Athletic handed another stay of execution
Last updated : 30 September 2003 By Dave Moore
The dreaded September 30th. deadline will not be enforced by Athletic’s administrators PKF. A brief stay of execution is being extended as they consider that significant progress is being made. Three potential investors, including a consortium of supporters, are currently vying for a chance of a take-over. The supporters group are in a position to raise the £500,000 needed to form a new company and there is also a chance of more money being raised by issuing shares which all fans could buy.
At least a dozen business people are involved but as costs for next month will be around £200,000 the club will not be allowed to operate insolvently. There is still an urgent need to conclude a deal. The fans still need to come out in huge numbers to show potential investors that the club is a worthwhile concern.
