UK time is: 01:54:30
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

millers could go out of business..

Rotherham united may lose their football league status as the financial situation at millmoor is at a critical level

the club is currently losing £140,000 per month


Employees have been told of the seriousness of the situation at a series of meetings overnight and today (Thursday, February 9) at the League One club's Millmoor Ground.

The Football League has been informed and the club, which is currently losing £140,000 a month, is being advised by experienced Licensed Insolvency Practitioners Matthew Dunham, of BDO, and Mark Hovell at George Davies.

The club has launched an appeal - £Ten To Play Again, £Twenty-Five To Stay Alive - in a last-minute bid to save the Millers. The club needs to find £1m to keep going until the end of the season and up to a further £1m, based on current estimates, to achieve full viability for next season and beyond.

In a stark message to fans, shareholders, players and staff, Chairman Peter Ruchniewicz said: 'We are sorry to have to tell you that the club's financial position has entered a critical phase and there is the very real prospect that the club will be advised to cease trading within the next few weeks unless within that time we can find credible individuals with sufficient savings additional funding to take it forward.

'Heaven forbid, but if the club does cease trading it is likely to go straight into liquidation - it seems unlikely it could go into a formal administration given its limited resources and the level of funds and assets required. This would mean that the club would go out of existence, a thought too dreadful for any of us to contemplate but nevertheless a very real possibility.'

The dramatic change of fortunes for the South Yorkshire club - heavily in debt before the current board took over - follows advice from independent accountants reviewing all aspects of the business going forward in the light of changed circumstances which has seen the club suffer a number of blows:

A poor response to a recent rights issue
An ongoing dispute with Southend over the transfer of Jamal Campbell-Ryce has so far reduced cash flow by more than £125,000
A significant reduction in income from season tickets coupled with declining gate receipts and commercial income
'We are being advised by Licensed Insolvency Practitioners and are in consultation with the League on a regular basis in order to try and find a solution.We as a board, have statutory duties not to allow the Club to trade beyond a point we believe it cannot recover from. That point in time is fast approaching,' added Mr Ruchniewicz.


However, Mr Ruchniewicz believes that with the backing and financial support from the people of the town of Rotherham, the football community, Millers supporters and potential investors, the club could still have a long-term future.

'We realise how difficult this must be for everyone concerned with the Millers. But without in any way down playing the seriousness of the situation, we sincerely believe there is still a good chance we can save the club providing everyone who has any sort of link with the club gets behind us.


whats gone wrong,why wasnt concrete structures put into place? and why have the fans been kept in the dark ( yet again ) discuss it in the forum




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!

The Journalist

Writer:  Mail feedback, articles or suggestions

Date:Thursday February 9 2006

Time: 10:51AM

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Articles

RUFC - Ref Watch v MK Dons (Thursday April 24 2014)

RUFC - Skipper Fears No-one (Thursday April 24 2014)

RUFC - Head-to-Head v MK Dons (Thursday April 24 2014)

RUFC - Miller In Team Of The Week (Wednesday April 23 2014)

RUFC - Play-Off Ticket Information (Wednesday April 23 2014)

RUFC - Millers Interested In Winger? (Wednesday April 23 2014)

Archived Articles

List All Vital Rotherham Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. herringthorpe 716
2. rybel_b 688
3. sixpence 334
4. mos60 127
5. nearlyataff 47
6. MILLER NEZ 45
7. Millie Miller 44
8. axholme 25
9. mvmiller 23
10. nogginthenog 22

League Results (view all)

League Table (view table)

Team P W D L GD Pts
1. Wolves 44 30 9 5 +55 99
2. Brentford 44 27 10 7 +30 91
3. Rotherham 44 23 13 8 +27 82
4. Preston 44 22 16 6 +25 82
5. Leyton Orient 44 23 11 10 +36 80
6. Peterborough 44 22 4 18 +12 70
7. Swindon 44 19 9 16 +7 66

Breaking League News

Tubbs - We're In Good Spirits
» Crawley : 24/04/2014 23:38:00
SUFC Can United take the points?
» Sheff Utd : 24/04/2014 20:00:00
RUFC - No Interest For Croft From Millers
» Rotherham : 24/04/2014 19:43:00
RUFC - Evans 'Wes Has Big Part To Play'
» Rotherham : 24/04/2014 19:29:00
Port Vale v Sheffield United - History
» Sheff Utd : 24/04/2014 19:00:00
Port Vale v Sheffield United - Match Officials
» Sheff Utd : 24/04/2014 19:00:00
Orient Extend Lundstram Loan
» Leyton Orient : 24/04/2014 16:53:00

Current Site Poll (view all polls)

Play-Offs - Do You Want To Be At Home First Or Second?
Suggested By:  
First 18%
Second 66%
Doesn't Matter 16%