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Page last updated at 19:05 GMT, Friday, 26 March 2010

Weymouth FC debt deal confirmed

George Rolls
Chairman George Rolls took over struggling Weymouth in November

Weymouth FC's immediate future appears to have been secured after the troubled club entered into an official agreement with creditors.

Under the terms of the Company Voluntary Agreement (CVA) the club, which has debts of around £900,000, will only repay close to £80,000.

More than 80% of creditors agreed to accept 9% of the money owed to them over a five-year period.

The agreement was reached after a meeting in Chigwell, Essex, on Friday.

Current chairman George Rolls rescued the Blue Square South club from administration in November, but debts continued to grow to the extent that he warned it would go into liquidation without an official agreement.

Steve Beasant, representing a group of creditors owed around £200,000, told BBC Sport: "A lot of creditors are losing out under the CVA, including Mr Rolls, but I'm pleased that Weymouth Football Club now has a chance to move forward."

Weymouth were in financial trouble when Rolls took over at the Wessex Stadium and he and other directors say they pumped around £200,000 into the club to keep it afloat.

Following confirmation of the CVA there is a 28-day period during which interested parties can appeal against the decision.

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see also
Rolls seeks CVA to save Weymouth
04 Mar 10 |  Non League
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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