Hamilton insolvency risk remains, admits new owner

Hamilton Academical's new owner Rob Edwards admits the club is still at risk of being placed in administration but is confident insolvency can be avoided.

Edwards' Morley Sports Management Group bought a 97.5% stake in the troubled Scottish League 1 club from Seref Zengin on Sunday.

A few days earlier it was revealed players and staff had not been paid their December salaries, raising questions over whether Accies would be able to fulfil their weekend fixture with East Fife.

The match at their temporary home of Broadwood in Cumbernauld was postponed because of cold weather and Edwards says overdue wages will be paid within 48 hours.

Hamilton had previously relied on an emergency loan from financial services company The Funding Globe to pay players.

The Funding Globe representative Jonny Towers became Accies' sole director in December but Edwards says Towers and the Funding Globe are no longer involved other than as creditors with a "secure charge against the club".

"In terms of the situation with that, it's a bit sensitive," Edwards told BBC Scotland

"So, it's not something that I can really go into a huge amount of detail at this stage other than we're in negotiation to settle that and move on.

"[The possibility of administration] does depend on not just Funding Globe, it depends on other creditors and other parties to work with us to find the best resolution.

"But administration is in no-one's best interest."

Edwards joined the new Hamilton board along with associate Neil Blankstone and interim chairman Allan Currie.

MSM took over Welsh club Haverfordwest County five-and-a-half years ago and Edwards says their example is the blueprint for transforming Accies.

"This is our sixth season in the Cymru Premier," Edwards explained. "We've qualified for Europe twice in the last three years.

"Our academy is extremely productive and community-wise we're extremely active. There's probably 35-40 hours a week that we put on within schools, within the stadium and within the local area to directly impact the community."

Accies have been hit with a number of points deductions over the past couple of seasons, including nine-point and six-point penalties this term, with the threat of further sanctions for the late payment of wages to come.

They are eighth in their division just now, level on points with Cove Rangers and three points clear of Kelty Hearts, who have played a game more.

"Relegation from League 1 is a high possibility," said Edwards, who hopes in time the club can return from their temporary Broadwood home to New Douglas Park.

"It's difficult to give any real direct indication on where the club will be in 12 months at this stage or how quickly we feel we can get it back to where it needs to be.

"We're under no illusions that it's going to be extremely difficult. Back us, but be patient is the message for the next few months.

"We want to give to Hamilton and we want Hamilton to give back to us.

"If we can get that right and get that support reciprocated, then I think we'll be a club that people in the community can be really proud of."