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Weymouth chairman George Rolls seeks CVA to save club

George Rolls
Rolls took over struggling Weymouth in November

Weymouth chairman George Rolls hopes to enter the club into a Company Voluntary Arrangement with creditors to save the Terras from liquidation.

Rolls rescued the Blue Square South club from administration in November, but debts have now spiralled to an estimated £900,000.

The arrangement would allow Weymouth to pay off their debt over an agreed period of time.

A meeting between creditors will be held on 26 March to discuss the terms.

Former chairman and investor Malcom Curtis, who left the club in October 2008, will sit at the meeting.

"If the creditors agree, the club will continue in its guise but will be in a lot healthier position," Rolls told the Dorset Echo.

"If it's a no then unfortunately it will mean the club will go into liquidation and that's 120 years of history gone because it has been badly run over the last however many years.

The decision has been made to go down this route but I believe the club will come back stronger for it

Weymouth chairman George Rolls

"Since we've been here we've managed to bring down the debt in terms of the monthly loss. But we can't put out the fires when all of a sudden there are new fires starting every week."

Weymouth were in financial trouble when Rolls took over at the Wessex Stadium last year and the former Cambridge chairman, along with other directors, have pumped around £200,000 into the club.

"We've been paying it through our companies, through ourselves, paying off debts and it's a lot of money," said Rolls.

"We can't turn around and write out a cheque for £900,000 because anyone would be mad to do so. The decision has been made to go down this route but I believe the club will come back stronger for it."



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see also
Chairman Rolls sets Weymouth goal
08 Jan 10 |  Non League
Rolls signs deal to save Weymouth
27 Nov 09 |  Non League
Weymouth face insolvency battle
13 Nov 09 |  Non League
Weymouth set for administration
28 Oct 09 |  Non League


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