Wrexham expected to go into CVA
Wrexham Football Club is expected to go into administration tomorrow. An announcement from the club which was scheduled for this morning has been postponed.
The club has been forced into this position because of large debts said to be around £5m. Recently the electricity was briefly cut off and players wages were delayed.
The Inland Revenue has threatened to close the club and is due to be at the High Court on Wednesday, but assuming the club goes into administration, they may back down.
Wrexham are likely to be deducted ten points and may have to sell players to survive. But by going into a CVA they will buy some extra time to try and keep the club in being.
Some money, beleived to be about £75,000, will arrive at the club after the next round of the FA Cup as the Scunthrope/Wrexham game is to be shown live.
Hereford United will be sympathetic to the North Wales club. The Bulls know all about the workings of a CVA, but have survived and are now stronger than for several years.