County reach CVA agreement

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Football News

Stockport are poised to come out of administration after the troubled club's creditors and shareholders agreed to a Company Voluntary Arrangement.

Brian Kennedy's Cheshire Sports, County`s landlord at Edgeley Park and owner of Guinness Premiership outfit Sale Sharks, wrote off a significant figure owed to them by the League One outfit.

That has cleared the way for the consortium looking to buy the club, led by former Manchester City player Jim Melrose, to complete their takeover.

With a CVA in place, Stockport will come out of administration shortly and therefore no points will be deducted for the forthcoming League One campaign.

The club said in a statement: "The administrators (Leonard Curtis) are pleased to confirm that the Company Voluntary Arrangement (CVA) proposal was approved at meetings of creditors and shareholder.

"It is understood that the Melrose Consortium is close to finalising a deal with the club's landlord, Cheshire Sports, and we will report further when this is concluded."

Copyright (c) PA Sport 2009, All Rights Reserved.

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