Here is an update of where we stand at present:-

Saturday 13th July 2002, KO3.00PM
K's vs Wimbledon F.C.

Wednesday 17th July 2002, KO7.45PM
K's vs Gillingham F.C.

Wednesday 24th July 2002, KO7.45PM
K's vs Charlton Athletic F.C.

No other Friendlies were arranged as we didn't know the future of the club. I have spoken with Sedge this week and further Friendlies are now being arranged which you will be advised of as soon as they are known.

Here's to a good win against Heybridge Swifts F.C. tomorrow.

3(a) No member may hold or be interested in more than 15,000 or if greater, 10% (ten percent) of the issued share capital of the company for the time being and this restriction in these terms is to be treated as having and effect from the incorporation of the company and being the only such restriction to have had effect.


3(b) For the purpose of calculating 10% holdings of a husband and wife living together or partners living together or any brother or sister of any lineal antecedent or descendant shall be regarded as one member.

Eight shareholders were present and administrator Nick Hood was given 28 proxy votes (to the value of 62,800). The motion was carried unanimously by all present in person or by proxy, so there is no longer a 10% maximum holding in the company.


Prior to the vote, a number of points were clarified by Nick Hood, starting with an outline of the bids submitted:

1) Consortium

The original 402k bid was unconditional but 48k short of the other bid on the table at the time (Brentford FC).


A bid to the amount of 460k followed, though this was on the condition that personal guarantees to the bank (of approximately 170k) were released. This was considered at the highest levels of Barclays Bank, who were aware of the public relation implications, but found unacceptable by them. The Inland Revenue would also have objected to the condition and would have rejected the voluntary arrangement if it had been based on the condition. Without the agreement of the Revenue, no deal with the creditors could be passed.


Similar conditions were present when the bid was upped to 500k after the offer from Mr Khosla had been accepted.

2) Brentford FC

It was Brentford who had made the derisory offer in November, for just 75k. Their firm interest followed in February, when an offer of 450k was placed for the ground.


Brentford were concerned about tax problems and so not keen initially on allowing Kingstonian to stay at Kingsmeadow. They did consider a compromise as such, in the form of offering K's a one-year stay at their ground, though this inspired no confidence for Hood.

3) Mr Khosla

Mr Khosla first expressed an interest in the ground in November, and made a first offer of 300k some weeks ago for the ground. This interest grew to include the club and a bid of 445k aimed at saving it was submitted. This was accepted by Hood on 12th April and contracts exchanged on 15th April. The transaction will be completed as soon as possible, probably around the time of the meeting.


The bank is now paid off, including the long-term mortgage, with Mr Khosla the new owner of all club assets. On the basis of advice from tax experts obtained by Hood, the loss generated by the sale is greater than original profits and so the transfer of ownership (on the lease) has not created a capital gains tax liability.

Kingstonian Football Club now currently has no assets and still carries the burden of liabilities, and so is insolvent. It is, however, protected under ongoing administration - with control of all intellectual rights to Kingstonian Football Club still with Nick Hood.


Moving forward, the quoted 100k will be required for a CVA (Creditors Voluntary Agreement) which, if successful, will lead to Kingstonian FC regaining solvency and thereafter able to resume normal operation under the new ownership of Mr Khosla. No details are available yet regarding the setup of the new structure.


Proposals will be put to the creditors that all footballing creditors are paid in full (as required for continuation of current league status), and that the remainder is paid to the Inland Revenue (approximately 30-35p to the pound). Other creditors would get nothing, because the Revenue will insist that they receive payment in full before any other creditor can be paid anything at all. This is their right legally and it is also their immovable policy.


The absolute deadline for this to be arranged is the Ryman (Isthmian) League AGM on 7th July 2002. Mr Khosla has stated his commitment to achieving this.

We are pleased to announce that we have set up a Trust Account today at the Bank of Ireland to hold contributions made by fans and other supporters of the Ks received in respect of the proposed Company Voluntary Arrangement for Kingstonian Football Club Limited. We are also delighted to announce that the first contribution of £500 has been made by a loyal long term supporter of the Club.

