Update

[Margate Football Club]

The Club held its AGM on Wednesday 30 March when members of the Club were informed of the Clubs latest position. The Directors also stayed on for an open meeting with the Clubs supporters, to inform them of the same.

 

There was good news and bad news. The good news confirmed that the London and Margate Development Company (Gary Lever) had confirmed that the Contractor would be on site on Tuesday 05 April 2005, to commence the works necessary to reinstate our ground to Conference South standard.

 

The programme of works will return our Club to Hartsdown Park for the start of next Season. Supporters were advised that the first match to be held at the reinstated ground would be a testimonial for the long and loyal service of Bill Edwards.

 

The bad news was despite the continues negotiations with London and Margate Development Company, the Directors have been unable to secure the agreed release of funding necessary to remove the transfer embargo currently on the Club. The London and Margate Development Company have confirmed that these funds cannot be released until the detailed planning application has been approved. The application had been due to go before full council on 31 March 2005 but has now been delayed until the April meeting.

 

Your Manager Chris Kinnear attended both the AGM and the open meeting and has been kept fully informed of this situation.

 

The Directors confirmed that the Council had fully cooperated with the assignment of the lease from Margate Football Club Ltd to Hartsdown Development Company Ltd and this matter has been completed by the solicitors.

 

The Directors also confirmed that in principal, agreement had been reached with the Clubs major creditor and a repayment programme is set to commence on the Clubs return to Hartsdown Park in August 2005.