Clubs help reduce Grecians debt

CVA deal saves Exeter

Exeter have been boosted after 13 clubs agree to write off over £36,000 owed to them by the Conference club.

The Grecians were ordered to pay £82,462 to 15 creditor clubs, over two to five years, under the terms of 2003's Corporate Voluntary Agreement.

But 13 of the 15 agreed to waive 50% of the money owed to them - with only Reading and Cambridge United refusing.

Director Julian Tagg told the Express & Echo: "In the main, clubs were very understanding of our predicament.

"It's nice to know we have friends in the game and some clubs have written off serious sums of money.

"Of course, some were easier than others and two proved impossible. I was surprised and disappointed with those two and perhaps expecting a different result, but it wasn't to be."

The move comes after City finally received a parachute payment for their relegation from the Football League, which had been held back once their debts of around £4.8m were discovered.

The money remaining, once those football clubs have been paid, will be used to pay the players who are also classed as football creditors and are next in line to be paid under the CVA.

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EXETER'S CREDITORS

Bolton Wanderers Owed £1,994, Accepted £997
Brighton Owed £7,638, Accepted £3,819
Cambridge United Owed £938, Accepted £938
Cardiff City Owed £2,969, Accepted £1,484
Everton Owed £12,854, Accepted £6,427
Kidderminster Harriers Owed £1,994, Accepted £997
Macclesfield Owed £60, Accepted £30
Portsmouth Owed £27,406, Accepted £13,703
Reading Owed £8,399, Accepted £8,399
Rochdale Owed £7, Accepted £3.50
Rushden & Diamonds Owed £4,367, Accepted £2,183.50
Southend United Owed £35, Accepted £17.50
Southampton Owed £5,000, Accepted £2,500
Tottenham Hotspur Owed £3,344, Accepted £1,672
West Bromwich Albion Owed £6,000, Accepted £3,000