Just to make it clear, all contributions will be received on the basis that they will only be released to the duly-appointed Supervisor of the proposed Voluntary Arrangement (CVA) once the CVA has been approved and the Club's status in the Ryman Premier League is guaranteed. If for any reason the CVA is not approved, all monies received will be returned to the contributors. They will not be made available for the general body of creditors, except through the CVA. If any one wishes to make a contribution then cheques should be made payable to "Kingstonian Football Club Limited - in Administration" and sent to this office.

If any one wishes to discuss any aspects of this account then please do not hesitate to contact Jo Milner or Paul Whitwam at this office.

K's Close to Safety Now by David Parsons

Kingstonian are still facing an uncertain future despite the sale of their Kingsmeadow ground.

A family consortium has stepped in to buy K's in a £450,000 deal fans hope will save the cash-strapped club.

But they still must raise a further £100,000 in the next five weeks to pay off remaining creditors, former players and out-standing transfer fees to other clubs.

Failure to meet these debts could result in the club losing its Ryman Premier status and falling several flights down the Pyramid.

Club administrator Nick Hood surprised fans when he rejected offers from Brentford owner Ron Noades and a higher bid from a supporters' consortium and signed a deal with the hotel and travel agent-owning Khosla family.

But Rajesh Khosla, who has asked Alan Kingston to stay on as chairman and will hand manager Steve Sedgley a new five-year contract, is confident his family will save the club.

With sons Rishi and Anup, he has already met the local council and Kingston's Liberal Democrat MP Edward Davey, who have both promised to give the new owners their full support.

Rajesh Khosla said: "We have about four or five weeks to do it and it is 100 per cent that we'll achieve our target of £100,000.

"I follow football and we will keep Kingstonian in the Ryman League.

"It's only three days since we took over, but Steve Sedgley will run the football side and I've decided that I will give him a five-year minimum contract because he's a very good man.

"The supporters need to back us up because the future of this club is something both the fans and myself need to guarantee.

"I can't do anything without their support and they can't do anything without my help, so let's work together. This club will go forward if we are united."

Administrator Nick Hood, who will stay on and help the family raise the immediate cash required, angered current directors by rejecting a last minute bid from a management-led fans consortium.

The group, fronted by lifelong fan Malcolm Winwright, e-mailed Hood at 1am on Monday to lodge their £500,000 bid - £50,000 above the Khosla family offer.

Winwright and club director Malcolm Grant sent 21 further e-mails and made numerous telephone calls, but say neither were informed of Hood's decision until administrators Begbies Traynor issued a press release on Tuesday.

"Mr Hood has tried to run with the hare and hunt with the hounds," said Kingston. "However, I fully support Mr Khosla and believe he has behaved impeccably throughout the negotiations."

Hood denied claims he had turned down the best offer, saying major creditor Barclays Bank and the Inland Revenue would both have rejected the consortium's proposal.

"The bid had conditions attached to it that the bank would simply not wear," he said. "It would have forced the bank to take a loss and they were not prepared to do that and the Inland Revenue would also not have accepted the bid.

"I though, Barclays thought and the Inland Revenue thought that the best bid was from the Khosla family."

Ryman League secretary Nick Robinson added: "We're assured the buyer wants to keep the club going. There are no hard and fast rules. This situation has not happened before. I desperately hope Kingstonian survive and they stay in the Premier Division."

I have received confirmation of our application to join the SYL from Graham Preston, General Secretary, and he has passed our application forward to the SYL Management Committee. Sutton United F.C. have very kindly agreed to propose us and Hampton & Richmond Borough F.C. are seconding our application. The next step is that we have to attend the AGM on 6th June 2002 when our application will be put to the Full Council. I would personally like to take this opportunity of thanking Graham Preston of the SYL, Graham Starns of Sutton United and both Hillary Denning & Adrian Mann of Hampton & Richmond Borough for their support.

I have requested that we join the Central Section which at present comprises of, Banstead Athletic, Carshalton Athletic, Chipstead, Croydon, Dulwich Hamlet, Sutton United, Tooting & Mitcham, Walton & Hersham, Whyteleafe and Woking, although this isn't guaranteed.

KINGSTONIANS ADMINISTRATOR ANNOUNCES SALE OF THE CLUB

Nick Hood, the Administrator for Kingstonian Football Club Limited, has today announced the sale of the Club and its assets to Mr Anup Khosla. The sale ends a long period of uncertainty since the Club went into Administration last October.

