Date:Wednesday August 6 2008
Rotherham United will start next season with minus seventeen points.
The Statement on the Football League's Official Site is:
FL BOARD STATEMENT
At its meeting this evening, the Board of Directors of The Football League considered applications for membership of The League relating to Rotherham United and AFC Bournemouth.
The Board also considered Rotherham United's request to play its matches at Don Valley Stadium, Sheffield.
- Rotherham United
The Board considered an application from a company - Rotherham United (New Co.) - which has applied to join League 2 in place of the existing club, which is currently in administration.
Rotherham United (Old Co.) has been unable to agree a Company Voluntary Arrangement (CVA) with its creditors and as a consequence is unable to satisfy the normal conditions of The League's insolvency policy for exiting administration.
The Board decided, however, that it was prepared to exercise its absolute discretion under the 'exceptional circumstances' provisions of its insolvency policy. Therefore, in accordance with recent precedent, the Board has made the following offer to Rotherham United (New Co.). Acceptance of the Board's offer is a pre-requisite to the exercise of that discretion:
1. The club will be deducted 17 points for the 2008/09 season. This takes into account the fact that this is the club's second insolvency event in recent seasons.
2. The club must provide a legal waiver indicating that it will not challenge or appeal this decision.
3. The club must undertake to return to Rotherham within four years and provide an irrevocable bond of £750,000. This will be forfeited if the club fails to return within that timeframe, as will the club's membership of The Football League.
4. The club must pay unsecured creditors the amount offered at the time of the CVA hearing.
The Board's offer is subject to the club agreeing these conditions, and formal agreements being signed, by 12.00 noon on Friday.
Date:Wednesday August 6 2008
RUFC - Emi Looking Forward To Challenge (Friday March 27 2015)
RUFC - Wilson 'Next Seven Games Important' (Friday March 27 2015)
RUFC - Evans Looking To Go Forward (Friday March 27 2015)
RUFC - Rayns Disappointed With Reserve Loss (Thursday March 26 2015)
RUFC- Brindley Back Out On Loan (Thursday March 26 2015)
RUFC - 'Keeper Back Out On Loan (Thursday March 26 2015)
RUFC - As The Loan Market Gets Ready To Close ... (Thursday March 26 2015)
RUFC - Fulham Tickets On Sale (Wednesday March 25 2015)
RUFC - On This Day - 25th March (Wednesday March 25 2015)
RUFC - Millers Lose Reserve Game (Tuesday March 24 2015)
|LUFC Fulham fined £20,000 for Leeds incident
» Leeds Utd : 27/03/2015 19:11:01
|A Ray of Sunshine on the Horizon!
» Fulham : 27/03/2015 18:58:01
|Stephens Bemoans International Break
» Brighton : 27/03/2015 17:44:01
|Fulham Fined £20,000
» Fulham : 27/03/2015 17:26:01
|Owls Strikers to Return After International Break
» Sheff Wed : 27/03/2015 15:10:00