Northampton Town


The problem with football now is that it is so hard for a club to actually go under. Clubs can spend whatever they like and 99 times out of 100 will be bailed out. Sheikh Mansour is one in a million and we're so lucky to be run by people that understand that the future needs to be looked after as well as the present.

"Meeting the needs of the present without compromising the ability of future generations to meet their own needs" should be more closely followed at every level of football
 
The club did not operate beyond its means.The police are now investigating financial irregularities and have taken documentation away with them.The actions of a few who take the opportunity to make a fast buck should not be confused with the club and its support.The staff who haven't been paid since the end of september have stayed.The team are doing well.The crowds have been good given the situation.The then council leader now local mp who approved the unsecured loan to these people now has to explain how he came to have thousands of pounds for his election fund that he then didn't declare due to an admin error that were donated by the individuals he approved the loan for.All that now needs to be established is where is the money.I remember how Mansfield Town were shafted by a chairman who saved the club! for £1 or something paid himself a dividend, bought the ground through another company he owned with the money, resigned and now rents the ground back to the club for £ 120-150,000 a year.I'm not sure what the criteria is for fit and proper to take over a football club but clearly it needs looking at again.
 
Just watching the rugby team and I'm wondering why they felt the need to expand sixfields when the rugby club have a ample stadium that they've spent a load of money on too surely a ground share would of been best
 
Just watching the rugby team and I'm wondering why they felt the need to expand sixfields when the rugby club have a ample stadium that they've spent a load of money on too surely a ground share would of been best
Have a chat with a few County fans about their experience of playing second fiddle to Sale rugby union club when ground sharing.....
 
Cant see that happening, I mean the football league has a fit and proper persons rule in place to prevent that from happening...... hello?? hello?? is anyone there??

Non entities front the deal for people like Colin Hill. Tommy Agombar was allowed to buy Hereford United before taking the test which he subsequently failed. He then handed the club over to anonymous types.

I'm not convinced the new man at Northampton is the right owner for them but bills have been paid.
 
Breaking news: The police have arrested a man, believed to be former chairman David Cardoza, over the missing £10m loan.

Have a look at the following taken from the BBC web site following a report into the situation at Sixfields. They've found documents the Northampton owner refuses to discuss (allegedly) as the deal was covered by a non-disclosure agreement:

"Millions of pounds of taxpayers' money intended for a football stadium redevelopment was "misappropriated" by developers, according to claims made in documents seen by the BBC.
Northampton Borough Council lent Northampton Town FC £10.25m for the work, none of which has been completed.
High Court papers contain allegations developer Howard Grossman and his associates used a "substantial part" of the money for unrelated purposes.
They have denied the claims.
A criminal inquiry is already under way into "alleged financial irregularities" surrounding the council's loan to Northampton Town, known as the Cobblers.
Former club chairman David Cardoza was arrested last week as part of the investigation which police say is ongoing.
The allegations about County Group, the trading name of companies owned by Mr Grossman, were made in papers filed at the High Court in November 2014.
The League Two club, of which Mr Cardoza was chairman, initiated legal action to establish what had happened to the loan money and to try to recover it after contractors were not paid.
Mr Grossman was a director of the company 1st Land Ltd, which was set up to carry out the refurbishment of parts of Sixfields Stadium and land adjacent to the ground - work that included a new stand, hotel and conference centre.
Approximately £8.75m of the council's money was transferred to 1st Land.
Where did the £10.25m loan go?
£8.75m was transferred by Northampton Town Football Club to 1st Land Ltd and County (Oundle) Ltd, both owned by Howard Grossman.
Of which:
£2.28m (estimated) to suppliers and contractors, including £491,000 to stadium builders Buckingham Group and £986,000 to Synergy Property Design Consultants
£2.05m to Mr Cardoza's father, Anthony
£1.475m to County Homes (Herts) Ltd, whose current and former directors include Howard Grossman and Stephen Hewitt
£1.09m to Marcus Grossman, Simon Patnick and Stephen Hewitt in "consultancy fees"
£600,000 to rebuild David Cardoza's house
£314,000 to Howard Grossman as a fee
£233,000 to County Cemetery Services Ltd, whose current and former directors include Marcus Grossman, Simon Patnick and David Cardoza. Shareholders included Anne Patnick, Steve Allan, Keith Western, Paula Etti, Christina Cardoza and Rita Cardoza. Its assets were sold to Centurion Infinity Ltd, whose current and former directors include Marcus Grossman, Simon Patnick and Gary Robert Platt."

The article then goes into some more detail about various payments made, including donations from people associated with Mr Grossman to local MP David Mackintosh's election campaign, Mackintosh having been the head of the council when the loan was authorised.

This all seems as bent as a nine-bob note, but is it illegal given the way company law often appears structured to allow such activity.
 
Given the difficulties they have faced and over come they should be congratulated on their achievements this season
 

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