Rotherham United's future appears more secure after a 79 per cent majority of the club's creditors accepted the Company Voluntary Arrangement (CVA) at a meeting this morning.
The news is a boost for the cash-strapped millers survival, but boss Alan Knill and his squad are already facing a battle for League One survival before the new season starts because they will be docked ten points under Football League regulations.
In a statement on the club's official website, Jeremy Blizzard from XL Business Solutions Ltd said: 'We are pleased to announce that the CVA has been accepted.
'All the creditors were given the opportunity either to accept of modify the Arrangement that was put forward by the directors on 18th April to restructure the finances of the club.
'Some modifications were put forward to the meeting and these were duly accepted. We wrote to 200 creditors and the Arrangement is binding.
'This is a major step and shows we have security of tenure for ten years with the landlord and we are hopeful that we can conclude in the future.
Chairman Denis Coleman added: 'We were confident we would be able to secure today's decision, it's the only way Rotherham United have a future, the alternative was liquidation. We have traded recently on the good will of people and hopefully we might get some of that business back.
'Now we look forward to the continued future of Rotherham United although there is still a lot of hard work to be done. We were losing a lot of money so we have to tighten the purse strings while looking at other streams of income.'
Discuss this in the forum