At a meeting of creditors held at The Rushmoor Stadium this afternoon the CVA Proposal was approved.
James Moore of Walker Morris, the administrator’s lawyer states:
“I am extremely pleased to announce that at a creditors meeting held at noon today, the creditors unanimously supported and approved a company voluntary arrangement. This is the final and most significant hurdle that has been overcome so as to satisfy the requirements of The Football Conference. We have informed the Football Conference of this and now await the outcome of tomorrow’s AGM to hopefully confirm that Farnborough FC will be admitted as a member of the The Football Conference South for next season.
The club remains in administration at this present time and it will do so until a sale is concluded to a purchaser. There are currently three active bids for the club. Two of which are the favoured bids and one in particular bid being more advanced than any other. The outcome of the sales process and who the club is eventually sold to is most likely now going to now sway with the position taken by the landlord, Rushmoor Borough Council, as a major factor in the sales process is whether or not they support a proposed redevelopment of the site by one of the bids.”