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Page last updated at 17:12 GMT, Tuesday, 20 May 2008 18:12 UK

Boston come out of administration

Boston United
Boston have spent a year in administration

Boston United have reached a deal which takes them out of administration.

The agreement with Revenue and Customs to end their Company Voluntary Agreement (CVA) was approved at a creditors' meeting in Leeds on Tuesday.

Chairman David Newton told BBC Radio Lincolnshire: "I didn't think we'd achieve this but it's good news. We move on to the next thing now."

He also confirmed that he has bought previous owners Lavaflow and is now the majority shareholder in the club.

The acquisition of Lavaflow means that Newton's company, Chestnut Homes, owns more than three quarters of the shares in Boston United.

"This is a significant day, it's one more step along the road to rebuilding the club," he said.

Boston still face the threat of expulsion from the Blue Square North for breaching league regulations.

Newton said: "They have some strange rules on insolvency and it depends upon how they impose them.

"We think it's unfair that we could have further sanctions against us when we've improved the situation drastically."

see also
Boston debt decision day looming
19 May 08 |  Non League
Boston to remain in same division
15 May 08 |  Non League
Pilgrims fans saved club - Newton
27 Apr 08 |  Boston United
Boston face new threat to future
06 Apr 08 |  Non League

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