Salford Red Devils' winding-up petition put on hold as they seek more time to settle debts.
The Salford Red Devils, a professional rugby league team, are facing financial difficulties and have been issued with a winding-up petition by HM Revenue and Customs. The petition, filed in May, claimed that the club had defaulted on its tax payments and was at risk of being wound up if it couldn't pay its debts.
A hearing took place at the Insolvency and Companies Court on Wednesday, where lawyers for both sides presented their cases. Barrister Josh O'Neill, representing HMRC, asked the court to order Salford to be wound up. However, lawyers for the club, led by Alexander Bunzl, argued that more than adequate funding was due to become available soon and requested a further two-week adjournment.
After considering the arguments from both sides, Chief Insolvency and Companies Court Judge Nicholas Briggs granted an additional 14-day adjournment, bringing the total time allowed until November 12. This gives Salford Red Devils more time to settle their debts and avoid being wound up.
The club has been struggling financially throughout the season, with several players leaving and staff facing uncertainty due to unpaid wages. The team finished at the bottom of the Betfred Super League standings, which further exacerbated their financial difficulties.
A consortium led by Swiss businessman Dario Berta completed a takeover of Salford Red Devils in February, but the club's financial troubles persist. Funding Cash Advance Limited is owed more than £200,000 and has requested that the club be wound up if it doesn't pay its debts.
Salford Red Devils have stated that they are working tirelessly to secure a positive resolution and will provide further updates as soon as possible.
The Salford Red Devils, a professional rugby league team, are facing financial difficulties and have been issued with a winding-up petition by HM Revenue and Customs. The petition, filed in May, claimed that the club had defaulted on its tax payments and was at risk of being wound up if it couldn't pay its debts.
A hearing took place at the Insolvency and Companies Court on Wednesday, where lawyers for both sides presented their cases. Barrister Josh O'Neill, representing HMRC, asked the court to order Salford to be wound up. However, lawyers for the club, led by Alexander Bunzl, argued that more than adequate funding was due to become available soon and requested a further two-week adjournment.
After considering the arguments from both sides, Chief Insolvency and Companies Court Judge Nicholas Briggs granted an additional 14-day adjournment, bringing the total time allowed until November 12. This gives Salford Red Devils more time to settle their debts and avoid being wound up.
The club has been struggling financially throughout the season, with several players leaving and staff facing uncertainty due to unpaid wages. The team finished at the bottom of the Betfred Super League standings, which further exacerbated their financial difficulties.
A consortium led by Swiss businessman Dario Berta completed a takeover of Salford Red Devils in February, but the club's financial troubles persist. Funding Cash Advance Limited is owed more than £200,000 and has requested that the club be wound up if it doesn't pay its debts.
Salford Red Devils have stated that they are working tirelessly to secure a positive resolution and will provide further updates as soon as possible.
. However, I think it's essential to note that the winding-up petition has been put on hold, which should give them some much-needed breathing room 
. The additional 14-day adjournment will allow them to secure more funding and potentially avoid liquidation. It's a bit concerning that they still have outstanding debts of over £200,000, though - I do hope they can manage their finances better in the future 
.
I mean, I love rugby and Salford has been through some tough times before, but this just seems like it's getting out of hand. I feel for the players who are struggling with unpaid wages - they deserve so much better 
. And poor Dario Berta, investing in a team only to see them sink into debt... 
Not great timing for him.
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I'm tired of hearing about the Red Devils' woes...
salford red devils are literally fighting for their lives here 
financially speaking, i mean. i was at the game last week and it felt like everyone was on edge, wondering if they'd make it through the season without having to close up shop 
what's going on is just so unpredictable... one minute they're taking on new investors with a takeover bid 
. Their financial struggles are no secret, and it's great that they're getting some extra time to sort out their debts 
. The fact that the consortium took over in February suggests they were aware of the club's financial situation when they made the takeover offer... so it's interesting that funding Cash Advance Limited is still chasing payment 
️. November 12 seems like a good target, but we'll see how things play out... fingers crossed 
. I mean, who doesn't love an underdog story, right? The fact that the consortium took over and is still working to get them back on track is really inspiring 
. It just goes to show that with the right people behind you, anything is possible 
!
my kid plays rugby and he loves his team (well, until they lost in the final last season... 
. The fact that several players left and staff faced uncertainty due to unpaid wages suggests that there were underlying issues that needed to be addressed. However, the completion of the takeover by Berta and the subsequent request for more time to settle debts indicates that the club is taking steps in the right direction 
. If they can manage this effectively, it could be a positive step forward for the club and its stakeholders 
but at least now they get more time to figure things out... November 12 can't come soon enough 
can't wait to see how things play out, fingers crossed for the team 
... what if they still can't raise enough money? The thought of them getting wound up is just too stressful 
! Like, I know football clubs can be super unpredictable but this is getting serious. They need to sort out their finances ASAP or it'll be disastrous for the team and its fans 
. This situation is keeping me up at night 
...
. Fingers crossed they can turn things around and avoid being wound up... will keep following this story 
... anyway, back to Salford Red Devils... I feel bad for them, you know? They must be super stressed out with all these financial issues. I had a friend who played rugby league in college, he said it's tough enough just to make ends meet without having to worry about team debt 
... did I mention I love cats playing piano? 
.
. Hope they sort it out soon, or at least try to, 'cause the fans are startin' to lose faith 
. I remember hearin' about teams gettin' wound up left and right back in the day, but that was more common then 
. Nowadays, it seems like every team's strugglin' with somethin' or other 
.
... i mean, who doesn't love rugby? 
. fingers crossed they manage to settle their debts and avoid being wound up 
. It's like, one minute you're on top of your game, and the next, your entire team is struggling financially 