Farnborough Football and Social Club Ltd have today confirmed that they have filed at Court to appoint Administrators Walsh Taylor.
The court fee and application was issued this afternoon with an initial hearing to fully appoint at 10.30am tomorrow (Friday). The Club expects the full appointment of Administrators at some point during the day tomorrow.
The Club has made it well known over the last year that it has been seriously for sale but nothing genuine has been forthcoming.
The latest ‘takeover’ collapsed yesterday as no proof of funds was made available despite numerous false promises.
After considerable professional advice we believe the best way to move the Club forward is Administration that will hopefully attract a new owner/s and a solid financial basis to move forward.
It is the historical debt that has put the Clubs cash-flow under unmanageable strain.
The past 18 months the Club has run a sustainable day to day cash flow with the lowest budget in the League and has cut every available cost.
HMRC are owed less than £21000 for three months PAYE and VAT which shows how little we have committed to wages on and off the pitch this year.
It is now time to let the Administrators move the Club forward, they are incredibly confident of achieving a sale as the Club is actually in a far better position than it has been for some considerable time and has great potential both on and off the pitch.
The Club are aware that they will be deducted 10 points for entering Administration this season and have informed the Conference of their application at The High Court today.
The Club view this as a positive move which will ensure a far greater result for all parties as opposed to any other action.
The Club urges its supporters to get behind the players for our final Blue Square South match of the season against Chelmsford City this Saturday and reminds supporters that in the evening after the match is the End of Season Presentation evening, providing the supporters the opportunity to meet the players in an informal environment.
Supporters are also reminded of the Players v Supporters match on Saturday 11th May, with places available to take on the first team in a “competitive” game of football.