Rovers granted examinership
Shamrock Rovers have been granted a court-approved examinership in a move which the club hopes will end their crippling financial problems.
Branvard, trading as Shamrock Rovers, applied for the examinership – a provision in law to allow a company to suspend the payment of all debts, but continue trading, while a rescue package is put in place - last week.
It was believed by the majority associated with the club that the proposal was one of the few remaining options to keep the club in business, as they struggle with €2.3m debts and no fixed assets.
An independent investigation of the club’s accounts revealed that Branvard were financially insolvent and, if the examinership bid failed, could have faced liquidation.
But Mr Justice Peter Kelly allowed the examinership after seeking assurances that the club are looking for a long-term lease on Morton Stadium in Santry and will not renege on a payment schedule agreed with the Revenue Commissioners.
Mr Neil Hughes has been appointed examiner and he will start work immediately while the Shamrock Rovers’ supporters’ trust, the 400 club, will bankroll the day-to-day running of the club.
