15 December 2012

City Alerts - Club is now sold

Statement from Kate Breese, Club Administrator:

The sale of Truro City football club has been completed. Peter Masters and Philip Perryman are the new owners. This has been confirmed to me by club secretary Tracey Finemore. The administrators have issued a lengthy statement, which I have not officially received but which reads as follows according to Rhod Mitchell and Jack Murley, who I think can be regarded as "reliable sources!"

"Kate Breese of Walsh Taylor and administrator of Truro City Football Club Limited makes the following statement on the completion of the sale of the business and assets of the club to Truro City Football Club 2012 Limited, a company owned by Peter Masters and Philip Perryman:

"I am delighted to announce that after over three months since Truro City FC entered administration, a sale has now completed which transfers the club's business to a company owned by Peter Masters and Philip Perryman. I would like to thank everyone associated with the club for their patience and support whilst a deal has been agreed to safeguard the club's future. There have been a number of particularly complex issues surrounding the sale of the club, including issues over the ground at Treyew Road and due diligence relating to the club, but we have now resolved these matters so that a sale could complete. There has been a huge effort involved to save Truro City FC and to that extent I thank all the professionals involved in not only running the club, but pulling together a sale, with particular efforts from my colleague Gareth Howarth of Walsh Taylor, my lawyer James Moore of Walker Morris, and Dale Band and Rebecca Rollinson of Nalders who acted for the purchaser.

"I would like to show my appreciation to the players and staff who without their support we would not have been able to trade whilst in administration. Upon taking the appointment as administrator, I had to have an initial meeting with the players and staff to explain the position and ask for their support through wage deferrals and they have been fantastic in that respect. The goodwill they have shown towards the club has been crucial to the completion of this sale and I'd like to give a big thank you to them for that support. The players and staff have had a lot of uncertainty over recent history and I hope that the support that they have shown for the club will now pay off for them now that the club has been sold. I would like to pay particular note to the efforts of Lee Hodges as manager who has been another crucial member of staff in keeping the players together over a very difficult period and Tracey Finemore who has given a fantastic effort as Club Secretary to assi st with day-to-day running of the club whilst in administration.

"Although a sale has now completed, the company voluntary arrangement (CVA) that is required to be passed in order to ensure that the club can exit administration in accordance with The Football Conference Rules has not yet been issued. This is expected to be issued in the near future following which it is hoped that the club will be able to formally exit administration in accordance with the requirements of The Football Conference. If that happens and the CVA is accepted by the requisite majority of creditors, then if the team are able to secure safety from relegation on the field, the club should then be able to retain its status as a Football Conference Club and begin a new life under new leadership. I add that during my time as administrator of Truro City FC, it has become clear that in order for the club to survive at this level it needs the support of the fans to turn out in numbers at homes games and I would hope that fan support can secure the long term future of T ruro City FC. But with this in mind, I would like to show my upmost appreciation to all of the volunteer support which has been another vital part of the club's survival, particularly during the early days of the administration whether with the work in the bar, stewarding, catering, preparation of the pitch or general matchday assistance. The background support is a great credit to the club.

"Great strides have been made by the club over the past few months. The club was in a dire position upon my appointment as administrator on 4 September 2012 with minimal streams of revenue and an over bearing wage bill. The club is now operating on a much more even keel.

"My involvement with the club will continue for a period of time which will depend upon the terms of the CVA when it is issued but this will be in a background role. My involvement in running the club on a day to day basis has now ended upon the completion of the sale agreement. My final thank you goes to the fans and people of Truro who have shown a great deal of support during my time as administrator. The city should be proud of its warm culture and I am very grateful for all of the support to date. The nature of a football administration requires the input of a number of different parties which takes time but at all times it has been my primary objective to save Truro City FC and pass it onto a suitable buyer which this sale does and it is with that end objective and achievement in mind that I am very pleased for the club and city as a whole in making this announcement.

"Best wishes to everyone involved with Truro City FC and I hope that this new start for the club is a successful and rewarding one."

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