Crisis talks to save Conference new-boys
Exeter City could go out of existence a week on Friday unless crisis talks can save the debt-ridden club.
The Grecians are reported to have debts of £3 million and aim to enter into a CVA agreement, similar to that currently in place at Edgar Street, report the Exeter Express & Echo.
A supporters trust has been set up and they are to talk to ex-Chairman and top creditor Ivor Doble at a meeting tomorrow. The trust hope to secure control of the club from Doble, who is owed around £700,000.
Trust member and club director Ian Huxham said: "We will have a much clearer picture following the meeting as to whether or not the future involves Exeter City Supporters' Trust."
If the two parties fail to agree to a deal, City could be plunged into administration - and probable liquidation - at a high court hearing next Friday, September 12th.
Successful negotiations would allow the management to devise a strategy to start digging the club out of its financial hole, which includes debts to construction company Mowlem, who are owed £600,000, and the Football Foundation, who are owed another £500,000 and approximately £200,000 to the Inland Revenue.
Should Exeter survive, they could face a maximum penalty of a twelve point deduction if they spend time in administration or enter into a CVA situation.
If City do go out of business, Hereford will lose their New Year's Day trip to Devon, and also a potentially lucrative Boxing Day match at Edgar Street.