New money crisis hits Steelers firm

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SHEFFIELD Steelers’ latest management company has called in insolvency practitioners, with the loss of 16 jobs.

Rink Corp is run by millionaire Paul Ragan, owner of Steelers and Cardiff Devils.

Yesterday, Ragan indicated he would discuss the matter with The Star, bearing in mind the chequered history of the club, which has seen several previous management companies going to the wall.

Instead, a statement was announced by marketing consultants saying: “Despite their best efforts to find a viable way forward, the directors of Rink Corp Ltd have been left with no choice but to wind the company up under Section 98 of the Insolvency Act 1986 (Creditors Voluntary Liquidation).

“Regrettably, this will result in 16 staff at Rink Corp Limited being made redundant.

“While every effort has been made to avoid this situation, the company is no longer financially viable. Consultation with affected employees began yesterday. “The company has, however, (been) granted two business licences to trade which will enable matches to continue next season and ensure that season tickets are honoured.” Steelers are currently being run by a company called Ice Arena.

The move is another blow to the image of the Elite League club as it plans a 20th anniversary event later this year.

The club’s reputation has been tarnished before by liquidations

It is not clear how much Rink Corp owes, or whether Sheffield-based staff are at risk.

The company must now call a meeting of those creditors – a process sponsors and business associates have witnessed far too often.