This Is As They Say...It

Last updated : 29 May 2003 By
Magpies Rule Ok
Everything kicks off at 10:30AM down at Meadow Lane, with Paul Finnity to put the preferred bid, which is likely to be Frank Strang and Raj Bhatia's, to the creditors and should a 75% vote in favour of the preferred bid, The Magpies will be saved and will be out on administration for the first time since June 2002.

Should this not happen, it could well be the unthinkable which would mean liquidation.

Tomorrow will be one of mixed emotions for Magpies fans, with many likely to be tuning into local television and radio news for updates as well as searching across the internet for any breaking news that they can find regarding the meeting.

Paul Finnity today explained in a little detail about what will happen at the creditors meeting tomorrow:

"The vote that will be put to the creditors will be whether to sell the club or not," Finnity told the Evening Post.

"They will decide whether they want to go ahead with the sale of the club, not over who they want to sell it to.

"The alternative is to wind the club up. If they do not vote to sell the club, that will basically be the only option.

"And nobody will benefit from that, because there is not a great deal to wind up.

"The creditors would not recoup any of their money. Most of them are not going to get anything either way.

"So there is not a lot of motivation for them to vote against the proposal."
Added Finnity.