Creditors and shareholders of Bury FC have approved a rescue plan for the newly-promoted League One club.
They backed a company voluntary arrangement at special meetings today.
Under the terms of the agreement, the club’s unsecured creditors will receive 25p in the pound and football creditors will be paid in full.
Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, who was the nominee for the CVA will now be its supervisor, said: “I am delighted that the CVA has been approved by creditors and shareholders following extensive negotiations involving a number of parties.
“The agreement means the club avoids going into administration or liquidation, and it provides a degree of financial certainty in that its historic debts will be dealt with. Hopefully Bury FC can now look forward to a brighter future.”