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Post by rooktit on Jun 13, 2009 16:42:24 GMT -1
According to ME in Friday's Argus, "Lewes will know their fate by the middle of next week". ME is apparently waiting to hear from HMRC if tax debts can be made in staged payments. He then has to make the initial payment, and presumably the rest, if no further investment is forthcoming. In the meantime, we all have to wait for further information. Until we hear, everyone is in the dark: Ibbo, players, potential investors, supporters. It is impossible to plan anything until the details are broadcast.
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Post by tomharper on Jun 13, 2009 17:26:18 GMT -1
I think Wednesday is the 'judgement day', as we are finding out whether HMRC have accepted a proposal made by Elliott with regards to staged payments. However, I am not exactly sure what the consequences are if they don't agree too it? I am presuming administration, though, as there is no way we can pay a substantial amount of money in one lump sum.
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Post by foulkesy on Jun 13, 2009 19:31:21 GMT -1
I think HMRC want it paid back in one year. Possibly £12K down and 11 months at £8k (if the debt is £100k)
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Post by eastie on Jun 13, 2009 19:43:28 GMT -1
I think HMRC want it paid back in one year. Possibly £12K down and 11 months at £8k (if the debt is £100k) Is that sum you give including this years tax as well or will it be on top of that amount? 23 home games at a guess of £10 admission x 500 average gate only gives 100K approx with consessions and kids. The gate money would be lucky to cover just the Tax bill from what is owed
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Post by sin my opinionn on Jun 14, 2009 4:27:04 GMT -1
Until the club produces a clear statement of all its debts together with details of any repayment plans it really is impossible to tell what can be done and how.
Total income could be in the £100- £150K range depending on sponsorship, cup runs etc and from that has to be deducted the ongoing costs - wages, travel, stadium, stewarding, officials etc. So there may not be a lot left to repay the debts.
So put into context, creditors of £400K is a big number.
There are a few other things to resolve on the creditor side - eg is DC still under contract at a highish salary and how will this be paid without Magicman money?
At this stage I don't really see how we can tell whether there is any chance of raising enough money to keep the club out of the mire.
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Post by eastie on Jun 14, 2009 10:23:06 GMT -1
Cant see how you can keep Cullip if you owe the tax people 100K and Cullips salary is reputed 50K
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Post by Andy on Jun 14, 2009 12:58:28 GMT -1
As Lewes fc don't pay it magicman do. Hope thats correct
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Post by rooktit on Jun 14, 2009 13:59:14 GMT -1
I thought Magicman's sponsorship is not being renewed?
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Post by eastie on Jun 14, 2009 14:30:21 GMT -1
As Lewes fc don't pay it magicman do. Hope thats correct last year he did
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Post by sin my opinionn on Jun 14, 2009 14:57:32 GMT -1
As Lewes fc don't pay it magicman do. Hope thats correct I thought DC had a 2 year contract, but sponorship was for 1 year only?
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Post by Andy on Jun 15, 2009 20:40:22 GMT -1
It may that the shirt sponsor was one year while magic man agreed to pay Cullip's wages for two could be a possibility
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Post by garethlewes on Jun 16, 2009 8:37:39 GMT -1
I think that is right he is paying this season even though he only had last season as shirt sponsor.
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Post by eastie on Jun 16, 2009 18:57:22 GMT -1
All quiet on the western front
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Post by rooktit on Jun 19, 2009 6:07:27 GMT -1
If it wasn't Wednesday, when will it be? According to the Argus, we were supposed to know our fate by the middle of this week.
I did hear a man in the street singing on Tuesday, "The world's going to end tomorrow!" It hasn't happened yet, though!!
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Post by louislewes on Jun 19, 2009 9:25:31 GMT -1
Lewes raise cash to ease survival fears
9:30am Friday 19th June 2009
comment Comments (0) Have your say » By Howard Griggs »
Lewes have moved a step closer to securing their immediate future.
The club are still not out of trouble but have the money in place to support a submission to the Inland Revenue to repay their tax debts in staged repayments.
They are now keeping their fingers crossed that HM Revenue and Customs will agree to the repayment plan.
That decision is out of the club’s hands but the fact they have sent off an initial cheque to back up their submission is a step forward.
Lewes have been up for sale since November and the threat of administration has hung over them since then.
