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From Farnborough Town official website:
The meeting will start at 6pm. In addition to the voting the meeting will also be an opportunity for Tony to update fans on the takeover and other issues. Please note that this isn't expected to be a full fans forum.
The votes will be for;
New Name
AFC Farnborough
Farnborough FC
Farnborough United
Other (specified on ballot)
Home Colours
Red and White
Yellow and Blue
Farnborough facing drop down the pyramid
Farnborough have been relegated two levels down the non-league pyramid to the revamped British Gas Business Southern League 1 South and South West Division, following the rejection of their CVA request by the Voluntary Arrangement Service.
Unless there are any last minute twists it looks to be the end of Farnborough Town Football Club with the consortium possibly completing the purchase of the business out of liquidation within days.
This means the club reforming, a new name and a drop down the pyramid.
Farnborough Town fans are already discussing a possible new name with the simple Farnborough FC being the early favourite. There have also been a strong call to reverting back to the clubs famous yellow and blue kit.
From the Official Club Site:
The result of the creditors meeting today is that Farnborough Town Football and Social Club Limited will, as expected, remain in Administration until the end of the season.
It has been confirmed that Ian Rose will manage the club along with Tony Theo and his consortium. They will continue to try to persuade the Inland Revenue to allow the planned CVA to be put in place. Failing that the club will be placed into liquidation at the end of the season and if bought out will drop two divisions.
The campaign to implement the CVA and allow the club to retain its status in the non-league pyriamid will continue.
From Farnborough Supporters' Trust:
Creditors agree to compromise deal, by Paul Barry
CREDITORS who are owed money by Farnborough Town FC have accepted a deal which allows the club to remain in administration until May 2007.
The deal was outlined to creditors by administrator Ian Rose at Cherrywood Road today (Monday).
Mr Rose's firm Begbies Traynor have been running the football club since it was put into adminstration on July 26.
A majority of creditors voted to back the deal, which would see the administration process managed by Ian Rose along with the consortium led by preferred bidder Tony Theo.
The club's overall debts amount to more than £900,000, and creditors owed £96,000 voted against the proposal. No other offers were made by other consortia.
Mr Rose spelt out the options for the club's future, which are as follows:
1. During the next seven months an agreement is reached with the secured creditors, the club changes hands and it continues as normal.
2. At the end of the season a liquidation agreement is reached that is satisfactory to the secured creditors, and the likely result would be a relegation by two leagues.
3. No agreement is reached and the club is liquidated without creditors being paid. The likely outcome would be relegation to the bottom of the non-league pyramid.
Farnborough Supporters' Trust (FaST) knows there will be a lot of hard work required to help the club through the next few months. FaST will do all it can to help and urges fans to keep attending games, cheering on the team and lending any support they can to help with the club's day-to-day business.
More information: www.farney.co.uk - Save Our Club
