The future of Keighley Cougars RLFC has been secured thanks to an administration deal negotiated by business rescue, recovery and restructuring specialist, Begbies Traynor.
Known as ‘the pride of Keighley’, the 133 year old club faced a winding up petition from HMRC for a debt of £183,000 which had built up over the last few years. When attempts by the club and the Rugby League failed to secure a repayment agreement with the Crown, and efforts to secure funding also failed, the company faced being wound up or placed in to administration.
On 18th December Rob Sadler and Gary Lee of Begbies Traynor, were appointed joint administrators and immediately secured a sale of the business and assets to a consortium of local businessmen who are fans of the club. As well as saving the club, the deal has secured the future of the playing squad and staff at the ground.
Joint administrator Gary Lee of Begbies Traynor, said: “This is a great outcome for the club and the town and means that this important amenity for the local community will survive as well as safeguarding the jobs of the players and staff at Cougar Park.
“Local people have rallied to save the club and this is the best possible outcome for all parties – the club will continue and the not for profit organisation has agreed to re-pay a proportion of any surplus over the next five years.”
The semi-professional rugby league team plays in the Co-op Championship and enjoyed a successful season last year. Based at Cougar Park on Hard Ings Road, its grounds can accommodate 7,800 people.