The SPFL have withheld a £70,000 payment to Hamilton Academical after expressing concern over the club’s ability to fulfil its fixtures until the end of the season.
The League One club’s unaudited accounts were filed with Companies House on October 3. The year ending June 30 2024 showed a loss of £1.4million with the league board fearful that the club might struggle to see out the campaign. They’ve now withheld money the club regard as vital to their chances of completing their fixtures.
Owner Seref Zengin has stepped down from the Accies board. While the club have yet to confirm the news publicly, talks over the sale of his 97% stake to a consortium are at an advanced stage.
Accies believe that a six figure payment of up front rental costs to North Lanarkshire Council ahead of their move to Broadwood Stadium offered evidence that the club is solvent.
Read more:
- Derby boss delivers honest reaction to Bobby Clark Celtic transfer links
- Latest next Rangers manager odds as clear favourite emerges
Under Rule I39 the SPFL has the power to withhold, retain or defer fee payments if the board fear that a club will struggle to get through the season. And the SPFL have now demanded to see evidence of Hamilton’s financial welfare before deciding whether to release the deferred payment of £70,000.
Hamilton are believed to be surprised that the same rule has not been applied to Cove Rangers, another League One club coming under growing financial pressure after losing £470,000 in 2024, while owing £740,000 to the bank and £1.5million to other creditors.
The club were ordered to pay former sponsor Terry Cobban £105,000 while Herald Sport understands that Championship St Johnstone recently referred the non payment of a fee to the SPFL.
The clubs have since agreed a three month repayment plan to resolve the matter.
Share