RUFC - No CVA?
The proposed new owner of Rotherham United, Tony Stewart, has said that it is probable that the club will have to start on minus fifteen points next season.
Mr Stewart, who we believe will be named as the new Owner/Chairman of Rotherham United tomorrow, will acquire the club without completing a CVA - a Company Voluntary Arrangement.
Speaking to the Yorkshire Post, Mr Stewart said, 'I have been advised that both legally and financially this is the right step to take.'
The Inland Revenue are by far the biggest creditors and are owed around £500,000 by the club and are unlikely to settle for a CVA.
'I would love to be able to pay off the creditors because they have been the fall guys in all of this,' said Mr Stewart, 'but we would not have got the CVA accepted.
'I am a novice in the football market but I am an experienced business man and I want this club to go places.'
After reading this I think all Millers will be taking an extra special interest in what happens with Leeds United today and their fight to have their fifteen points reinstated.