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Page last updated at 08:07 GMT, Friday, 22 October 2010 09:07 UK

Glentoran face administration threat over debts

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There are fears Glentoran could go into administration as they owe Revenue and Customs more than 250,000.

Glentoran's cash crisis has deepened after Revenue and Customs told the club it will start court proceedings in a bid to recover money it is owed.

BBC Sport understands the Glens owe the taxman in excess of £250,000 and possibly as much as £300,000.

The club could go into administration, either forced to by Revenue and Customs or by voluntary administration.

Under new rules any league club which goes into administration faces a deduction of 10 points.

The Oval club has been struggling financially for some time and five top players were placed on the transfer list in May in an attempt to reduce the wage bill.

Glentoran have also become the first Irish League club to put the naming rights for their stadium up for sale.

The Irish FA, Glentoran and Revenue and Customs held discussions in April 2009 on how the club could start to repay the debt.

At that meeting an agreement was reached on a figure that the east Belfast club would pay in instalments for the next year.

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That took them up to April this year and the plan at that stage was for the terms to be re-negotiated.

However, it appears Revenue and Customs want the money it is owed from football clubs at all levels as soon as possible, and it is believed they have been given 12 months to clear their debts.

That would be a monthly payment of approximately £25,000 for Glentoran.

The Glens are not in a position to agree to this payment structure so Revenue and Customs has decided to initiate court proceedings.

"Glentoran Football Club continues to liaise with HM Revenue and Customs in a bid to resolve outstanding financial matters and is hopeful of securing a resolution that will benefit both parties," the club said on Friday.

Glentoran's overall debts are believed to be in excess of £1m and the club now faces an uncertain future.

The club has also confirmed that Jim Rodgers, former Lord Mayor of Belfast, has resigned from the board of directors after 10 years service.

The Glens are not the only Irish League club facing financial difficulties.

The Irish FA has facilitated several clubs in discussions with Revenue and Customs in the past 12 months.



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see also
Glens to sell Oval naming rights
21 Sep 10 |  Irish
Holders Glens win Co-op Cup tie
18 Sep 10 |  Irish
Glentoran players receive wages
09 Jul 10 |  Irish
Glens stars put on transfer list
03 May 10 |  Irish


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