town A.F.C. after almost 100 years as a football club. New figures put to a reconvened creditors meeting in May 2008 showed the cash-strapped Shaymen owed over £800,000 to Her Majesty's Revenue and Customs. The Revenue refused any deal and that effectively finished the club – already over £2 million in the red. Administrators had been trying to broker a rescue package but speaking after five hours of talks that left liquidation near inevitable, administrator Rob Sadler said: "Halifax Town will probably perish." It was originally thought the club owed the taxman around £500,000, which might have left scope for a deal. But the news that it owed £814,000 meant that even if all the other creditors had accepted the 2.5p-in-the-pound offer originally on the table it would not have been enough.
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On May 14 Chester's financial problems continued with the club's entry into voluntary administration. In June the club's administrators revealed that Chester City owed £7m to its creditors, including £4m to owner Stephen Vaughan and over £900,000 to HMRC. However, Vaughan bought the club under a Company Voluntary Arrangement (CVA), for a payment of 15p in the pound. The club's financial problems continued to mount, and a prohibition order was issued on the Deva Stadium after police withdrew their services after the non-payment of bills. On 9 February, Chester were scheduled to have an away fixture at Forest Green Rovers, but the club's coach providers refused to depart from Chester until they were paid in advance. The match was postponed less than three hours before kick-off. The final act of Chester City's existence came in the High Court in London. HMRC had issued a winding up petition against Chester City, and at a hearing on 8 March 2010 the club chose not to defend itself against that petition. In a hearing lasting less than one minute, Chester City FC were wound up, and the club's 125-year history ended.
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