Lynn get three months to pay
Paddy Davitt King's Lynn have been given an 84-day deadline to clear their outstanding Inland Revenue debt.A High Court hearing in London yesterday adjourned the club's compulsory winding up petition for a three month period.
King's Lynn have been given an 84-day deadline to clear their outstanding Inland Revenue debt.
A High Court hearing in London yesterday adjourned the club's compulsory winding up petition for a three month period. Lawyers from the Inland Revenue confirmed Linnets' officials had recently made a 'substantial payment to reduce the debt by 50pc and would not oppose Chief Registrar Baister's bid to adjourn winding up proceedings.
Lynn chairman Ken Bobbins revealed the Unibond Premier outfit were legally represented at the hearing but reiterated an agreed payment plan was already in place to clear the remainder of the debt.
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"This process was set in train with the issuing of the compulsory winding up order. It couldn't be stopped," said Bobbins. "Even though we had subsequently agreed a payment plan, this hearing was the culmination of that process. They have agreed to set aside the petition for a period of time and then review the situation. We did have a trainee barrister present just in case there were any hiccups or anything unexpected - but that wasn't necessary.
"We intend to completely pay off the outstanding amount in the agreed timescale and we are confident of being able to do that. Now I hope we can get back to concentrating on what happens on the pitch and put all our energies into that. It has been a really difficult time where everything that could be thrown at us has been. Or at least that is how it feels. Without tempting fate hopefully we can move forward with plenty of optimism because I believe the management have assembled a good squad of players."
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Bobbins and his fellow directors personally cleared 50pc of the outstanding tax bill earlier this month. Lynn fell behind with contributions following the fall-out from majority shareholder Michael Chinn's decision to step down towards the end of last season.
Chinn has since returned to the club's board and pledged his financial support for the forthcoming season at a recent fans' forum. The Boston-based businessman also outlined plans to sell naming rights to the stadium - a move which could earn the club a five figure sum.
"I haven't spoken to Michael in the last few days but we are no further forward on that idea," said Bobbins, pictured below.
"I did, however, speak to many of the die-hards at the Leicester game in the Vice President's lounge and none of them were opposed to the idea if it could raise revenue for the club in a difficult time. We would, of course, also discuss it with the council but I wouldn't envisage a problem. Any sort of sponsorship is welcome. We had a really good response to the shirt sponsorship and I'd like to personally thank everyone who took part and congratulate Copy IT. We are also still looking into the possibility of sponsoring the back of the shirts as well for the new season."
Read Mark Hearle's latest exclusive club column today only on edp24.co.uk/ kingslynn