Mansfield Town investigate payments made to previous board
Thu 4th Nov 2010 | Money & Finance
Mansfield Town FC are investigating claims that the previous board took dividend payments from the club even though there were insufficient funds to do so.
Details of the payments being made came to light after the club released a statement via its official website stating they had instructed lawyers and forensic accountants to investigate the clubs books for 2009.
The statement read: Chairman John Radford and the Board of Directors of Mansfield Town Football Club Limited have become aware that the Report of the Directors and Financial Statements for the year end 30th June 2009 for the Club reported that it was the then directors' view that a dividend of £2,442,488 paid on 9 December 2008 to amongst others the club's then owner Stags Limited, should not have been made because the Club had insufficient net assets to permit it at that time.
Certain other payments to various individuals and companies totalling over £600,000 have also been brought to the attention of the Club.
As a result of these matters the Club has today instructed lawyers and forensic accountants to investigate these payments and to report the outcome of their investigation to the Club.
If the investigation supports the view of the former directors, the Club will take any necessary steps to recover any monies for the benefit of Club which should not have been paid out in the past.
International award winning lawyers Pinsent Masons LLP have been instructed
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