Motherwell FC News

September 2003

'WELL SUNGLASSES Buy on-line for just £6.00

 
Tuesday, September 16
 

11pm

James McFadden played for Everton's reserves tonight, and it sounds as though he made quite an impression. Details are available from the Official Everton website.

8.45pm

At tonight's Supporters' Trust meeting at Fir Park, John Boyle announced that at a board meeting earlier in the evening it had been decided to start the legal process of taking the club out of administration.  The move, to be announced officially at a press conference tomorrow morning, is due in part to the funds received from James McFadden's transfer to Everton.  The procedure is likely to take around 3 months, and JB says he intends to step down as chairman at the club AGM next month as he believes this will help in finding a buyer for MFC.  Boyle still intends to sell his shares, but will not do so until a creditable buyer is found.  The club's administrator, Bryan Jackson, will contact the creditors (including the 10 players made redundant) shortly, however it is expected that they will be offered less money than they are owed. The club's biggest creditor, John Boyle himself, has waived his right to any share of the proceeds of the distribution of funds.

It was also announced that Supporters' Trust chairman Martin Rose will be taking up a position on the board of directors.

Bryan Jackson is quoted as saying:
"We are going to try to take the club out of administration by using the money from the sale of James McFadden.  The process is quite complex as there are various rankings for creditors, but we hope to put a proposal to them within the next four to six weeks.  If we get approval from them, the club could be out of administration within a few months.

"No proposal has come in to buy the club, which has been quite disappointing.  So we can only pay what we have got and I would rather take the club out of administration than creditors get nothing at all.  Until the sale of James McFadden, there was no opportunity to offer creditors anything."

The Under-21s drew 1-1 with their Hibs counterparts at Fir Park last night, with Kenny Wright equalising for Motherwell in the second half.

Team: Corr, Ballantyne, Quinn, Kinniburgh, Mathie. Wright, Fagan, MacDonald, Dair, Scott (Barkey), Craig. 
Subs not used A. Reid, Higgins, Neville, P Reid. 

An interview with Pat Nevin appeared in the Sunday Herald.

Cast your vote in our THREE new Opinion Polls:

Were the club right to accept Everton's offer for James McFadden?

and

Who has been the most impressive of our new signings so far?

and

What do you think of our start to the season?

September 2003 News Index

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