STEPHEN Vaughan yesterday issued a statement to The Chronicle with his response to the continuing crisis surrounding the Blues.
“ON May 26, 2009, Chester City Football Club 2004 Ltd completed the purchase of Chester City Football Club Ltd via a CVA for £290,000 which gave creditors 15p in the pound.
Each creditor then had 28 days to appeal the decision and the HM Revenue and Customs appealed. On Tuesday of this week, through a judge’s discretion, the CVA was revoked because of the connected creditor.
This doesn’t affect the sale and purchase agreement between Chester City Football Club Ltd in administration and Chester City Football Club 2004 Ltd, the new owners. It is a setback because it has resulted in the FA membership not being transferred from old company to new, so we’re working together with our administrators to have our membership accepted.
That has had an adverse effect on the pre-season games, losing the income streams that we forecasted in our cash-flow projections, and we’ve had to arrange a number of training sessions and 11-a-side games behind closed doors.
So we are now waiting to get acceptance of our FA membership and we are still looking forward to the first game of the season at Grays Athletic on August 8, but unfortunately that will be the first time the fans will see the new team in action.
Chester City Football Club 2004 Ltd purchased the club on May 26, 2009 and are the owners of Chester City. The FA may find it fitting to penalise us further but we await the outcome of their decision.
The following questions from the FA need answering satisfactorily to enable us to get our membership:
They require a copy of the Chester City Football Club 2004 Ltd annual accounts.
They need supporting evidence of forecast income streams and wage salary figures.
They need to know if the £225,000 parachute payment provided by the Football League is going to satisfy all footballing creditors.
They want confirmation from Cheshire West and Chester Council that they are happy to transfer the lease of the Deva Stadium.
We have to convene a board meeting with professional advisers to amend the articles of association to satisfy the criteria of FA rule 12, and we’ve had to give them assurances that Chester City Football Club 2004 Ltd fully agree to comply with whatever is necessary for FA membership to be transferred.”