Login Register

Last minute deal saved Truro City from liquidation

By West Briton  |  Posted: December 20, 2012

Truro City Football Club

Truro City Football Club

Comments (0)

PETE Masters, who along with fellow local businessman Philip Perryman, has taken over Truro City, has revealed that the club was on the brink of liquidation on Friday night as frantic efforts to complete a deal stalled.

He said: "It was touch and go and went right up to the wire. There were external forces at work behind the scenes.

"We decided we had to get the job done as there were things that needed doing.

"The deal should at been completed at noon, but dragged on and on and when we got to nine o'clock we left the solicitors and said enough was enough.

"By the time I got home there were a lot of frantic calls and we managed to get it done by 9.45pm.

"If it had not happened the club would have gone into liquidation, there are no ifs and buts about that."

Relief

But much to the relief of City's long suffering fans, Messrs Masters and Perryman were able to complete the deal, with Kate Breese of Walsh Taylor and administrator of Truro City Football Club Limited, confirming late on Friday night the sale of the business and assets of the club to Truro City Football Club 2012 Limited, a company owned by the pair.

She said: "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."

Mr Masters is hoping the CVA can be sorted out next month, with the response he said from creditors, such as former manager Sean McCarthy, positive as long as it was for the good of the club.

Masters, of the L2 nightclub in the city, along with Perryman of A2B taxis, came the club's rescue back in October, providing a £50,000 bond at the 11th hour when the club looked certain to go into liquidation.

Mr Masters estimated that between them they had spent £123,000 so far on the deal, not including the cost of buying the club, which he said he was not at liberty to reveal.

He paid special tribute to the players' support, without which any rescue plan would have foundered.

He said: "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."

"We still face a mountainous task to get the club back on a sound and sustainable financial footing and then to drive forward and develop the sort of club, and all its spin-off activities, that we all want to see."

And he has called on fans to get behind the club and get involved.

"We now urgently need volunteers to assist in the various duties involved with running the club – for example, Match Day Manager, Commercial Manager, Safety Officer, Players' Kit Manager, Ground Stewards, Car Park Stewards, Cleaners, Ground Maintenance, First Aider.

"So please let's hear from you – feel very welcome to email me with any suggestions at petermasters@btconnect.com"

Read more from West Briton

Do you have something to say? Leave your comment here...

max 4000 characters

YOUR COMMENTS AWAITING MODERATION

 
 

MORE NEWS HEADLINES