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SALFORD CITY REDS FACE WINDING UP PETITION
 

Star date: 18th October 2012 

SALFORD REDS ON THE VERGE OF EXTINCTION

The Press Association is reporting that Salford Reds rugby club is to face a winding up petition on Monday 29th October. The petition has been brought by `club sponsors' and management consultants, Steuer Gregsson, which was ironically brought in to help save the club.

Full story here…


Despite the millions of pounds pumped into Salford City Reds by Salford Council, and the move to the new `dream' stadium in Barton this year, Salford City Reds is facing administration, with a winding up petition brought by `club sponsors' and management consultants, Steuer Gregsson.

The Cheshire based consultants was ironically brought in by the club to help raise revenue and avoid such a catastrophe. Salford Council also drafted in its Economic Futures officer, Rob Pickering "to help safeguard" its investment, including a loan of £1million and the hope of getting a return on its £22million loan for the Salford City Stadium, for which Salford Reds pays rent, although it was recently halved when Sale Sharks shared the ground.

The Press Association is quoting Salford Reds Chairman, John Wilkinson, as saying "It is a very small amount of money involved and we've brought in experts to deal with it for us. That's all we can say at this moment in time."

For full details of the state of Salford Reds finance dealings see previous Salford Star article - Salford Reds In Hock - click here

Update: On 19th October the club released the following statement...

"It has been widely publicised since the start of this year that the Salford City Reds Chairman and Board of Directors have actively been in pursuit of, and in negotiation for new investment into the club to take it to the next level.
 
These discussions continue and we ask at this time in particular that colleagues, supporters and sponsors of Salford City Reds respect the sensitivity of negotiations with potential investors and refrain from engaging in potentially damaging speculation.
 
Despite recent disappointing and negative media stories over what is in fact a disputed petition against the club, the Chairman and Board of Directors remain very confident that the current situation will be brought to a positive conclusion for all with an interest in seeing the Salford club survive and thrive.
 
The Board of Directors believes without question in the strength of our club and its importance both to the city of Salford and to Super League, and is confident that our present discussions will reach a favourable outcome - one that will secure the future of our great club for many generations to come."

Rob wrote
at 2:40:54 AM on Monday, October 29, 2012
I think that something stinks here,and in a way I hope (not because of the fans,they deserve better and the truth)that Salford City Reds are wound up because it seems to me that things are far far worse than the board are letting on.And I hope that the full amounts are disclosed,and to whom the monies are owed to,no matter how shocking this is.As for the Salford fans,well I suggest that you all start talking to one another and be prepared not only for bad news but to step in and run the club,albeit a newco,and be prepared to have to start at the bottom and work your way back up,like Glasgow Rangers have had to do.
 
Hmmm.... wrote
at 5:35:04 AM on Thursday, October 25, 2012
Sounds like a case of a rugby club being too big for its boots, getting into bed with members of executive envious of other peoples positions. If council had seen the full financial situation of the club - regardless of political affiliation - someone with a little accountancy knowledge would have told cabinet to (using a rugby parlance) kick the idea into the long grass. As the wind up order is now underway, i take it deals with directors of Salford have been suspended whilst this is taking place ?
 
Lee Mullen wrote
at 5:14:05 AM on Tuesday, October 23, 2012
I wonder if Brian Kennedy or Sale Sharks are connected with Steuer Gregsson somehow, in an ill attempt to buy the Reds at a very cheap price?? Something fishy is going on and the Sharks are prowling....
 
