Soccer event firm collapses in debt

Goalstriker, a company set up to run a series of football themed

events throughout the country, has gone into liquidation with debts in

the region of £700,000. It was established by Paul Foster and also

involved Nigel Stanton of The Events Business.



The demise of the company has left it owing £476,000 to 113

creditors . Creditors include city councils, football clubs, small

businesses and many individuals. By the time of the creditors meeting,

in the middle of last month, Goalstriker had changed its name to

Frontmode. It had also traded under several other names.



"The liquidation of the company was primarily due to the late payment

from a sponsor," said Stanton. He also added that his role in the

company was "putting the events together" and stated that Foster had in

fact founded the company.



The events, called "Kick for £1million", started in April and were

promoted by The Sun newspaper. Participants could take three penalties,

which were measured electronically on a combination of accuracy and

speed.



A final in London was planned for this month where finalists had the

chance to win £1m.



A total of 22 events were planned with the winner from each awarded a

Hyundai car. Hyundai and BT Cellnet sponsored the events, the final one

of which took place in July.



"We went along with it because Nigel Stanton was well known to us and

had recommended us," said one creditor. "Its demise is going to have a

huge financial impact on us at the end of the year."




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