Leyton Orient will live to see another day, as the owner has been given until the 12th of June to clear all debts or sell the club, after making a £250,000 payment to avoid administration.
The east London club had been given a winding up order over unpaid taxes to HM Revenue & Customs, but managed to clear off this specific debt.
However, it still leaves the club with four other creditors.
Orient are going through very difficult times on and off the pitch. With relegation from League Two almost certain, the club have to find a way to survive after a disastrous tenure under the Italian businessman Francesco Becchetti.
The club’s accounts from the year ending on June 30th 2015, showed the fans exactly why they should be very worried. The club’s assets value is at £5.5m, whereas the amount in debt was a staggering £5,512,499.
In the hearing, the club’s chief executive, Alessandro Angelieri provided a statement saying the owner of the club, Mr.Becchetti would invest £1m to clear some of the remaining debts within eight to 10 weeks.
Promises to Keep
The Leyton Orient Fans’ Trust (LOFT) legal adviser, Adam Michaelson, spoke to BBC Radio London and was concerned about the situation, “It leaves the club in a state of significant uncertainty and frankly mortal danger.’’
Michelson also suggested that Mr.Becchetti should sell the club at the earliest possible opportunity, to keep up with the promise he made earlier this year.
With the LOFT having raised over £100,000, the fans have a glimpse of hope to hold on to.
Although the decision does not confirm the club’s survival, it definitely gives them more breathing space and hopefully time for Mr.Becchetti’s to keep his promises.
The fans have prepared for the worst case scenario and are willing to start a ‘phoenix club’ in case of liquidation.
All eyes will be on the O’s over the coming weeks to see if they can get themselves out of this situation.