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Trust Bid Now Agreed

Administrators agree terms of Trust's Rescue Bid

The proposed offer by the Supporters Trust to acquire the business and assets of York City Football Club has today taken a significant step forward. The Trust and the Administrators have agreed the terms on which the bid can be moved forward.

Trust representative Steve Beck commented:

Sufficient funding has been put in place to cover the Clubs ongoing trading for the next few weeks whilst the Trusts rescue package moves towards finalisation. Whilst there remain some significant hurdles to overcome, with the continued support and co-operation of fans, staff and players along with all other key parties the Trusts solution for the survival of York City can be put in place

Commenting on behalf of the Administrator, David Willis added:

We are now progressing with the Trusts offer to save York City and, as is normal for a club in administration, discussions will take place with the staff, the Players Union and the football bodies.



The life-line for the Club for the next few weeks was enabled by around 60,000 of fundraising for the Trust in just five days. That money was raised by City supporters and other fans from around the country for the benefit of the players and staff of York City. It has been an overwhelming effort by everyone to raise this amount of funding, and Beck added.
We must not become complacent; we will still need the continued support of the fans and businesses of York to help raise the funds to ensure the club survives long-term

The Trusts offer was the only one for the Club. Arrangements are now being made by the Administrator to circulate a proposal to creditors for a voluntary arrangement in satisfaction of the Clubs debts.

Meanwhile, the Trust will now be seeking to convert at least 150,000 of pledges into cash over the next few weeks to help fund the rescue package. More details to be announced in due course. Under the proposed structure for the deal, that money will be invested by the Trust in a new company. The new company will then acquire the business and certain assets of the existing Club. Some of the money will be used as payment to acquire the business and assets and some of the money will be used to fund the ongoing operations of the Club (which will be in the new company).

Going forward, the Club will have to be operated in a way such that it balances the books. Reality football, not fantasy football.

Subject to agreement by the football authorities, the new company will enable the team to continue the push towards promotion this season. The Club will continue to play at Bootham Crescent for the current season. Beyond 30 June 2003, when the Clubs current lease with landlords BCH is set to expire, the Trust will continue to seek to play its home games at Bootham Crescent at least until an alternative better facility is in place. Trust representatives continue to work positively towards ensuring York City continues to have a decent home ground. The ground situation will be irrelevant if the Club was to disappear. Hence, the Trust is concentrating on saving the Club from liquidation.

Steve Beck and David Willis explained the current situation to the players and staff of the Club at a meeting this morning at Bootham Crescent.

 
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