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Sport

Gate's financial future to become clearer

By: KentOnline reporter multimediadesk@thekmgroup.co.uk

Published: 00:00, 28 November 2008

Directors at Margate will find out on Wednesday whether a Company Voluntary Arrangement (CVA) has been accepted as a solution to money owed by the club to the taxman.

Under Football Association rules, the club would automatically be stripped of 10 points if the CVA is approved.

Chairman Keith Piper last week said there "seems to be no alternative" to the CVA, but also warned there is no certainty the offer will be accepted.

Mr Piper added: "We're hoping that HM Revenue and Customs will agree to our proposal but if they don't then it will go before a judge who will make the final decision."

The proposed CVA is for a fixed period of one year and carries an undertaking from Margate FC's development partners that the HMRC debt would be paid in full, once redevelopment on the Hartsdown Road ground commences.

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