Stockport's Administrator has been forced to sell two more players as he runs out of money to keep the club running - with their CVA proposal offering just 1p/£ repayment.
Jim Melrose's takeover has been delayed with Melrose blaming landlords Cheshire Sports, and the landlord's questioning Melrose's ability to fund the club, leaving the Administrator to complete a deal to sell James Tunnicliffe and Gary Dicker to Brighton with the cash pot at the club running dry.
Creditors will meet on July 3rd to vote on a CVA proposal. Cheshire Sports, and it's owner Brian Kennedy, are owed £3.8million of the £5.9million in unsecured creditor debt and could block any CVA proposal if they are not totally satisfied with the 1p/£ offer on the table that would see them receive just £38,000.
Meanwhile Darlington meet today on their 0.9p/£ CVA offer. The offer is expected to be accepted as the bulk of the debt is owed to former owner George Houghton, future owner Raj Singh, and the people holding the mortgage on the ground. However, even if the offer is accepted, the deal would still need Football League approval and it is rumoured that they will impose conditions on their acceptance.
UPDATE: Northern Echo reports 93% of creditors accept Darlington CVA deal. It will take up to two months to complete the CVA arrangements.