BusinessBusiness RecoveryBradford City’s future looks secure

Bradford City's future looks secure

Bradford City looked to have secured its future yesterday after the league one club had its company voluntary arrangement (CVA) approved.

Link: 2004 Football Finances survey

Neil Brackenbury and Mike Moore, joint administrators from Kroll, described the approval of the plan by the required 75% of creditors as a ‘significant’ step towards securing the future of the club, but they warned that a number of conditions remained to be fulfilled. They also praised employees and players for ensuring the club’s survival by accepting wage deferrals.

Brackenbury said: ‘Today’s meeting was an important step towards securing the future of Bradford City Football Club and we are very pleased that the CVA proposal has gained the necessary support from creditors.’

‘We will now be working closely with the new owners to fulfil the conditions upon which the proposal depends. In particular, to obtain the Football League’s agreement that Bradford City remains a Coca-Cola League One club. We have every reason to believe they will agree to do this.’

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor