credit crunch

Stockport go into administration

April 30, 2009

League One side Stockport have been forced into administration and look set to be docked 10 points as punishment by the Football League.

County have fought a long battle to stave off administration but their level of debt - one of their creditors is owed £300,000 - has left them with no other option.

John Titley and Paul Reeves, directors of Manchester-based accountancy firm Leonard Curtis, said they had been appointed as joint administrators after "protracted negotiations" with a secured creditor.

Titley said: "We are keen to work with the board to explore all possible solutions to ensure the club's future prospects are protected as far as possible.

"We are extremely hopeful that we will find a buyer for the club and are already aware of a number of expressions of interest.

"We are committed to working with the club's management team to resolve this situation as quickly as possible, balancing the needs of concerned creditors with the future of the club."