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Last Updated: Wednesday, 26 May, 2004, 11:01 GMT 12:01 UK
Dundee rescue plan agreed
Dundee celebrate a goal at Dens Park
Dundee should avoid a 10-point penalty next season
Dundee Football Club's creditors have voted overwhelmingly in favour of a plan to take the Scottish Premier League club out of administration.

A creditors' voluntary agreement will now be lodged that will enable the club to pursue their business plan.

Dundee could have faced liquidation if administrator Tom Burton's proposal had been turned down.

Acceptance of the deal should also allow the team to avoid a 10-point penalty at the start of next season.

Clubs have until 31 May to begin the process of coming out of administration or face the penalty in the SPL next season.

The dividend to creditors is minimal after the crisis created by an 18m debt.

Discussions are already underway about supporters' representation on the board
Administrator Tom Burton
But central to Burton's plan is that preferential and unsecured creditors will retain a 25% share from future player sales proceeds in the close season and the January transfer window.

"The acceptance of the CVA means that the club has moved one, very important, step closer to completing the administration process," he said.

"We now have a stable basis from which to move forward and, to be in this position, is testament to the efforts of everyone connected with the club, especially when you consider the poor shape it was in last November.

"In practical terms, we are now in a position that will allow the football club to move forward with confidence and allow the board and Jim Duffy to implement the business plan for next season and secure players' contracts.

"No-one should underestimate the role played by the supporters in giving the club this chance of survival.

"As a result, discussions are already underway about supporters' representation on the board and a direct shareholding by Dee4Life.

"However, we need supporters to again demonstrate their loyalty by subscribing for season tickets.

"As part of this future, we will shortly be announcing a fans' forum to provide supporters the opportunity to ask questions directly of the administrators, the board, Jim Duffy and Dee4Life to ensure their views are heard.

"It is also important that special credit is given to Jim and the team, for their efforts over the past few months.

"Despite losing 15 players in November, including some senior and celebrated players, the team has finished the season only one position lower than last."

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