04 June 2013

Truro City Chairman confident of reaching debt agreement

Source: BBC Sport LINK HERE

Truro City chairman Peter Masters says he is confident the club will reach a Company Voluntary Agreement (CVA) with their creditors.

City must come to a deal before Saturday's Football Conference annual meeting in order to avoid being relegated three divisions.

The White Tigers are still in administration and were relegated from the Conference South in April.

If they can agree a CVA they will only drop to the Southern Premier League.

Should they fail to do so, they will face relegation to the Western League.

"We've agreed deals with a number of creditors who are owed money from the previous regime," said Masters, who took over the club with fellow businessman Philip Perryman last October after former owner Kevin Heaney went bankrupt.

"Philip and I have worked tirelessly over the past eight months and we've got a £4.5 million debt down to around £80,000, so that's no mean achievement," he told BBC Radio Cornwall ahead of Tuesday's meeting with creditors.

City are still without a manager after relieving Lee Hodges of his duties last month with the club saying it could no longer afford to pay his wages.

Should the Conference ratify the club's CVA and allow them to drop just one division, Masters says the process of naming a new manager and confirming a new squad will begin soon after.

"If we can finish mid-table next season, then great, if we can get promoted back to the Conference, even better.

"We have a manager lined up and we have a team lined up, I can't say who they are, but we have no concerns, we've got the finances in place for the next season."

He added: "Philip and I are putting our hands in our pockets to take it forward to the end of the season.

"We want to give the club every chance to perform on the pitch and to go forward."

Truro City financial timeline

  • September 2011 - Truro face winding-up order for unpaid taxes
  • June 2012 - High Court told debts total more than £700,000
  • August 2012 - Truro players threaten to quit after not being paid
  • August 2012 - Owner Kevin Heaney declared bankrupt
  • August 2012 - Truro enter administration
  • September 2012 - Players set 2 October deadline for payments to be made
  • September 2012 - Football Conference set 11 October deadline for takeover
  • 3 October 2012 - Players agree to stay on until 11 October
  • 11 October 2012 - Deadline to save the club passes with no deal
  • 12 October 2012 - City given extension until 18 October
  • 18 October 2012 - Deal for £50,000 bond is agreed with Football Conference
  • 19 October 2012 - Two businessmen pay bond after previous bidder pulls out
  • April 2013 - Relegated from Conference South
  • May 2013 - Part company with manager Lee Hodges as the club tries to make a deal with creditors over £80,000 worth of debt

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