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Farsley Celtic: New fears for club's future
Farsley Celtic's administrators are being urged to accept an offer for the football club amid renewed fears for its future.
A consortium led by club president John Palmer today said it had put a deal on the table that would bring Farsley out of administration.
James Moore, a solicitor at law firm Walker Morris acting for the
Palmer consortium, said proof of funds had also been provided to Celtic's administrators, accountants Mazars.
But Mazars is said to have given no indication to the consortium that it was ready to accept the proposed deal.
And that stance is fuelling worries at Celtic that the accountancy firm might be preparing to shut them down.
It is thought Mazars has concerns the costs being incurred by keeping Farsley going are not serving the interests of creditors – a view disputed by the Palmer consortium.
Any move to shut Celtic is unlikely to happen before the New Year.
Mr Moore, a specialist in football finance, said: "We have structured a deal that we believe would work.
"The situation is therefore very frustrating."
Rob Adamson, a partner at the Leeds office of Mazars, today denied the Palmer consortium had come up with proof of funds to cover Celtic's liabilities, which he said were in the region of 1.2m.
Mazars has already announced Farsley's closure once this year. Management, staff and players were told to clear their belongings from the club's Throstle Nest ground in early September.
Celtic only pulled back from the brink when John Palmer agreed a last-minute rescue deal with Mazars.
But that deal foundered in the face of reported opposition from Celtic's principal creditor, HM Revenue and Customs, and since then the club has been in a state of limbo.
The Blue Square North outfit went into administration in June.
They were boosted last month when their plans for a property development on land behind Throstle Nest were approved by Leeds
Council.
It is likely to be some time, though, before the proposed development becomes a reality and begins generating major funds for the club.
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Wednesday 08 February 2012
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