Chester out of administration
11 Jun 2009 - 14:36:02
Chester City have come to an agreement with creditors to lift the club out of administration.
Chairman Stephen Vaughan voluntarily placed the club in administration in May after they were condemned to relegation out of the Football League.
Chester are reported to be around £7million in debt and their future is expected to be determined in the coming days. Vaughan is thought to be willing to write off debt that the club owes him.
He told the Chester Standard: "I'll do whatever I can to make sure this club bounces back from non-league football.
"If that means we can get a buyer in that's all well and good. If we can't get a buyer in, we'll have to look at packaging the deal up and go again."
Vaughan is spearheading a £290,000 bid from Chester City FC 2004 Ltd to ensure the club avoid going into liquidation. The group has already acquired the Deva Stadium.