Late in July, the Inland Revenue took the club to court, claiming that it was owed £115,156 in tax arrears and so the judge issued a winding up order.
On the second of August, Bruce Rioch and twenty-nine other non-playing staff were sacked by the Official Receiver and the gates of Ayresome Park were padlocked.
Clubs in less serious situations had previously used liquidation to get out of problems, but when it came to Middlesbrough's turn, the Football League showed a lack of support.
Three days before the start of the season, the league introduced a ruling meaning the club had to have £350,000 in working capital and show it could pay all creditors 100 pence in the pound.
Colin Henderson agreed a deal with ICI for a bond, meaning that they would pick up a major part of any subsequent debt, and the consortium put in their £825,000.
With ten minutes to spare before the registration deadline, the documents were signed by Graham Fordy, Reg Corbridge and Henry Moszkowicz.