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Thursday, 1 August, 2002, 10:09 GMT 11:09 UK
Bradford future secure
Bradford's Valley Parade stadium
Bradford ran up huge debts while in the Premiership
The future of First Division Bradford City is safe after creditors voted to accept a rescue package to save the club.

Creditors agreed to a Company Voluntary Arrangement (CVA) which will see them receive 10 pence in each pound they are owed.

Bradford have been in administration since May with debts of 33m and the club have also had their Football League membership suspended.

The Football League wants assurances by 8 August that the club will have funding in place to fulfil their fixtures for the new season.

The decision to accept the CVA represents the first part of what City hope will be a double dose of good news.

The jobs of 19 players should be secured later on Thursday when the release of Benito Carbone from his contract is confirmed.

Benito Carbone
Benito Carbone proved a costly mistake

The Professional Footballers' Association has arranged and helped to finance a deal which should see the Italian striker return home and sign for Como, who have been promoted to Serie A.

Carbone's contract has been cancelled by mutual consent and the PFA has negotiated a settlement and also played an integral role in structuring and financing the club's CVA.

Bradford chairman Geoffrey Richmond told BBC Radio Five Live that he was relieved with outcome of the CVA but stressed that the Bantams were not yet in the clear.

He said: "It's a considerable relief. It's a good day for Bradford City.

"Everything has fallen into place right at the end. But we still have an important hurdle to overcome with the date with the Football League in Preston on Tuesday."

Richmond admitted that he had made mistakes in his role as chairman, but was adamant that all decisions were made in the best interests of the club.

He said: "I wish I had played it a different way. It looked right at the time though.

"Sometimes when you are chairman of a football club you get hanged if you do and hanged if you don't.

"If we had got relegated and hadn't made serious attempts to stay up I think fans would have been angry.

"I certainly didn't see fans protesting in the streets as we were signing Benito Carbone, Stan Collymore, Dan Petrescu, David Hopkin, Ashley Ward and others - there were celebrations in the streets.

"But it didn't work out and the rest is history."

BBC Five Live's Nigel Adderley
"Bradford's investors agreed to a settlement"
Chairman Geoffrey Richmond
"It's a considerable relief"
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See also:

30 Jul 02 | Bradford City
25 Jul 02 | Bradford City
01 Jul 02 | Bradford City
23 May 02 | Bradford City
16 May 02 | Bradford City
31 Jul 02 | Bradford City
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