Truro City players to meet prospective new owners

The prospective new owners of Truro City will meet with players and supporters on Monday evening to set out their plans for the club.

Pete Masters and Philip Perryman lodged a £50,000 bond with the Football Conference on Friday.

Tuesday's game at Staines Town goes ahead thanks to the deal.

"They're on the verge of a deal where players will be paid from after the Staines game," James Moore, the lawyer for the club's administrators said.

Truro City financial timeline

  • September 2011 - Truro face winding-up order for unpaid taxes
  • June 2012 - High Court told debts total more than £700,000
  • August 2012 - Truro players threaten to quit after not getting wages
  • August 2012 - Owner Kevin Heaney declared bankrupt
  • August 2012 - Truro enter administration
  • September 2012 - Players set 2 October deadline and Football Conference sets one for nine days later for takeover
  • September 2012 - Football Conference set 11 October deadline for takeover
  • 3 October 2012 - Players agree to stay on until 11 October
  • 11 October 2012 - Deadline to save the club passes with no deal
  • 12 October 2012 - City given extension until 18 October
  • 18 October 2012 - Deal for £50,000 bond is agreed with Football Conference

"Tomorrow's game is on subject to the manager and players agreeing with the buyers over terms over payment," Moore added to BBC South West.

Truro City are still in administration after owner Kevin Heaney went bankrupt in August and left the club to fight a debt claim of £700,000.

The Conference asked for the bond to cover the costs of sides who had played at Truro should the club go bust and their results be expunged.

City are still subject to a transfer embargo limiting their squad to 16 players.

Masters, who runs a nightclub in Truro, and taxi firm boss Perryman, agreed to save the club after City initially missed a deadline of 12:00 BST on Friday to lodge the bond.

The Conference was prepared to expel the White Tigers from Blue Square Best South, but allowed them to stay in after the money was paid.

But Moore says it could be many months before the club finally comes out of administration.

"We cannot exit administration until a Company Voluntary Arrangement (CVA) is arranged and completed," he said.

"That could take up to three months and I expect it to happen some time by the end of January or beginning of February.

"However an agreement to purchase the club will be completed in the next week or two."

In a statement the Football Conference said it was pleased that the club's short-term future had been secured and offer the club long-term hope.

"The Football Conference, with first-class assistance from their legal advisor, only sought one solution. That was the continuation of the club as a member of the competition.

"The board is satisfied that the conditions imposed, including the deposit of a financial bond, were met within the timeline, albeit at the cost of postponing a further scheduled fixture at Eastleigh FC.

"It is hoped that the 'last-minute' investors will be successful in their efforts with the club, its staff, management and players and that they will be able to sustain and promote a club worthy of membership and be a credit to their community and football in Cornwall."

But they will discuss Truro City's situation at their next board meeting on 8 November.

"The board are mandated, in compliance with its regulations, to consider and deal appropriately with any breaches which may have arisen during recent events at Truro City FC."