Some light at the end of the tunnel for Truro City
Beleaguered Cornish non-League football team Truro City seem poised to stay afloat until the end of the season, after their administrators agreed a short-term rescue package with the Football Conference yesterday.
Troubled Truro have been in administration since August, when their former chairman Kevin Heaney was declared bankrupt.
They had been given until 5pm yesterday by the Conference to come up with the sum of £50,000 to cover the expenses incurred by teams who have come to Cornwall this season, in the event of the club being closed down and their results expunged.
The Conference was threatening to expel Truro from Blue Square Bet South, its second tier, if the funds were not forthcoming, but yesterday afternoon City were given an extended deadline until noon today, after a deal was set up to keep the club going.
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West Yorkshire-based firm Walsh Taylor are Truro's administrators, and last night their lawyer James Moore told BBC Radio Cornwall: "The paperwork has been agreed, it's just a matter of lodging the £50,000."
Conference general manager Dennis Strudwick was also in optimistic mood. He told BBC South West: "I think everything is going over the line. I hope that everything we need to complete it will be done by noon [today]."
Strudwick confirmed that Truro-based businessman Tony Murtagh is playing a part in the rescue package.
The West Briton newspaper revealed yesterday that a company called Truro City Football Club 2012 was registered with Companies House on Wednesday. The firm was previously called West Country Investments Ltd.
Murtagh, who is listed as a director of Truro City Football Club 2012, is the founder of The Money Group financial services company. Truro City Football Club 2012 has given its address as Falcon House, Charles Street, Truro – the same address as The Money Group.
Moore has declined to reveal the identity of Truro's potential saviour. He explained: "The bidder would prefer to concentrate on the deal, rather than having lots of attention surrounding them, so that they can focus on getting this deal done."
The solicitor also claimed that today's anticipated financial solution would be a big step towards bringing the club out of administration. He added: "If the bond is lodged, then we're moving towards streamlining the process and looking towards a sale and a process to come out of administration."
Discussions over the lease to play at the club's Treyew Road stadium and talks with the club's creditors are ongoing.
"There are terms [regarding the lease] that have been agreed in principle, there are some details around the edges, but the core part of that has been reached," Moore said.
"The majority of creditors have been dealt with, although there are some still outstanding creditors that need to be dealt with," he added.
Strudwick said: "There are still issues to do with the lease on the ground and purchasing the club, and they've got a lot to do, as have we, but we're satisfied that the bond will be in place by noon."
Truro's former Plymouth Argyle striker Stewart Yetton took to Twitter last night to give his support to the proposed deal. He declared that he was "100% behind the bid of Tony Murtagh".
Truro captain Jake Ash told BBC Radio Cornwall: "We're just hopeful that the preferred bidder is someone who is positive and wants to take the club forward in the right way."
Assuming there are no last-minute hitches today, Truro player-manager Lee Hodges plus Ash, Yetton and the rest of their team-mates can look forward to their return to Blue Square Bet South action at Eastleigh tomorrow. City have not played a first-team match since October 2.