Truro City FC have agreed a deal with creditors by reaching a Company Voluntary Arrangement
In a statement released yesterday, club chairman Peter Masters said: "I am delighted to announce that the CVA has been officially approved this afternoon.
The agreement should pave the way for them to join the Southern Premier League next season.
Club Chairman Peter Masters said; "It’s good day for the city of Truro, and the county of Cornwall as a whole. I am sure all at Truro City Football Club would wish me to convey their thanks to all the creditors who have written of their debt incurred by the previous regime to make this day possible."
The deal means that the debt has gone from £4.5 million down to around £80,000. This highlights what a powerful technique the CVA is and it isn't just for football clubs.
Truro City are also expected to shortly announce the appointment of a new management team following the departure of Lee Hodges at the end of last season.