Nick Hood commented that he was relieved to have been able to conclude a deal which should secure the future of the Ks at Kingsmeadow Stadium. Mr Khosla is committed both to preserving the Clubs status in the Ryman Premier League and to seeing it prosper and go on to better things.

Nick Hood said : Everyone connected with the Ks has been incredibly patient through a very trying time. My thanks go to the loyal fans and to the directors and the staff at Kingsmeadow, but most of all to Steve Sedgley and the team who have turned round the Ks season since my appointment under the most difficult of circumstances.

Todays deal secures the Companys assets for the future of the Club and removes the burden of the Clubs mortgage and overdraft. The next task is to raise the funds required to enter into a voluntary arrangement with the Clubs creditors, so that the Ks can avoid being demoted by the football authorities to the lower reaches of the Ryman League. The figure needed is £100,000.

A fund raising appeal will now be launched by Mr Khosla on behalf of the Club. Both Nick Hood and Mr Khosla hope that all of those who have been so anxious to see the survival of the Club, including Kingston Council and the thousands who signed a recent petition, will get behind the campaign by contributing to the appeal and by persuading others to do so.

Mr Khosla is a part owner of the Khosla hotel and travel agency group. He and his brother attended Kingston Grammar School and the family are keen to put something back into the community in which they grew up.

Many thanks to everyone who gave up their Saturday morning to collect signatures for our petition. In total we collected over 1000 names in under two hours.

We now need to repeat the exercise before and during the game on Tuesday. We need as many people as possible to cover all entrances. London Tonight will also have their cameras at the ground early on, so please get there an hour before the game.

Could anyone willing to help please bring a pen and clipboard along, and petition forms can be collected from the club shop.

Remember that every signature helps - no matter who they follow! Please do you bit to help save the K's.

K's desperate bid for survival

The bid to save Kingstonian Football Club by a Supporters' Consortium has been turned down by Nick Hood of Begbies Traynor, the Administrator, and Barclays Bank.


This is in spite of the fact that the 402,000 offered was previously believed to be sufficient to satisfy Mr Hood's demands and to be bigger than an alternative offer.


However a late bid by Brentford FC Chairman, Mr Ron Noades which, if it is accepted, will result in the immediate demise of Kingstonian, is thought to be approximately 10% bigger than that of the Ks would-be saviours!


"Save the Ks" supporters plan to stage demonstrations in the Town Centre and at matches in order to bring the pending tragedy to the notice of the people of Kingston-upon-Thames and the Council. As holders of the lease on Kingsmeadow, the Council have the responsibility of deciding to whom it should be granted should the K's not manage to persuade Mr Hood to help their survival bid.


Petitions are being prepared in order to generate a movement of support to save one of the oldest and best known names in non-league football and the team which has won at Wembley twice in the last four years!

Following todays announcements regarding the bids for Kingstonian Football Club, it was confirmed this evening that the administrators have rejected the consortium package to save the club.


This seemingly paves the way for the hostile bid to seize control of the assets and liquidise Kingstonian Football Club, which will cease to exist.


It would appear the only potential saving grace should this bid be accepted by the administrators would be Kingston Council refusing to transfer the name of the lease into the new clubs name.


To this end K's supporter, former Kingston mayor and current local councillor, Chrissie Hitchcock is in association with the Supporters Club organising petitions to present to the Council as a unifying protest against the proposed plans in an attempt to boycott the transfer of the lease.


Anyone who is available on Saturday morning and would like to help petition for signatures is asked to come down to Kingston town centre on Saturday morning for a couple of hours.


We are meeting at 9.30am by the cascading red telephone boxes, next to Wilkinsons. If you can make it down then please do, and come along donned in your red and white hoops. If you could bring your own pens and clipboards that would also be appreciated.


Any help would be greatly appreciated - please do try and make it down to the town centre on Saturday morning along with as many friends and family as you can muster!

Bess boss Noades offers King's ransom

Ron Noades has tabled a 450,000 GBP bid to buy Kingstonian FC and move into their Surrey home.

The Bess chairman has been frustrated in his efforts to find a new ground, with Griffin Park too small for expansion.

Noades plans to buy up the Ryman League club, in administration, and use their ground as a temporary home. But a club official said: "This may mean the end for us."