Football Club racks up record debts of over £60m

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Football in huge debt

Historic English Football club is reported to have racked up huge debts according to reports. Derby County’s debts are said to be more than a staggering £60m according to reports via Sky Sports News.

A trusted source has told the Sky Sports News channel that they have never seen such a high level of unpaid debt at any Championship league soccer club. Derby County Football club are currently under the control of Administrators.

Allegedly, over £4m is owed to non-secured creditors, though they are likely to receive much less than the full amount owed to them.

A hold on debt collection action to wind up the football club by the HMRC has benefitted the club somewhat. This decision was made by the HMRC due to the coronavirus pandemic but it has allowed the football clubs debts to spiral even further.

Negotiations are reported to be ongoing with HMRC. Derby’s administrators are desperate to reduce the tax burden and make the club more attractive to would-be buyers. Similar discussions are ongoing with MSD as well as the club’s other creditors.

It is the latest sorry episode in a saga that has been dragging on for the past few years.

 

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