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Rugby club chairman enters IVA

Ted Richardson, Chairman of the Wakefield Trinity Wildcats, has confirmed that he has entered an IVA.

In an open letter to the shareholders and supporters of the club, Mr Richardson explains some of the circumstances leading up to his decision to enter an IVA. The letter appears on wakefieldwildcats.co.uk.

He explains that he borrowed money from a bank, using a contract (which was expected to be worth £1m) as equity. However, the contract ended up being settled at just over £80,000 - "some £920,000 less than expected".

After being "advised that an IVA would be the only course of action open to me", he needed to find out if his creditors would approve an IVA.

The creditors voted 87% in favour of an IVA - on the grounds that the money coming from a legal claim currently in process goes into the IVA to repay his creditors.

"I have to thank my creditors for their understanding and support," he says, "and I am deeply sorry for having to take this action with them."

The letter finishes: "I wish to place on record that while I have been faced with no other choice other than to enter an IVA, I hope you the Shareholders and Supporters of this Club, will understand that this has not been done lightly or without much soul searching."

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