Wed 23 May, 2012
|
|
|
|
England: Clubs offered loan package  x3
 |
| Planet Field Hockey |
May 2, 2002
The Telegraph
> Page Views 2200
By Claire Middleton
A MILLIONAIRE businessman from Brighton has offered a £500,000 interest-free loan to help the sport out of its financial crisis.
The English Hockey Association are around £600,000 in debt and have asked clubs to attend a special meeting tomorrow to vote on a levy of £150 per team. For clubs like Reading, with 12 teams, it would mean parting with £1,800.
Since the meeting was announced it has become clear that sort of demand is unpalatable to clubs, who would rather let the EHA fold. However, Stewart Newton, the president of Brighton and Hove HC and real tennis partner of EHA president Mike Corby, has come up with the offer. It is conditional on a new limited company administering the loan and clubs agreeing to pay £75 per team by Oct 1.
The loan would be interest-free until Dec 31, reducing to £250,000 for the year to Dec 31 2003. It is not on offer to prop up the existing association.
Your opinion counts.
Rate this article or enter your comments below.
|
Opinions expressed here do not represent the official views of PlanetFieldHockey.com or its staff. Comments will be removed if they are considered offensive or of a personal nature.
Comments on this article
|
Alan Fothergill - President Worcs HA
05-03-2002 3:01 pm
|
Report this post
|
Under this proposal will the current EHA Constitution apply?
How will the Company be managed?
Will there a democratically elected management as at present?
What financial controls will pertain?
|
|
Homer
05-04-2002 12:26 pm
|
Report this post
|
Agree with your concerns Alan. In addition, looking again at the £500k loan offer I'm really confused.
The press release states that the £500k is going into a new limited liability company, and was given on condition it didn't go to the EHA. In addition, the amended motion states that the £75 per team would go to the new company. Assuming £150/team = £600k, £75 would presumably raise £300k.
This would leave the new company with £800k, but the EHA - the one that owes all the money - with no new money. I know the release also states the new limited liability company would pay to acquire the assets of EHA, but is this really going to cover EHA's liabilities of £600k + £500k to the Revenue ?
On a separate point, my recollection from my days of studying business law is that the Inland Revenue is always the creditor of first preference. ie: If the EHA goes into liquidation they are the first in the queue and other creditors get what's left - wouldn't like to be one of the 'small creditors' owed expenses, fees etc !
|
|
A Very Happy Guy
05-04-2002 2:11 pm
|
Report this post
|
Thank you
May i just say thank you to all the hundreds of you who made a huge effort to come down to the National Hockey Stadium today, and to those of you who sent a proxy to vote in favour of keeping us going. The comments from nearly everyone who stood up to speak today were fair, and supportive of a fresh start. I know you were doing it for the hockey, probably a lot more than for the eha staff (or should i say HEL now, god, thats going to take some getting used to!), but the most important thing is you saved a wonderful sport today, and done everyone proud. I sincerely hope that you have made the right decision, and it will be the start of something massive for every hockey person in england. Thank you to you all, to Mike Corby, and to Stewart Newton. What would have been without the decisions and hard work of you all, is not even worth thinking about.
|
|
|
|
 |
HOME | FEATURES | CLUBHOUSE | CAMPS | LINKS | ABOUT US | STORE | ADVERTISE
Use of this site is subject to certain Terms & Conditions.
|
|
|
