Newcastle Jesters' Survival Hopes Boosted
The future of the Newcastle Jesters was given a boost today when its owners confirmed that payment would be made to cover outstanding wages currently owed to last season’s players, and that all other creditors would be satisfied.
Jonathan Stobart, Finance Director of European Sports Holdings said;-
'It is clearly understood by Newcastle Jesters that the deadline for these payments passed at midnight last night, but everyone concerned with club continues to work tirelessly to reach agreement with all creditors, primarily the Ice Hockey Players Association. We have had long discussions with the IHPA who have been extremely accommodating and cooperative, and have agreed to accept payment in three instalments. Final paperwork is being drawn up, with guarantees from investors in the franchise, which will all be in place well before next week’s ISL EGM, scheduled for October 24th.
We hope that the Ice Hockey Superleague gives us a few more days to resolve this matter because it is extremely difficult trying to convince investors when there is still so much uncertainty surrounding Ice Hockey, particularly in the areas of sponsorship and television coverage. However, while this has caused a degree of nervousness for new investors coming on board, there is no question at this stage of these new investors withdrawing their support.
Consequently, with the first agreed instalment due to be deposited within days, we fully expect the Newcastle Jesters to commence playing in early November.'
There has been a certain amount of confusion over the ownership of Newcastle Jesters Ltd and as part of this new investment, as soon as all agreements have been concluded, the new ownership of the limited company can be confirmed. Currently, European Sports Holdings own 100 per cent of the Jesters.
For any media enquiries, please contact Graham Courtney on 0780 1833 500
Jonathan Stobart, Finance Director of European Sports Holdings said;-
'It is clearly understood by Newcastle Jesters that the deadline for these payments passed at midnight last night, but everyone concerned with club continues to work tirelessly to reach agreement with all creditors, primarily the Ice Hockey Players Association. We have had long discussions with the IHPA who have been extremely accommodating and cooperative, and have agreed to accept payment in three instalments. Final paperwork is being drawn up, with guarantees from investors in the franchise, which will all be in place well before next week’s ISL EGM, scheduled for October 24th.
We hope that the Ice Hockey Superleague gives us a few more days to resolve this matter because it is extremely difficult trying to convince investors when there is still so much uncertainty surrounding Ice Hockey, particularly in the areas of sponsorship and television coverage. However, while this has caused a degree of nervousness for new investors coming on board, there is no question at this stage of these new investors withdrawing their support.
Consequently, with the first agreed instalment due to be deposited within days, we fully expect the Newcastle Jesters to commence playing in early November.'
There has been a certain amount of confusion over the ownership of Newcastle Jesters Ltd and as part of this new investment, as soon as all agreements have been concluded, the new ownership of the limited company can be confirmed. Currently, European Sports Holdings own 100 per cent of the Jesters.
For any media enquiries, please contact Graham Courtney on 0780 1833 500