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Goals Soccer Centres starts searching for buyers

U.K.-based soccer pitch operator Goals Soccer Centres PLC said Aug. 29 that it began inviting buyers for its business and assets.

The sale process will be conducted by Deloitte LLP, which will also advise Goals Soccer Centres on future corporate options.

The move comes weeks after the company disclosed an accounting probe into "improper behavior" that began in 2010. Goals Soccer Centres announced the probe Aug. 2, and said Aug. 12 that two former executives are being investigated.

In the Aug. 2 release, Goals Soccer Centres said its shares have been suspended from trading and it noted that it no longer expects trading to resume as it will not be able to publish its fiscal 2018 audited financial statements by Sept. 30.

The company said it found misstatements in its financial results and is currently complying with external investigations while correcting its accounts. Goals Soccer Centres said its current debt facilities will remain in place, but noted that it has exceeded one of its covenant thresholds.