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Truro City 'sold' to local businessmen who saved club from liquidation

By Rhod_Mitchell  |  Posted: December 14, 2012

Truro City Football Club

Truro City Football Club

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Truro City supporters have been given the early Christmas present they wanted with the news that  the club has been sold to the Truro businessmen  who stepped into save from extinction  earlier this season.

In a lengthy statement issued tonight, Kate Breese of Walsh Taylor and  the administrator of Truro City Football Club Limited, confirmed the  sale of the business and assets of the club to Truro City Football Club 2012 Limited, a company owned by Peter Masters of the L2 nightclub and Philip Perryman of A2B taxis, who had previously put up a £50,000 bond at the 11th hour back in October to enable the club to continue playing in Blue Square South and escape liquidation.

She said: "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. 

"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 assist 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. 

Peter Masters  said: "Myself and Philip (Perryman) lodged a 50k performance bond with the Football Conference without due diligence saving the club from certain liquidation. 

"We are pleased that we have now completed the purchase of Truro City FC. It has been a long past few weeks but all of the efforts put in by everyone involved has been tireless and has culminated in the completion of the purchase of the club.

"We can all now look forward as opposed to looking back trying to rectify the issues that the club has accumulated in the past. This is our new start and we are excited for the club because the financial troubles that the club has had in the past can now be forgotten. 

"There is still a lot of hard work to be done in terms of concluding a CVA so that the regulatory requirements can be completed so as to comply with Football Conference Rules and we still need the support of the creditors in this respect but the club is now under our control so that we can work towards a more certain future.

"The players have been terrific from the start of our involvement and we fully expect that relationship to continue now that we own the club. They have had to make some big sacrifices for the club which were done in an effort to save the club which has been successful and for that we are very grateful." 

City are in action at home to Maidenhead tomorrow in a  big relegation clash and will be strengthened by the return of Barry Hayles who has re-signed for the club after leaving Treyew Road in the summer.

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