Halifax's future is looking increasingly bleak after even the Administrator admitted that the debts were insurmountable.
Two major creditors, both owed money from the half-completed East Stand at the Shay, have told the meeting that they would accept nothing less than 10p in the pound - and were happy to see the club go bust if the offer wasn't made. Following them is the taxman who, after a protracted discussion, confirmed their debt at over £800,000 rather than the £500,000 initially thought.
No offer was made to creditors above the 2.5p in the Pound already offered, though an offer of sponsorship and advertising was rejected by the main creditors, leaving barely half of the 75% majority needed in favour of a deal. Administrator Rob Sadler told the Halifax Courier: "The cleanest way forward is to start from the bottom and build up again debt free."
The club had to agree a deal today to complete the paperwork in time for the Conference AGM. If they miss the deadline they are expected to be thrown out of the Conference into the Unibond League, and will fall further down the pyramid if no agreement is reached at all.