Bury football club has been snatched from the jaws of liquidation after a group of fans set up a trust and bought the ailing club - in addition administrator Matthew Dunham secured a Company Voluntary Arrangement from shareholders and creditors.
The club entered into the CVA on 31 May the day the World Cup kicked off after creditors and shareholders agreed to sell Bury to supporters who set up the Save Our Shakers Trust. Unsecured creditors will receive 10p in the pound from the arrangement.
Duhnam said: ‘This represents a potential way forward for clubs to deal with current cashflow crises, the failure of ITV Digital and the general financial uncertainty that many clubs face.
‘This solution could well provide the basis for other clubs to deal with the cashflow difficulties they are currently facing. However, without the hard work of the supporters and their fund-raising efforts the sale could not have been achieved and it is probable that the club would by now be closed.’
He added the sale of Bury to its supporters would enable it to become more of an integral part of the local community and allow supporters to direct the future of the club.
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