Yeltz placed into administration (From Halesowen News)

Yeltz placed into administration

3:10pm Tuesday 15th September 2009

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HALESOWEN Town have been placed into administration after the club was threatened with a winding up order.

The Yeltz, who are thought to be nearly £500,000 in debt, were placed into administration at the High Court at 3.27pm yesterday (Monday).

Gary Pettit and Alan Price, from Northamptonshire based firm Marshman Price, have been appointed joint administrators.

Mr Pettit revealed the sale of the crisis-hit club had been agreed to an unnamed group and said negotiations were currently underway with the club’s numerous creditors, the FA and the Southern League.

Mr Pettit said: “The appointment was made at a time when the Club was under the real threat of winding up proceedings from a particularly determined creditor. “Furthermore, no funds were available and to ensure the Club could meet its commitments, the wages needed to be paid.

“A meeting of creditors, when further details of events leading up to administration and to consider the Administrators’ proposals, will be convened in due course.

“Needless to say, steps have been taken that should preserve future football at The Grove.”

The Yeltz have lurched from crisis-to-crisis in recent months and are barred from competing in this year’s FA Cup and FA Trophy for failing to pay football creditors.

Last month controversial club custodian Morell Maison dismissed claims over the level of the club’s debt and said he was determined to solve the financial crisis without placing the club into administration.

Keep checking halesowennews.co.uk for updates as and when they happen.

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