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Wednesday, April 19, 2006

Rotherham Face Winding Up Order

Rotherham have been issued with a winding up petition by the Inland Revenue for £571,363 in unpaid PAYE.

The petition will be heard in court on May 10th, but Rotherham hope to have agreed a CVA before that day. A May 5th creditors meeting will vote on a proposal to be tabled by the new Rotherham board of Directors, formed after a group of local businessmen invested significant sums into the club.

Chairman Denis Coleman told the official Rotherham website: "As supporters will be aware we did not have time to complete a thorough due diligence before we took over the running of the club. Despite an incredible effort, fantastic support and substantial investment we have to inform the fans that in order the club survives and plays league football again next season it must now implement a voluntary agreement with its creditors to avoid liquidation which has been threatened by the Inland Revenue.

"The new board and its advisors have been working around the clock for the last few weeks but further to completing our investigations into financial position of the club and the petition issued by the Inland Revenue, the club has no other option but to make this proposal to its creditors.

"If the proposal is not accepted the club will go out of existence. To ensure the club fulfils its fixtures and survives through to the start of next season, the Millers still require all supporters to maintain their remarkable level of support. Further, I would like to take this opportunity to thank everyone for all their efforts to date and hope that together we can ensure that the club is still playing league football next season."

Should the Millers enter a CVA, they will start next season with a 10 point penalty. They are currently two places, and four points, above the League One relegation zone.