Kate Breese of Walsh Taylor and administrator of Farnborough Football & Social Club Limited states:
“Despite the position that the club currently finds itself in, I have been encouraged since my appointment as administrator on 26 April 2013 by the enthusiasm by all those involved with the club to ensure its survival. The players and staff have been fantastic in understanding the current financial restraints we currently have. Whilst the season has now finished and income is at a general low, we continue to rely on the goodwill of the club’s staff to keep the club operating whilst we try and achieve a sale of the club and for that I am extremely grateful.
As an update to all concerned with the club, a proposal for a company voluntary arrangement in accordance with Football Conference Rules has now been issued to creditors with a creditors meeting to vote on the CVA being held on 7 June 2013. This is the day before the Football Conference AGM. Unfortunately, the timing of the administration has left us with little option to have the creditors meeting any earlier which would have been the ideal scenario. At the time of that creditors’ meeting we will be able to report on the outcome of whether or not the CVA has been approved by creditors. Whether or not that CVA Proposal is approved by creditors will go a long way in determining whether the club will play in The Football Conference South next season.
In the meantime, we are continuing to progress matters with interested parties. Since my last update, certain parties have withdrawn from the bidding process and therefore I still encourage anyone interested in acquiring this club to come forward urgently The club has fantastic potential and a number of unique opportunities for a club at this level. I welcome any serious interested parties with the ability to prove funding to contact me at their earliest convenience. I must stress that the Football Conference AGM on 8th June 2013 is of particular relevance for any interested party and due to the proximity of this date all such parties should contact us urgently on the office line at Walsh Taylor.
One interested party has already proved funds and has made a presentation to the Council as regards the plans for their bid. Despite this, we still need parties to come forward in case their bid does not complete. Rushmoor Borough Council is an important factor in the club’s future due to the fact that they are the landlord of the ground and the adjacent land. The current leading bid is a well funded bid which has evidenced funds and the initial reaction of Mr Peter Gardner, the Deputy Chief Executive, to the bid was very positive. As the administrator of the club, my principal duty is to obtain the best possible deal for creditors and secure a sale of the club as a going concern so as to retain a football club at Football Conference South level in Farnborough. To this extent, we have managed to attract an interested party who has put a proposal to me as administrator which I can recommend to creditors and I believe is in the best interests of the club going forward. The proposal offers a long term and sustainable strategy for the club and provides an economic boost to the area as a whole and for these reasons, I am prepared to sell the business and assets of the club on this basis. However, the bid is entirely conditional upon the agreement of the Council to the proposal. I have now requested a further meeting with the Council to discuss the proposal further and conclude the sale, which I hope will take place over the coming weeks. I will provide a further update in due course. Should the Council be able to reach an agreement with the interested party, it is likely that a sale and purchase agreement could be completed very quickly and before the AGM on the 8th June 2013. However, this bid is subject to agreement with the Council as a whole but we are working hard to try and progress this bid”.
James Moore of Walker Morris, the administrator’s lawyer states:
“I’ve been really encouraged by the current offer on the table for the club. It is a fantastic proposal that the club has never seen before. It is a proposal that will put a stop to the past practice of the club relying on the financial position of any one individual and move away from the cyclical nature that the club has found itself in, in recent years. Acting on behalf of the administrator, I want this sale to go through in time before the Conference AGM so as to achieve a successful sale of the club and maintain Conference South Football. For Farnborough, I hope that the Council approve the proposal because I can see it doing nothing but good for the economy of the local area. I cannot provide details of the proposed purchaser at present due to confidentiality agreements but I can assure all supporters, staff, players and the local community that this proposal would provide a number of benefits for the community. The proposal plans to offer not only a secure financial footing for the club going forward, but it also offers a state of the art sports facility, sports education centre, new playground and park land for walking. The proposal will generate jobs for the area, provide space for local charities, and put the club on a much more sustainable platform.”
A further meeting has been requested with the Council and we hope to be in a position to provide further updates if the Council agree to meet with the administrator in the next few days.