League One side Stockport County should move out of administration in 28 days time, according to a statement released today. The Hatters have agreed a CVA with their creditors following a meeting today. Reports suggest that 82% of their creditors voted in favour of the CVA - in excess of the 75% needed for it to be ratified. There is now a 28 day period where objections are able to be raised. Presuming there is no successful appeal creditors will receive 1p for every pound they are owed.
With the CVA now set up, subject to any appeals, Stockport's next step will be to secure a new lease on their Edgeley Park ground. Owners Cheshire Sport have said that today's creditors meeting should open the door for that to happen:
"Cheshire Sport is encouraged that following the creditor meeting that the Melrose consortium is now another step closer to saving the football club and ensuring that Stockport County will continue to play league football at its home ground for the foreseeable future. Hopefully following the meeting the Melrose consortium will be in a position to bring its acquisition of the football club to a successful outcome before the start of the new season. Cheshire Sport and the Melrose consortium are at an advanced stage of negotiation on the terms of a new lease and it is hoped that these negotiations will be concluded early next week. We have met many times with Jim Melrose and Graham Gallagher, who will be taking charge of the football club going forward, and have been very impressed with their knowledge of the sport and their plans for making Stockport County a successful club both on and off the pitch."
Once the Melrose Consortium have obtained a lease for the ground, they should be able to take that and their CVA to the Football League and apply to take over the 'Golden Share' held by the old Stockport County company.
As things stand, given the Hatters served their 10 point penalty against last season's totals, they should start this season on zero points, thus avoiding any sort of meaningful penalty from the Football League for junking the debts of the old company.
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