‘From Roy of the Rovers, to Roy of the Receivers’, historic football club loses its match against insolvency
THE final whistle has been blown in Bury FC’s battle versus insolvency. In the most important match in the team’s 134-year history, it is one that they have ultimately lost.
The club, twice a winner of the FA Cup, has now been expelled from the English Football League after a takeover bid collapsed at the last minute, confessing the insolvency challenges were “insurmountable”.
Football’s rulers described it as “one of the darkest days” in the sport’s history.
While national media, drawing upon the club’s role in the creation of a comic-strip soccer legend, said Bury “had gone from Roy of the Rovers to Roy of the Receivers”.
Bury – with a history that pre-dates the likes of Leeds United, Bradford City, Newcastle United and Huddersfield Town – are the first team to drop out of the league since Maidstone’s liquidation in 1992.
The eyes of insolvency experts are now trained on the future of fellow League One side Bolton Wanderers, who have been given a 14-day deadline to overcome their own financial struggles or face expulsion too.
The news has sent shockwaves through the sport itself, with as many as ten other unnamed clubs said to be on the brink of insolvency. Whether any are from Yorkshire and the North East remains to be seen, but researchers have said that Northern clubs are at most insolvency risk.
Amid the insolvency, Bury North MP James Frith warned: “I have had clubs speak to me who are a default payment on a mortgage away from this too.”
It’s also left a Lancashire soccer-mad community in mourning. Here at Walsh Taylor, we know only too well the esteem in which a local football club is held by its fans having led the successful rescue of Truro City FC from insolvency after it went into administration. You can read more here https://www.falmouthpacket.co.uk/news/10116707.truro-city-fc-still-alive-and-kicking/
Bury’s insolvency struggles will have an immediate impact of several clubs in Yorkshire and the North East.
League One will now comprise 23 clubs for the rest of the season, with fixtures that had been lined up against the likes of Sunderland, Doncaster, and Rotherham all being axed.
The sport had already suspended each of Bury’s first six fixtures this season, requesting evidence that its business recovery plans could pay off creditors and had the funding to make it through the season.
But unfortunately for its players, staff, supporters and the wider Bury community, it was unable to convince the League. And with no chance of securing an extra time victory off the pitch, the club was expelled.
Here at Walsh Taylor, when financial difficulties arise, we’ll put time on your side.
For more information on how our licensed insolvency practitioners and business recovery teams in Leeds, Bradford, Harrogate and Darlington can help you, please call us on 03300 244 660 or email email@example.com