wrote
at 12:15:25 AM on Saturday, October 20, 2012
In answer to "Another cock up" The amount the council have pledged to the Orchestra is £20M over so many years then there will be ongoing payouts for god knows how long. The last time I asked which was back in 2010 the amount of loans that the council have owned up to were £1.1/4 MILLION. Then there is the £250.000 they gave them for the lease on the car park that the council owned. I understand this was a brain storm of Councillor Lancaster as a way of giving them more money to keep them afloat.I also understand the city Solicitor was not very happy with this, but as we all know this council does what it wants and sod the rest of us. Wonder when WE will have paid back the £22M+ for the stadium. And on a final note wonder what will now happen to Buile Hill Mansion, the grade 2 listed building this council have been keeping on hold for Mr Wikinson and his mate Mr Watson.Bet they wouldn't do it for me or you,but who are we just the people who pay their wages and get sh-t on day in and day out by this council. Services CUT, wages CUT, job CUT.It's them MUSHROOMS again "keep them in the dark and shovel sh-t on us" The annoying thing is WE ALLOW IT.
 
Another cock up? wrote
at 5:52:41 AM on Friday, October 19, 2012
So how much of our money has the council actually "loaned" the club and for the stadium? Is this another case of "It is good for the city and the people of Salford" and "It is a good investment" Look at al the shortfalls and cuts and then see how much they have wasted on the Orchestra and stuff like this. £20,000,000 for the Orhestra. You could have got the Smiths and all the Manc bands for that.
 
A.P. wrote
at 3:29:38 AM on Friday, October 19, 2012
Well said , Mary . There must be an investigation into the Clown Hall Cretins ineptitude in this disgraceful saga . They will be made to answer for their gross incompetence , ineptitude , and mismanagement .
 
Council worker wrote
at 1:23:07 AM on Friday, October 19, 2012
Isnt ironic that 'Biffo' councillor Lancaster our Deputy mayor is a massive fan of Salford Reds and that his mate Dan Tinker ex council director has been brought in at a cost or £400 a day (Bit of a blur who is paying but I suspect its the £17k grant from Scary Spicer (£200K per year) secret budget.) cant appear to save Salford Reds. Our Mayor (who is he again?) should demand an investigation by the district auditor into this disgraceful fiasco. As an insider I know it is a disgraceful waste of public money.
 
Mary Ferrer wrote
at 1:22:16 AM on Friday, October 19, 2012
I hope for the sake of the club and for the residents of Salford the club does not go under. If it does the the city council will have a lot of questions to answer. 1) Why give loans of well over £1m to a club that had major financial problems. 2) Did the city legal department feel it was a wise move to enter into the loans. 3) Did the city treasure have full access to the clubs accounts. 4) Why did the city council enter into a loan of over £22M to build a stadium. Most of these questions have been asked in the past and like everything else with this Labour council they never gave the answers,and did what they wanted and that is one of the reasons this city is in the bloody mess it is in. But like everything else, they will get away with another cock up.
 
Tom wrote
at 2:54:16 PM on Thursday, October 18, 2012
Just had a look at council spending over £500, from June 2011 to May 2012 £113500.00 was payed to Salford city reds, including a £17K grant from the Chief Executives office. What a wise investment in the future of our once great city that was Babs! How much more has gone to them over the past few years?
 
Salford Star wrote
at 12:28:28 PM on Thursday, October 18, 2012
See Iain Peacock's comment below.. Yep, we'll accept that. The story was written in 5 mins flat to inform readers. We thought `order' and `petition' were the same thing - it's not. But it's still one company attempting to wind up another if it doesn't get paid. The headline has been changed.
 
Iain Peacock wrote
at 12:24:08 PM on Thursday, October 18, 2012
Note: a winding up order, and a winding up petition are different things.Despite your headline,this is not the former.
 
Not so proud Salfordian wrote
at 12:01:27 PM on Thursday, October 18, 2012
Now can all you clever councilors see why the banks would not lend them the money. If they go bump then the half-wits at the clowncil who GAVE them the loans should be made to repay that money to the city. Why should we the people of Salford loose out on the so called investments made by the clowns. If this was a company these clowns at the town hall were running they would be struck off as directors and banned 5 years min.
 
alan marshall wrote
at 10:58:57 AM on Thursday, October 18, 2012
More experts...expect another winding up order then if they manage to settle this one.
 
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