| Bury & Bolton 13:03 - Jul 19 with 3392 views | BringBackTheRedRoom |
Bury are to be deducted 12 points by the English Football League after the club's creditors approved a rescue plan to clear some of the Shakers' debts.
Shakers owner Steve Dale put forward a Company Voluntary Arrangement (CVA) proposal in June which would see the club's football creditors paid in full.
Unsecured creditors, including HMRC, will be paid 25% of the money owed.
A CVA qualifies as an "insolvency event" under EFL rules but the League One club have seven days to appeal.
In a statement issued on Thursday, Dale said the CVA would mean the club's "future is secured".
He said: "We have worked tirelessly to achieve the result today whilst taking a lot of flak.
"Some might say our methods were questionable but we can all pass comment with hindsight, my job was to save Bury FC and that's done. We have other hurdles but the main one is complete."
Meanwhile, CVA nominee Steven Wiseglass said the agreement "hopefully secures a brighter future" for the Shakers.
"The agreement means the club avoids going into administration or liquidation, and it provides a degree of financial certainty in that its historic debts will be dealt with," Wiseglass added.
The deduction means Bury join local rivals Bolton Wanderers in starting the season on -12 points after the Trotters went into administration in May.
Bury are due to reappear in the High Court later in July after a winding-up petition brought by HM Revenue & Customs over an unpaid tax bill was adjourned for a third time.
The Shakers are looking for new ownership after Dale put the club up for sale in April.
https://www.bbc.co.uk/sport/football/49034775 |  |
| ‘Where there is harmony, may we bring discord. Where there is truth, may we bring error. Where there is faith, may we bring doubt. And where there is hope, may we bring despair’ |
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| Bury & Bolton on 22:45 - Sep 5 with 106 views | spell_chekker |
| Bury & Bolton on 20:38 - Sep 5 by Imperial |
Would you have said that if it was us Spell. The supporters are not to blame yet they suffer.
There are at least six further clubs who could be in the same position by the seasons end. All football fans need to support Bury in their plight. |
I don't think I was giving my opinion and saying this, that and the other should happen to Bury in my opinion. It was more a case of me giving a reaction to the article in the previous post and speculating on what might happen based on the info in the article.
I hope they survive, there have been clubs who've gone out of existence. Scarborough, Maidstone, perhaps Chester as well. |  |
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| Bury & Bolton on 23:17 - Sep 5 with 97 views | ROTTWEILERS |
| Bury & Bolton on 22:45 - Sep 5 by spell_chekker |
I don't think I was giving my opinion and saying this, that and the other should happen to Bury in my opinion. It was more a case of me giving a reaction to the article in the previous post and speculating on what might happen based on the info in the article.
I hope they survive, there have been clubs who've gone out of existence. Scarborough, Maidstone, perhaps Chester as well. |
Bury FC will continue and the proper fans will support them whatever league they're in. It could've been us but it was them. C'est la vie
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