It's official - administration and new company : Fri Dec 18, 2009 5:03 pm  

http://www.keighleycougars.info/ Keighley Cougars can confirm that after the court hearing in Leeds today, that the company Keighley Cougars (2001) Ltd is now in the hands of the administrators, Begbies Traynor. The Sale & Purchase agreement for the companies assets has also been completed and are now owned by Keighley Cougars (2010) Ltd. The club will be making further announcements next week.

http://www.keighleycougars.info/ Keighley Cougars can confirm that after the court hearing in Leeds today, that the company Keighley Cougars (2001) Ltd is now in the hands of the administrators, Begbies Traynor. The Sale & Purchase agreement for the companies assets has also been completed and are now owned by Keighley Cougars (2010) Ltd. The club will be making further announcements next week.

Re: It's official - administration and new company : Fri Dec 18, 2009 5:11 pm  

Press release from the club.

Keighley Cougars (2001) Ltd in Administration
Keighley Cougars can confirm that after the court hearing in Leeds today, that the company Keighley Cougars (2001) Ltd is now in the hands of the administrators, Begbies Traynor.
The Sale & Purchase agreement for the companies assets has also been completed and are now owned by Keighley Cougars (2010) Ltd.
The club will be making further announcements next week.

Re: It's official - administration and new company : Fri Dec 18, 2009 5:31 pm  

What a nice christmas pressie to all the fans, players and all the backroom staff from the directors of cougars 2001, thanks for that. Never before have I even considered stopping watching the cougars. I hope to god the new directors do not include the previous ones. Anyway thats my moan done for now, good luck to all the players for next season.

Re: It's official - administration and new company : Fri Dec 18, 2009 6:48 pm  

girl power wrote:

What a nice christmas pressie to all the fans, players and all the backroom staff from the directors of cougars 2001, thanks for that. Never before have I even considered stopping watching the cougars. I hope to god the new directors do not include the previous ones. Anyway thats my moan done for now, good luck to all the players for next season.

Good Post

Whilst we all winge and speculate about what's happened there's a load of staff and players down at Cougar Park who no doubt have been going through a rotten few weeks.

Hopefully it's not going to get worse for them and we can all start to move forward with KC2010.

Last of all, Merry Christmas to all players, staff and everyone posting on here.

Re: It's official - administration and new company : Sat Dec 19, 2009 8:39 am  

Interesting info on the link www.keighleynews.co.uk It appears the new club being run on a not for profit organisation which suprised but also pleased me.

Interesting info on the link www.keighleynews.co.uk It appears the new club being run on a not for profit organisation which suprised but also pleased me.

Re: It's official - administration and new company : Sat Dec 19, 2009 9:56 am  

girl power wrote: Interesting info on the link http://www.keighleynews.co.uk It appears the new club being run on a not for profit organisation which suprised but also pleased me. Its the tax bill of £183,000 that staggers me, I wonder if Mr Spencer will tell us why its so big? The "not for profit" bit is intriguing it will be interesting to see what "type" of "not for profit" organisation they are setting up. Some interesting info here: http://www.resourcecentre.org.uk/information/setting_up/info_pdf/not4prof.pdf

girl power wrote: Interesting info on the link http://www.keighleynews.co.uk It appears the new club being run on a not for profit organisation which suprised but also pleased me. Its the tax bill of £183,000 that staggers me, I wonder if Mr Spencer will tell us why its so big? The "not for profit" bit is intriguing it will be interesting to see what "type" of "not for profit" organisation they are setting up. Some interesting info here: http://www.resourcecentre.org.uk/information/setting_up/info_pdf/not4prof.pdf

Re: It's official - administration and new company : Sat Dec 19, 2009 11:59 am  

A debt as large as this means that the people running the club are completely incompetant. If my calculations are correct then the clubs VAT bill can not be much more than £30k per year and there may be £40k per year in PAYE. This means that this debt represents probably about three years in unpaid tax.

All what we have been told over the last few years is a crock of s**t, and the club has been run in to the ground. Far from not spending more than we can afford, they have been vastly overspending for years. What is most disturbing though is that the club must have been running at a loss even when we had a team of virtual amateurs at the bottom of the table. If that is so where was all the money going, as it certainly wasn't on players?

Even Oldham, who have been spending a fortune on players for years only owed £50k.

This just beggars belief, and god help us if any of the people who are working at the club are still involved in the new one.

Re: It's official - administration and new company : Sat Dec 19, 2009 12:10 pm  

McCougar wrote:

A debt as large as this means that the people running the club are completely incompetant. If my calculations are correct then the clubs VAT bill can not be much more than £30k per year and there may be £40k per year in PAYE. This means that this debt represents probably about three years in unpaid tax.

All what we have been told over the last few years is a crock of s**t, and the club has been run in to the ground. Far from not spending more than we can afford, they have been vastly overspending for years. What is most disturbing though is that the club must have been running at a loss even when we had a team of virtual amateurs at the bottom of the table. If that is so where was all the money going, as it certainly wasn't on players?

Even Oldham, who have been spending a fortune on players for years only owed £50k.

This just beggars belief, and god help us if any of the people who are working at the club are still involved in the new one.

180 grand over 9 years , so 20 grand a year , works out at around 150 extra fans a game

Re: It's official - administration and new company : Sat Dec 19, 2009 12:40 pm  

Starbug wrote:

180 grand over 9 years , so 20 grand a year , works out at around 150 extra fans a game

Is that what it was - 9 years? Or are you going on the 2001 LTD?

Re: It's official - administration and new company : Sat Dec 19, 2009 12:57 pm  

Whinger© wrote:

Is that what it was - 9 years? Or are you going on the 2001 LTD?

Just looking at the current admin taking over in 2001 , so 9 years till now

It is a fine line between profit and loss at many businesses , the problem comes when a companies costs are fixed and it's income is not

Success at most normal businesses usually results in more income over and above any increases in costs , unfortunatley in sports businesses the opposite can be and usually is the case

You can have the most successful sports business in the world and lose millions per year , in a normal business you can be the worst performing but still make a tidy profit

It is a double edged sword , success costs , failure costs , what is needed is more revenue and income no matter what happens on the playing side