The sale of the club is expected at the end of the month after it is approved by creditors and sanctioned by the Football League. The creditor’s meeting is expected to take place on 13 March.
Administrator Bob Young said he expected the sale would be approved. ‘Valiant 2001 provided proof of funding and a cash deposit for the six-figure sum,’ he said. The bidders are believed to have offered between £1.2m and £1.3m.
He believes the club is in good hands and has a good future. ‘We cut overheads, outsourced the catering, and created a new income stream by letting out the use of the ground. It has beautiful conference rooms which are used for corporate events and wedding receptions.’
The manager also took a 25% pay cut and, prior to the administration, players’ wages had been re-negotiated.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children