Stockport County FC in administration

LEAGUE One football club Stockport County was placed in administration today.

The club, which has been docked 10 points by the Football League,  has been struggling for some months to secure new financing and reduce debts.

After talks with a secured creditor, understood to be a property investment company owed around £300,000,  broke down accountancy firm Leonard Curtis was appointed as administrator.

A statement said: “The Club has struggled with historic levels of debt and despite early hopes that administration could be avoided earlier this week, the club has been unable to satisfy its secured creditor.

“The administrators were appointed by the chargeholder as following protracted negotiations over the past few days involving the chargeholder and the club’s board, a satisfactory conclusion could not be reached.”

Joint administrator John 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.”

Stockport County has debts of around £5m. The biggest creditor is Cheshire Sport Limited, which owns Sale Sharks rugby club and the Edgeley Park stadium.

It is understood Cheshire Sport was willing to write-off a large part of what it was owed as part of a rescue package being put together by club chairman Martin Reid with the help of Manchester insolvency expert Paul Stanley.

Mr Stanley, a partner at Begbies Traynor, had been helping Stockport, his local club in his spare time.

He said: “I am very, very disappointed and frustrated. We were on the verge of a CVA deal, which had the support of Cheshire Sport, which would have avoided administration.

“It’s a shame as this could have been avoided. All the hard work we have done has been wasted.”