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INVICTA FACE TEN-POINT DEDUCTION 07/02/2010
Ryman League Division One South leaders Folkestone Invicta expect to suffer a ten-point deduction after entering into a Company Voluntary Arrangement.
A statement from the club read: "Folkestone Invicta can confirm that with the formal approval of its Creditors and Shareholders, a Company Voluntary Arrangement (CVA) has been set in place to deal with the Club's state of indebtedness. This will allow the club`s directors to plan and manage the club's financial affairs with confidence, and to re-establish focus on extending the club's community role and improving its facilities.
"The club anticipates that under current Ryman League rules it will automatically and immediately be deducted 10 points. It does not intend to contest this penalty.
"With a CVA now in place, Lynn Woods has taken up the role of chairman of the club, and Mark Jenner has agreed to join the Board as the club's chief executive. Existing directors have agreed to remain in post.
"The new Board is committed to change the club's constitution and shareholding structure to commit Folkestone Invicta into the control and effective ownership of a Supporters' Trust. Further information on this proposal will be circulated before the end of the current season."
No penalty has yet been officially imposed but if the exoected ten-point deduction is applied Folkestone will drop to third in the table, just two points behind new leaders Croydon Athletic.
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