Time is running out for Linnets rescue bid
Paddy Davitt King's Lynn chairman Ken Bobbins last night revealed rescue talks had stalled with potential investors to try and save the Unibond Premier Division club.
King's Lynn chairman Ken Bobbins last night revealed rescue talks had stalled with potential investors to try and save the Unibond Premier Division club.
Lynn's current board have less than 24 hours left to convince the High Court to rescind a winding up order triggered by a �67,000 tax bill. The Linnets must also prove they have plans in place to address the remaining outstanding debts to prevent one of Norfolk's oldest football clubs folding. But Bobbins confirmed Lynn's three directors had failed to reach agreement with both a local businessman and former finance director David Handley's consortium.
“We've got the money to pay the tax bill and that is cast iron but its going forward,” said Bobbins. “As I keep saying its no good doing that and finding in a month's time we're back there again. We're hearing people say they will do this or that but when push comes to shove they walk away from it. It would take ten businessmen to put in �10,000 each and then it's well and truly sorted. Tim Coates, myself and Michael Chinn, to a degree, just feel we need some assistance to take this on. We've got stuff on the table. But what is on that table I can't see the benefits for anyone connected to the football club.”
Handley issued a statement last night withdrawing his offer of financial support following fruitless weekend discussions between the club's hierarchy and of his consortium.
“We were in talks again all day Monday and we're still talking to people,” said Bobbins. “We've got probably until Wednesday morning to put something concrete in there and that is what we're working on.
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“The tax and court officials are all aware of the situation and even at this late hour we are talking to people and searching for a solution. All sorts of proposals have been put on the table but all are what we consider unworkable - some of the deals in front of us are ludicrous.
“We've got a strategy whether we decide to try and do something or not and that is what it will probably boil down to. People have said to us they don't want to see a club go out of business after 130 years but they aren't prepared to do what is necessary to stop that happening. When I joined the board with Jimmy Suckling I can assure you the debts we have now are nowhere near the debt levels we inherited at that time.”
Bobbins reiterated the current board would walk away if a potential saviour is prepared to rescue the club, saying: “Neither I nor the other two are asking for anything out of this.
“We've always said if they are prepared to take it on we'll walk away and if we did we would be walking away and giving up our loans and shares which amount to a lot of money - provided someone is prepared to come in and save the club. I've also said we'll speak to anyone and we've done that but the bottom line is no one has come up with a feasible package to save the club. For all the bluster, not one person or consortium has come forward with a half decent scheme and said they will put X amount in.”
t The Blue and Gold Trust of King's Lynn supporters have called a meeting at Lynnsport tonight to discuss the crisis. It is open to non members in the Sandringham Suite (7.30pm)