Transfer Fee Row after HMRC Winding Up Petition Filed
October 28 2015
In a meeting with fans on Monday night a six member panel answered questions about the financial situation at the club after the HMRC winding up petition had been issued. It emerged the majority of the undisclosed fee received for the sale of Northampton Town striker Ivan Toney was used for the general running of Northampton Town FC over the summer.
Accounts Frozen After HMRC Winding Up Petition
After a winding up petition was lodged against the Cobblers by HMRC for £166,000 of unpaid taxes, Chief Executive Mr Whiting confirmed on Tuesday 27 October, the club’s accounts had been frozen. During the meeting, fans asked the panel how the club could find itself in a awful financial state when the club sold highly rated striker Ivan Toney to Newcastle in July.
In response, James Whiting reportedly had this to say:
“It was a good windfall for the club, but it was not huge. After the East Stand there was a huge hole in the budget compared to what we were receiving. A lot of the money that did go in in July and August went on the general running expenses. It did not leave us with a surplus in the bank account for situations like this.”
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