TROUBLED DOVER NEED £23,000 FAST

[Guest]

Managerless Ryman League Premier Division club Dover Athletic could be forced to find £23,000 within 30 days - or eventually be wound up.

 

But the club's finance director Steve Cattermole is hoping a workable solution can be found following a Company Voluntary Arrangement (CVA) meeting.

 

Whites’ proposal to vary the CVA and avoid paying over the sum under a clause known as Modification Five, was rejected at the meeting, held at the offices of Thornton Rones, the CVA supervisor, in Loughton, Essex.

 

Modification Five states that the club should use 50 per cent of any profits over £20,000 gained from the sale of a player, or an extended cup run, to accelerate its CVA repayments.

 

The run to the FA Cup first round in 2002-03, when Whites met Oxford United, produced a profit of about £46,000. But the money was needed to cover shortfalls in other income which would have otherwise led to the club being wound up.

 

Early last week, Cattermole said that he was confident the club would achieve the necessary 75 per cent support from creditors to suspend the Modification for the 2002-03 season only.

 

But Cattermole said this week: “By Thursday we knew that the Crown agencies (Inland Revenue and Customs & Excise) had voted against, and as they represent around a third of all the debt, the outcome was inevitable.

 

“It will now be left to the supervisor of the CVA to write to the club and the creditors to inform them of the outcome.”

 

Cattermole is expecting this to result in the club being served 30 days’ notice to find the money.

 

But he is hoping a technicality could buy the club time, adding: “While the Modification is clear on what it is designed to achieve, it is silent on when the money should be paid over.

 

“Once in possession of the formal notices, I will be contacting the supervisor and the Crown agencies with a view to reaching an understanding on what precisely needs to be done.

 

“While Modification Five was intended to accelerate our payments, not add to them, we might be prepared to make the £23,000 an extra payment, so long as it is payable at the end of the five-year term and not during it.

 

“As such, no variation was sought for any other event within Modification Five and any future cup success or player transfer will be subject to the clause.

 

“It would then become academic who is head coach, unless the power group willing to fund the return of Neville Southall can come to the club with some measure of support over this particular predicament.”

 

www.kentonline.co.uk

 

[BFR]

Dover certainly are in a lot of trouble - they need a bumper gate from their FA Cup match against AFC Wimbledon.

[Woody SUFC]

Must of REALLY over spent in recent years? Don't they get a decent crowd?

[BFR]

I don't know the history of their financial state but relegation twice in three years from the conference having been a team with Football League ambitions can be pretty crippling. When I went to the Crabble on the opening day I was told they needed to get a minimum of 800 supporters through the gate per match to just about keep their heads above water - and to date the nearest they have managed was nearly 650 when Slough took at least 100 fans. Since then they've had very poor results and crowds have dwindled further. It is a sorry state to see a football club of their magnitude in.

[Guest]

Still, could mean Slough getting three points back....or rather every other team who's beaten them getting the points docked.

 

 

[BFR]

I hope it doesn't come to that as Dover are a good club with a great stadium. It is sad to see them with the difficulties they have.

[Dovorian]

It isn't quite as bad as you portray it but not far off.

 

Our debt comes from previous boards who have overspent. We are in a CVA for two and a half more years to clear about another £60k.

 

The £23k that resulted due to an extended cup run does have to be paid but it seems we've got more time that first thought. I'm sure the AFCW game will help and the fans are rallying so hopefully we'll keep finding the money needed. We've done it before when we were even closer to extinction.

 

We needed 800 average last season, which we got. This season we need 650. This should be attainable for us but we got off to a very bad start. However, our coach has gone and the caretaker seems to be steadying the ship. You won't be an easy task tomorrow with the experience in your side though.

 

Hopefully we can pick up some points before the new coach is announced next month and start showing our potential. Our club's got a lot of fight.

 

I wouldn't bet on Slough getting their three points back!

 

Looking forward to our visit tomorrow.

[Martin]

Experience? Bunch of old buggers more like. Still picking up more points than us though. Glad to hear your situation is not too precarious. All the best for the rest of the season.