LOFT has launched the Leyton Orient Regeneration Fund with an initial target of £250,000 to be used in one of a number of scenarios.
Leyton Orient Football Club faces an uncertain future. Its current owner, Francesco Becchetti, has indicated he is willing to sell, but the asking price may put off potential buyers due to the level of debt he has built up to (we believe) other family companies during his ownership - some £10m+ is owed in total across the club and its holding company.
Administration, or even liquidation, cannot be ruled out - despite Becchetti's recent cutting of the playing squad, there is a very real risk that he may simply stop covering the losses the club currently makes. Indeed that now seems to have happened, following the announcement on 1 March that a winding-up petition has been served on the club. Even though that petition has now been adjourned until 12 June and the tax bill to HMRC paid, the debt to trade creditors remains in our estimation a significant six-figure sum.
While the best solution to Leyton Orient's situation is for Becchetti to sell the club as a going concern to a new owner, LOFT's remit as a supporters' trust means that we have to plan for the worst. To that end, LOFT members passed a resolution on 2 March 2017, approving the setting up of the Leyton Orient Regeneration Fund with an initial target of £250,000.
The fund would be used to help regenerate Leyton Orient FC (or, in the event of liquidation of the club, a successor ‘phoenix club’) in the following scenarios:
Read more here www.leytonorientfanstrust.com/index.asp