Croydon Athletic FC: official statement
11:10 03 Feb 12
AT THEIR meeting last week the Board of Directors of the League considered the position of this Club. The Club had confirmed that they wished to resign from the League and this would take effect at the end of the season.
The Club had also indicated that it had ceased to carry on its business. This is part of the definition of “Insolvency Event” in the Rules of the League and the Board decided that an Insolvency Event had occurred.
Accordingly the Club has been deducted 10 points and their League record so far this season will be expunged. Further, the balance of the Bond held with the League will be forfeited to the League and each club in Division One South which has not played Croydon Athletic FC at home this season will be paid the sum of £250 as a recompense.
The balance of funds after deduction of these payments and the deduction of all monies due to the League will be put into general League Funds and utilised in purchasing additional footballs. These will then be sold on to Clubs at a reduced price. In this way all Clubs can benefit from the unfortunate situation.