Hereford United.

[SoundbiteBarmyArmy]

Facing yet another winding up order!

Always sad to see a football club go out of existence, as we almost found out!

Please donate here:

http://www.idsports.net/shop/Hereford-United-Club-Donation/

[wilts rover]

You would be wasting your money. Who on earth has been running that club for the past couple of seasons - and did they know anything at all about budgeting?

This is part of an article taken from their unoffical website - and explains why short of a multi-millionaire with money to waste, the only sensible outcome for Hereford is liquidation and the formation of a new club by the Supporters Trust.

n an ideal world a white knight with a pocketful of cash will come along to rescue us and we will avoid relegation and live to fight another campaign in the Skrill Premier.  Despite continual talk of investors I now cannot see this happening.  I still hope that I will be proved wrong.  The audited accounts were not available so it was difficult to fully understand the financial position and more importantly the cashflow problems.  However it was revealed in the Facts and Figures section of the Agenda that the latest accounts to the 31st May 2013 show total debts of £950,000 even after £285,000 of loans had been converted to shares.  Add this season’s losses of some £400,000 and the debts are in the region of £1,350,000 and growing at a rate of £30,000 per month.  Unpaid wages are £100,000, Messrs Foyle and Porter have not been paid in 2014, numerous local suppliers are waiting patiently, the Council have not been paid rent or rates for several months and we owe other clubs in the division £22,000 for loan players.  Cash is king and pays the bills and our cashflow is non existent with the HMRC commencing winding-up proceedings within 2 weeks if their £78,000 debt is not paid in full.  We do have 4 home matches left but attendances are poor as the team has struggled on the pitch recently.  Then we have the close season where season ticket sales will not be as forthcoming as last season given the ongoing uncertainty.

 Going into Administration is complicated and will bring about a 10 point penalty which will undoubtedly relegate us.  If we cannot settle all Football Creditors by the Skrill Premier AGM in June 2014 then we would suffer a further relegation.  The Club would have to agree to pay 100% of its debts within 3 years, something that is impossible as the Directors have already said that they are no longer able to cover losses.  I am being brief as I believe the Club does not have the cash or income stream to work through Administration.

http://bullsnews.blogspot.co.uk/

Good luck to them whatever they do, I always enjoyed a tripout there.