The company that owned Newcastle Jets, the Australian club Dundee United chairman Stephen Thompson has been interested in buying, has been placed into liquidation.
The creditors of Newcastle Jets Football Operations, which had amassed debts of £11 million, voted unanimously to call in the liquidators despite concerns they could end up with nothing unless they launch successful legal challenges.
About £750,000 is owed in wages and superannuation, with employees able to apply for assistance under a government scheme designed to help people who lose their job due to insolvency.
According to reports in Australia, when controversial owner Nathan Tinkler placed the company in voluntary administration in May it only had around £300 in the bank, £45 in office petty cash, gym equipment, some outdated merchandise and a motorbike.
The club Newcastle Jets, however, continues to function under recently-appointed head coach Scott Miller and is being run by the Australian football authorities until a new owner can be found to take over the licence.
Thompson has been looking into the possibility of purchasing Jets as apart of a consortium that would be operating separately from United.
Meanwhile, Tangerines manager Jackie McNamara believes his young players will be physically stronger when the return for pre-season training next week.
McNamara said: “There are plenty of young lads which you saw towards the end of last season and that gave me great encouragement for the season ahead.
“We had four teenagers starting against Aberdeen and we had Ali Coote playing in the derby at the age of 16.
“Perhaps physicality has always been the biggest factor for me as regards young players so we will see how we are when we start back training.
“We have Blair Spittal, Charlie Telfer, Aidan Connolly and Coote all looking to play week on week, while Scott Fraser is back with us after a spell on loan to Airdrie after a good season.
“They have been strengthening and we will be working on all that when we come in next week.
“For me they should be ready now.
“We have dipped them in and played them in a number of games.
“They understand what the demands are at this level.
“The quality has always been there but maybe there has been a lack of physicality to stay in the side.
“Now we will see how they handle the new season.”