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Margate saved at 11th hour

By This is Kent  |  Posted: November 25, 2008

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MARGATE Football Club have been saved after beating the clock to settle an Inland Revenue debt of £110,000.
The Hartsdown Park outfit were due in the High Court tomorrow (Wednesday) when a judge could have shut the club down over money owed to the taxman.
But Blues owner Keith Piper - having said it would be a major surprise were the club to find the money in time - struck a deal late this afternoon.
It also boosts Margate's survival chances in the Ryman Premier League as they will no longer face a 10-point deduction that would have been imposed had they entered administration in the form of a Company Voluntary Arrangement.
A club statement said: "Margate Football Club has reached an agreement with Her Majesty's Revenue and Customs which sees the club avoid entering into another CVA.
"The court case will be adjourned again tomorrow for 14 days to allow the club to meet the terms of the agreement. HMRC will then withdraw their petition."
For the rest of the story, see Friday's Isle of Thanet Gazette.

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