Full Details about Cockfield Club are revealed for the first time, The club has been granted an eleventh-hour reprieve and is expected to survive its financial troubles.
An order to wind up the club was stayed during a hearing at Durham County Court yesterday (Tuesday,) - The court heard that the winding up eptition was made by Revenue and Customs on January 14 for a debt of £45,000.
But Paul Rushworth, representing the club, said the figure is based on assessments because the club has not returned accounts since 2001, He added that an accountant is investigating the club's finances and believes that the debt can be substantially reduced.
The News has been greeted with relief by members, who had been worried that their once popular club would close, Club member Cyril Wallis said : " Everybody who wants to keep the club open will be over the moon. " We have got to see if we can raise the money - it is up to the members to dig deep and pay it off ".
"And we to get organised and entice people back through the doors", The state of the club's finances has been shrouded in secrecy for a number of months and frustrated members last week launched a bid to replace their committee, But full details of the clubs financial situation were revealed for the first time at this week's court hearing.
Mr Rushworth said that when the winding up order was made, "the person who was afforded the authority to deal with it didn't, for one reason or another ".
A meeting in March was "the first time the majority of members heard about it", he added. "At the moment, the club is not in a position to pay the debt of £45,000 but once it is reduced, it will be able to do so, said Mr Rushworth.
The Court also heard that the club has no other debts and owns land valued at £500,000, " The Club is substantially solvent" said Mr Rushworth. " The stay will allow the club to liaise with Revenue and Customs, trade without restrictions and reduce the costs of liquidation. "He added that the club could then "go on into the future".
At the court hearing, Judge Goudie ordered that the winding up order is stayed until September 30th this year, Another club member, Harry Rowe, said "The club is 102 years old and if the people then could raise enough money to build it, then surely to god we can do it now"
Club secretary Donald Metcalfe declined to comment.
