Boston United have appointed former Leeds chairman Gerald Krasner to guide the club into a Company Voluntary Arrangement over the debts.
The proposed CVA, due to face a shareholders vote on April 25th, will see the club pay creditors 47p/£ of their current outstanding debt from profits of a proposed redevelopment involving housing, however a similar redeveloping scheme has already been rejected by the council.
Should the CVA be accepted, the club would wait to see whether it was relegated before finalising the paperwork that would see it incur a 10 point penalty.
The list of creditors for the £3.5million debt runs to three pages, with current owners Lavaflow owed £1.4million. The Inland Revenue are owed over £1million, and former Chief Executive Jon Sotnick owed nearly £40,000 despite having quit the club after 'working for free'. Curiously, local entertainment venue the Gliderdrome, a regular 1970's rock venue and more recent bingo hall, is owed over £250,000.