Halifax's prospective buyers, and only bidders, will have to quadruple their offer to creditors to stand any chance of the club surviving.
A creditors meeting today saw only a handful of those owed money turn up in person, but the feeling was clear - the 2.5p in the pound offer was totally unacceptable. The consortium were told that a 10p in the pound offer was the lowest acceptable to most creditors but even that offer had 'no guarantees' of success.
A 10p offer would mean the club would have cost the consortium of local businessmen £800,000 in total, with the taxman in a position to scupper any deal if an increased offer is deemed unsuitable. The club was advertised for sale in the national press, but failed to attract any bidder other than the one that was already pumping money into the club to cover £30,000 a month losses.
The creditors meeting was adjourned until Friday pending a better offer. The Conference handed them a May 10th deadline, a day later, to resolve their problems or face expulsion.