Mansfield Town investigate payments made to previous board
Thu 4th Nov 2010 | Money & Finance
Mansfield Town FC are investigating claims that the previous board took dividend payments from the club even though there were insufficient funds to do so.
Details of the payments being made came to light after the club released a statement via its official website stating they had instructed lawyers and forensic accountants to investigate the clubs books for 2009.
The statement read: Chairman John Radford and the Board of Directors of Mansfield Town Football Club Limited have become aware that the Report of the Directors and Financial Statements for the year end 30th June 2009 for the Club reported that it was the then directors' view that a dividend of £2,442,488 paid on 9 December 2008 to amongst others the club's then owner Stags Limited, should not have been made because the Club had insufficient net assets to permit it at that time.
Certain other payments to various individuals and companies totalling over £600,000 have also been brought to the attention of the Club.
As a result of these matters the Club has today instructed lawyers and forensic accountants to investigate these payments and to report the outcome of their investigation to the Club.
If the investigation supports the view of the former directors, the Club will take any necessary steps to recover any monies for the benefit of Club which should not have been paid out in the past.
International award winning lawyers Pinsent Masons LLP have been instructed
- SUBSCRIBE TO THE F.C. BUSINESS RSS FEED
- BECOME A FAN OF F.C. BUSINESS ON FACEBOOK
- FOLLOW OUR TWEETS ON TWITTER
- LINKED IN TO FOOTBALL INDUSTRY PROFESSIONALS
Thu 9th Mar 2017 | Money & Finance
Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...
Thu 2nd Mar 2017 | Money & Finance
Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...
Wed 1st Mar 2017 | Money & Finance
Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...