Chester are out of Administration after creditors agreed to a CVA this afternoon.
The agreement means that Chester City (2004) Ltd has bought the football club. The company is described as being owned by the Vaughan family, and lists current Chester player Stephen Vaughan Jnr as one of it's directors. The deal sees the club valued at just £36,000, with the rest of the £290,000 paid going to cover running costs of the club during the Administration.
The deal will see 15% paid back to unsecured creditors with former chairman Stephen Vaughan waiving rights to his claimed £4million debt. The club will now go to the Conference AGM on Saturday fully expecting to be accepted, although Woking chairman Shahid Azeem will examine all their documents to see if the Cards can remain a member of the top flight at Chester's expense.
But Football League matches may be at the Deva Stadium sooner than anyone thinks, with strong rumours in Cheshire that Stockport County are ready to ditch their Edgeley Park home in favour of their rival's ground over rent demands by former club owner Cheshire Sports. Many fans blame the rent demanded by Cheshire Sports, who handed the club to the fans in exchange for an ongoing take from the club's various activities, for their current plight.
After 40 days in Administration, the bidder currently closest to a deal is prepared to follow Rotherham in ditching their historic home in favour of new pastures and a cheaper rent deal. However the deal wasn't quite so straightforward, with the Millers having to lodge a £750,000 bond with the Football League to guarantee their return to the Rotherham area.