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Last Updated: Wednesday, 26 March, 2003, 14:04 GMT
Trust deal inches York to safety
York City's Bootham Crescent ground
York City have more than a ray of hope

York City Supporters' Trust inched closer to taking control of the club after finally reaching an agreement with the Inland Revenue.

As expected, the Revenue have accepted an offer of 100,000 from the trust as payment for an outstanding bill of 160,000.

City could have gone into liquidation if the parties had failed to reach a compromise - but they have settled their differences at a creditors' meeting at Bootham Crescent.

The move paves the way for the fans' group to take full control of the 81-year-old club.

The Trust's first two offers of 10 and 50 pence in the pound were rejected by the Inland Revenue, who have now agreed to accept 63 pence at the third meeting between the groups.

Spokeswoman Sophie McGill said: "I think we've found a solution.

"We originally offered 50 pence in the pound which equated to 80,000, but the Inland Revenue said they wanted 63 pence and indicated that this was non-negotiable.

"We have submitted an offer of 100,000 (63 pence in the pound) and are therefore extremely hopeful that it will be accepted. We are now awaiting a response."

The money has been raised through a combination of the Supporters' Trust and the willingness of administrators Jacksons Jolliffe Cork to waive a proportion of their fees to provide funds for the club's preferential creditors.

The acceptance of the offer effectively secures York's position in the Football League for next season.

The troubled Minstermen have been struggling with mounting debt for months but the ultimate threat of liquidation is close to being quashed, helped largely by cash donations from the Trust which have prevented York from going under on three occasions.





YORK

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