Strong defence from the Charles Russell Speechlys team gets the right result for Bolton Wanderers Football Club.
Background
Charles Russell Speechlys has a stellar reputation in the Sport sector and is recognised by clients and independent commentators as market leaders.
We are go-to advisers for governing bodies, major clubs, elite athletes, brands and agencies. Our experience spans the full spectrum of sports, including football, rugby, horse racing, Formula 1, cricket, athletics, cycling and many more.
When HMRC served notice that it would issue a winding up petition against Bolton Wanderers, the majority shareholder and secured creditor instructed the Charles Russell Speechlys Corporate Restructuring & Insolvency team.
Approach
If a football club is threatened with insolvency, the fear is that it will trigger the “Football Creditor Rule” which can result in a 12 point deduction for the team.
The team...have for many years provided excellent advice and first-class levels of service to Bolton Wanderers on a variety of legal matters, including financing issues such as player purchases, naming rights, sponsorship arrangements and secured lending.
Allan Duckworth, CEO Bolton Wanderers FC, 2015
We advised on how to prevent the company being wound up, and provided a contingency plan of various restructuring options.
Our client was concerned about how insolvency would be perceived by fans, so the team advised on how the club could position it positively to the public and other shareholders.
Results
The winding up petition was adjourned during multiple hearings, and the company managed to avoid insolvency.
We have since advised the shareholder on the sale of Bolton Wanderers, and the company has managed to remain solvent.
The contingency planning was reassuring to the client who we continue to act for on a number of matters.
For more information please get in touch via hanh.nguyen@crsblaw.com or +44 (0)20 7427 6558.