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CRG IN THE PRESS: Macclesfield Town Football Club sale

It seems that an LPA Receivership that CRG Insolvency & Financial Recovery (“CRG”) had been conducting  has made the news regarding Macclesfield Town Football Club (“the Club”) – In Liquidation. Charles Ranby-Gorwood of CRG was acting as LPA Receiver of the football ground, and the lender, HNW Lending Limited (“HNW”), had to obtain a validation order for the former funds provided.

 

As Receiver, we had negotiated a sale of the premises, but could not sell unless or until this matter was resolved. We had to work with the solicitors appointed by HNW to assist in resolving the issues. Interestingly other validation orders had been obtained previously, but confirmation was required that HNW’s funds could be validated. This was quite a complex application and showed the benefit of legal advice.

 

The Official Receiver, as Liquidator ultimately signed the sale agreement, as this was agreed by the court, at the price negotiated previously by the LPA Receivers agents acting on the football ground, and by the Liquidator’s agents, acting on the fixtures and fittings.

 

The ground was leasehold, and Macclesfield Town Council (“MTC”) are holders of the freehold. The freeholders were very keen to see an outcome that ensured long term football club stability, following a challenging few years for the Club. There was significant discussion with interested parties and CRG, but with considerable emphasis on the wishes of MTC being fully respected.

 

Despite the delays of a court hearing, the buyers remained on board, as did MTC, and the sale was ultimately completed. The news channels were reporting the sale with enthusiasm, while CRG were also pleased to see the progress made for HNW.

 

It was never anticipated that the case would be so well reported, but the High Court must be respected for the depth and quality of their assessment, and the Official Receiver for liaising with the LPA Receiver to achieve the suitable outcome.

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