They have survived two winding-up petitions in the last four months and have failed to attract new investors to the club despite repeated appeals.
The threat has hung over them this summer that if they went into administration between now and the start of the season it would result in them being relegated to Ryman division one south.
Martin Elliott, who is the only remaining director, revealed last week he was working hard to keep the club out of administration but gave no guarantee at that stage that there were sufficient funds to support a submission to HMRC.
Those funds are now in place and a cheque has been sent off. They must now wait for the tax office to make their decision.
Elliott is quietly hopeful they will be given the green light, which would enable the Rooks to play in Blue Square south for 2009-10.
He said: “We now wait to hear. We have told them we will be making further monthly payments through the close season and have sent them some budget information how we would continue to make the payments.
“We are hopeful but we will have to see. We are fully aware if they call the whole debt in that would be it for the club.
“The funds have come from private donations to cover this first payment and further donations would be made to cover the payments through the close season period.”
Manager Steve Ibbitson added: “The important people involved in the running of the club have worked very hard to put this submission together. We are hopeful but we must wait and see.
“We are still very keen to hear from anybody who wants to help the club in any way.”
Ibbitson and coach Jason Hopkinson are organising a day for fans to come along and help with jobs around the ground, such as painting. It has been pencilled in for Sunday July 12 but full details will be announced soon.
Work is also going on behind the scenes to put together a squad for next season and Ibbitson has held talks with a number of players, both existing squad members and potential signings.
Skipper Danny Cullip is the only player still under contract, although The Argus revealed on Wednesday Worthing midfielder Scott Kirkwood is set to join the club.
Ibbitson and Hopkinson were also buoyed by the response to the youth trials which were held on Monday.
The club have 20 places in their highly-respected youth system but had 58 youngsters at their first session and another eight who could not attend but want to be part of it.
These included boys from Brighton, Eastbourne, Crawley, Hastings and London as well as the likes of Tim Rivers, Grant Hall and Ross Sutton who were first-team regulars at the end of last season but who are still eligible for youth football.
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Post by willoenespana on Jun 19, 2009 9:48:55 GMT -1
I hope that some will now see that things are genuinely being done to try to save this club in what are difficult financial times for all. The thing that attracted me most to involvement at Lewes was the dedication and vision of a few and the increasing support from 'the man in the street'. With the new season ahead surely it is time for all to put aside differences and help in any way we can to support the Club.
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Post by eastie on Jun 19, 2009 11:10:07 GMT -1
What ME has done has sent the inland revenue an amount of cash saying this is only what we can afford at the moment and we will pay some more during the season and hoping they will accept it
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Post by Kieran on Jun 19, 2009 12:00:37 GMT -1
What ME has done has sent the inland revenue an amount of cash saying this is only what we can afford at the moment and we will pay some more during the season and hoping they will accept it Thank you detective Eastie for confirming what we all knew.....
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Post by grassbanker on Jun 19, 2009 12:02:06 GMT -1
HMRC will accept a downpayment as first instalment, why not, it is money they are owed.
The important question is whether we can afford the scheduled payments on time. If they agree we can pay them back over 2 or 3 years, it is difficult but may be possible. If they insist on repayment over 1 year, I cannot see how we can pay this from income and also pay club expenses as they arise.
If we have paid, say £20k by the start of the season, then £80k to be repaid over the remaining 10 months means £8k per month during the season. As a ball-park figure, take 400 fans at £10 average =£4000 per game. 23 league games means around £92k gate income over the season. Not much left for other expenses, including wages, without a cash injection from donations or a cup run!
All of which assumes the other private creditors dont come knocking with further winding up orders. If we have agreed terms with these creditors then great, but if we have not we cannot just look at the debt to the Revenue alone.
I hope it works, but to believe it can we need to see the full debt repayment package agreed with all creditors, with timescales for repayment. Without this, we do not know if we are just robbing Peter to pay Paul.
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Post by Marky 'buongiorno' B on Jun 19, 2009 15:00:38 GMT -1
Nobody is taking sponsorship into account. We'll probably get about £50'000 this year (ball park figure, last season it was £80'000, year before it was nearer £120'000). We'll also have the bar open for the games, which will be a massive benefit. I'd imagine that will bring in another £600 a game at least, especially when we consider some of the fans' drinking habbits.
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