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Macclesfield Town FC


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  • phantom changed the title to Macclesfield Town FC

Macclesfield Town Football Club has been wound up in the High Court over debts totalling more than £500,000.

Judge Sebastian Prentis made a winding-up order during a hearing in the Insolvency and Companies Court after being told £190,000 was owed in tax.

In addition, a solicitor for John Askey said the National League club's ex-manager was owed £173,000, while a financial lender was owed the same sum.

The club's owner Amar Alkadhi had asked for a further eight-week adjournment.

The petition, which had been adjourned for a 12th time last week, began in January 2019 and was scheduled to be heard again on Wednesday after Alkadhi claimed that a sale to Robert Benwell was at an advanced stage.

Benwell, who previously tried to buy Bury, was not mentioned in court on Wednesday by Alkadhi's lawyer, who asked for a further eight weeks to allow a sale to go through.

The judge later said that a business plan from Benwell had not been put forward to the court, however.

The court was told that Alkadhi understood the amount due to creditors was actually just £4,000, had made a late offer to pay an initial £20,000 of the debt owed to HM Revenue & Customs and had made available a screenshot of a bank statement with £1.1m of funds to show that creditors could be paid.

However, Judge Prentis said he would grant a compulsory order, saying "nothing gives me comfort that the club can pay its debts in a reasonable period" and that there had been "ample opportunity" for Alkadhi to pay off creditors.

He went on to say that he did not been told by Alkadhi where the £1.1m had come from or why outstanding debts had not already been paid.

TAKEN FROM: https://www.bbc.co.uk/sport/football/54177582

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From that article it sounds like they were bought by a very dodgy person, not sure how long he had owned them for though and if they had spent big to get out of the conference?

Apparently Southend have just had a winding up petition adjourned for the 4th time. Don't believe they have had any points deductions though so hopefully they can hang on?

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23 minutes ago, Bristol Rob said:

They've been a car crash for a couple of seasons, but it's never good to hear, hopefully the fans can build something from the ashes.

Absolutely.

Pretty obvious last season with the multiple points deductions for financial breaches & the players & managers (past & present) going unpaid that things were very wrong there.

Though also the case that clubs at our level are only using really dubious means to pretend they are solvent.

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4 minutes ago, Baba Yaga said:

From that article it sounds like they were bought by a very dodgy person, not sure how long he had owned them for though and if they had spent big to get out of the conference?

Apparently Southend have just had a winding up petition adjourned for the 4th time. Don't believe they have had any points deductions though so hopefully they can hang on?

They were relegated to the Conference instead of Stevenage end of last season due to points deductions. 

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47 minutes ago, wayne allisons tongues said:

They were relegated to the Conference instead of Stevenage end of last season due to points deductions. 

I meant Southend who did terrible in league one (can't remember any team having a worse season in the 3rd tier) but I don't remember them having any points deducted. Hopefully they're not next to fall!

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43 minutes ago, Fordy62 said:

My local club’s star striker was signed by Macclesfield earlier this week! 🤦‍♂️ 

Super Jason Cowley. Bromsgrove Sporting legend. 90 goals in 100 games. 

That seems overly optimistic knowing they were about to go to court and owed £500k!

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Sad day as no one likes to see a club go bust. Problem is, who will buy a club during a pandemic that curtails your main income stream of fans paying to watch.  Sadly, many more clubs will follow the same route IMO.

Football as we know it has/will change forever. For better or worse I suppose time will tell. 

In the meantime my heart goes out to those Macclesfield fans mourning the loss of their club.

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Since I have seen that there are some people on here that really love accounts... Looking at Macclesfield's first season back in the FL, it looks like they lost between 500-600k that season (my best guess from retained earnings) and looking back through previous years it looks like they overspent getting promoted after having manageable losses prior to this. Their owner had the club since at least 2015 so I don't think he was doing a Bury, maybe he just took it too far going after success and ended up getting into more debt than he could afford.

Edited by Baba Yaga
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5 minutes ago, Hampshire reds said:

would be nice if sol Campbell could try and help them out. 

Isn't he the ex manager owed £173k ?  With an estimated nett worth of £55m I doubt he could afford to write it off !!

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24 minutes ago, Northern Red said:

That's John Askey. Ex player, manager and club legend.

Apologies to Sol, I stand corrected

Edited by BigTone
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1 hour ago, Baba Yaga said:

I meant Southend who did terrible in league one (can't remember any team having a worse season in the 3rd tier) but I don't remember them having any points deducted. Hopefully they're not next to fall!

Yet they still managed to beat the Gas! 

 

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2 hours ago, Fordy62 said:

My local club’s star striker was signed by Macclesfield earlier this week! 🤦‍♂️ 

Super Jason Cowley. Bromsgrove Sporting legend. 90 goals in 100 games. 

From being born in Bristol to ending up north (I actually live north of Middlesbrough now but cannot be bothered to change my username) I lived next to Bromsgrove for 17 years and used to be a regular at Bromsgrove Rovers and then Bromsgrove Sporting games. Jason Cowley is a cracking player and I am surprised that he didn't do better out of his move to Stevenage. Wrong place, wrong time then, and now in an even worse place... He has a very direct high energy style that I thought might have even got him to League 1 level.

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Very sad news for the club and their supporters. 

I wouldn't wish any club folding, on anyone. 

Apart from Rovers, obviously. The sooner they crash out of existence the better..! 

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9 minutes ago, Middlesbrough Robin said:

From being born in Bristol to ending up north (I actually live north of Middlesbrough now but cannot be bothered to change my username) I lived next to Bromsgrove for 17 years and used to be a regular at Bromsgrove Rovers and then Bromsgrove Sporting games. Jason Cowley is a cracking player and I am surprised that he didn't do better out of his move to Stevenage. Wrong place, wrong time then, and now in an even worse place... He has a very direct high energy style that I thought might have even got him to League 1 level.

A mate of mine went to see JC when he played for Stevenage. They were just pumping it long to him apparently. He’s not the tallest so stood no chance. 

I thought he’d do well too. Though my he’d be a good signing for the blue few. 

Where in Bromsgrove were you? I’ve got a lot of love for sporting. They really helped me through the darkest days of LJ. Can’t wait to get back down the Victoria Ground!

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2 hours ago, Hampshire reds said:

would be nice if sol Campbell could try and help them out. 

Campbell was one of the 3 creditors who brought the winding up order I saw as he was owed 170k in wages, do not like him for doing this can't believe a ex premier footballer needs the money that badly ,

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