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York to settle debts
Much like Hereford United, York City have large debts and have been trying to agree to pay off what they can to, amidst others, the Inland Revenue.
It appears that they offered to pay them 50p in the pound but this was turned down by the tax people.
This afternoon came news that York have upped their offer to 63p in the pound, which they believe will be accepted by the Inland Revenue.
Recently, Hereford United had their offer of 5p in the pound to unsecured creditors turned down by the Inland Revenue. This was in addition to the 40p already paid. It was then suggested by sources close to the supervisor that 10p would be offered.
Graham Turner said that he hoped to pay more towards the CVA at a fans forum last year. He suggested the figure involved was about £25,000.
HU-FC.co.uk believes that a settlement on the same terms as at York, if repeated at Hereford would mean a final payment of perhaps nearer £50,000 plus the supervisor's expenses which are around £70 per hour.
It appears from documents published by the supervisor that every 1p in the pound owed is roughly equivalent to over £2,000.
If these figures are correct then they explain why the club is still unable to pay transfer fees for players and, assuming the club is currently in profit, where some of the Sky money may be going.