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Dundee close to salvation

07 Jan 2011 20:00:08

Dundee close to salvation

Dundee have moved closer to coming out of administration after a majority of creditors agreed to move towards a repayment deal.

The Irn-Bru First Division club went into administration in October with debts of around £2million, of which £420,000 was owed to Her Majesty's Revenue and Customs.

Administrator Bryan Jackson last month revealed a fans-led buyout had been formally proposed after Dundee FC Supporters Society raised enough money to make an offer. And on Friday those owed money by the club voted to make moves towards a Creditors Voluntary Arrangement.

A statement on the club`s official website read: "Dundee FC moved a step closer to coming out of administration with the creditors meeting agreeing to move to a CVA.

"Creditors met at Dens Park and agreed to enter the CVA process, with the only objection coming from HMRC.

"It is anticipated that the next creditors meeting will take place on January 28 with a view of agreeing CVA."

A majority vote was needed but 75% of creditors will need to accept the offer made at the next meeting for the club to come out of administration.

Jackson said: "Whilst Friday's decision is welcome I would caution against being too optimistic.

"This is only the first stage in the process and there remains a lot of work to be done. Each stage of this process is problematic.

"I would, therefore, urge the fans to continue fundraising and supporting the club for the next few weeks."


PA

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