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SBD Global/January 8, 2013/Finance

Salford City Reds Get One Month Lifeline To Settle Debt, Unveil Millionaire Investor

Super League ruby side Salford City Reds unveiled that millionaire racehorse owner Marwan Koukash is the potential investor granting the club "a lifeline after a winding-up petition brought against them was adjourned in court for a second time because of talks with a potential investor in the Super League club," according to James Riach of the London GUARDIAN. The Reds "have been granted a month's reprieve as the petition brought to the Manchester District Registry of the High Court of Justice was adjourned until Feb. 4, three days after their first game of the season, against Wigan." The club, understood to be around £600,000 ($975,000) in debt, said that it had been granted additional time to raise funds "following careful consideration of the current position regarding new investment into the business." Koukash, who has made the bulk of his fortune from worldwide property development, attended a meeting at a secret location with the development company Peel Holdings and Salford Council, the joint landlords of the Salford City Stadium, which are "both keen to keep the club afloat." The potential savior, who has almost 100 horses in training, "is originally from Kuwait but has lived in Liverpool for 30 years and has his main offices based less than 10 minutes from Haydock Park racecourse" (GUARDIAN, 1/7).
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