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Archived News from December 2002

10th December 2002 21:04

BY CHRIS WATERS, Evening Post, 10 December 2002

Cash-strapped Notts County will be thrown a £150,000 lifeline - once they come out of administration.

That's their share of a £20million package designed to help struggling Nationwide League clubs.

Notts, who say they are confident of being out of administration by mid-January, are set to receive £50,000 during that month, another £50,000 next August and will also have the opportunity of taking up a £50,000 low-interest loan, repayable over three years.

The fund has been put together by the Football Association, the Premier League and the Football Stadia Improvement Fund (FSIF) and will also benefit Nottingham Forest and Mansfield Town.

Under the scheme, First Division clubs receive 80% of the pool, Second Division clubs 12% and Third Division clubs eight per cent.

Division Two Mansfield Town are also in line for £150,000 and First Division Nottingham Forest anything up to £900,000.

Notts' chairman Albert Scardino says the money is only £100,000 short of what they would have received but for the collapse of ITV Digital.

Scardino told the Evening Post: "This is fantastic news for Notts County.

"It doesn't quite match the £250,000 we would have received from ITV Digital, but it will help plug a massive hole in our operating income.

"These are still very challenging times financially and we need all the help we can get.

"We're confident of coming out of administration very soon and I guess this is a little bit of good news in a season of not very much good news."

The collapse of ITV Digital left the Football League with a shortfall of more than £170m.

Football League boss Peter Heard commented: "This funding will have considerable impact on the finances of Football League clubs and will play a major part in helping them to survive the cash shortfall caused by the collapse of ITV Digital.

"I believe football supporters should take great encouragement from the way football's governing bodies have joined together in this way to alleviate the financial problems of a number of clubs."

Scardino added: "I think the fund will go a long way to restoring confidence in lower division football.

"It's great to see the wider footballing family rallying round to help their own, because clubs like ours need all the assistance going."


Latest | December 2002