8:39am Friday 23rd July 2010
By Chris Flanagan
ACCRINGTON Stanley are awaiting Football League permission for their transfer embargo to be lifted after finally submitting their yearly accounts to Companies House.
Stanley delayed filing their accounts for this year because of complexities relating to the club’s financial issues.
The club are still unsure exactly when their embargo will be lifted, as they wait for a response from Companies House and final approval from the Football League.
But, with a number of players having agreed contracts and merely waiting to be registered, managing director Dave O’Neill foresees no problems as long as the embargo is removed before Stanley’s first League Two match at home to Aldershot on August 7.
The Reds are aiming to have it lifted by August 1 – the date on which their player contracts for this season are due to start.
“The accounts were sent to Companies House on Wednesday, although sometimes it can take two or three weeks to get a response,” said O’Neill.
“But there’s no panic.”
The accounts had been the main stumbling block in O’Neill’s protracted takeover from Eric Whalley, with confirmation needed of the amount Whalley was owed in director’s loans before the deal could be completed.
That could move closer to happening at the next board meeting when Ilyas Khan, who owns no shares but has been the club’s main benefactor, is due to step down as chairman.
On the amount owed to Whalley by the club, O’Neill said: “There’s still a little grey area but we’re 99.9 per cent there with that now.”
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