Aldershot Town: Creditors approve CVA proposal

Aldershot Town's EBB Stadium

Aldershot Town's creditors have voted in favour of a proposed Company Voluntary Agreement which could take the club out of administration.

However, joint-administrator Carl Jackson has warned the club still faces a shortfall of around £50,000.

BBC Surrey reports that sum needs to be found before the end of Friday to avoid the non-league side being wound up.

Shahid Azeem's consortium have raised more than £600,000 in an attempt to save the Shots.

Media playback is not supported on this device

Still work to do - Shots administrator

Quantuma Restructuring, the club's administrators, warned the Shots could be liquidated if creditors had not accepted the terms of the deal proposed by the consortium.

Creditors, including representatives of ex-players, and shareholders voted to accept the CVA at a meeting at the EBB Stadium on Thursday morning.

The Hampshire club went into administration in May with debts totalling about £1m, just five days after being relegated to the Conference Premier.

Jackson says there are still "some hurdles to overcome" in order to save the club, with supporters aiming to raise funds to bridge the shortfall in finances.

"The offer we have on the table doesn't quite match what we need to overcome the Conference rules, in terms of payments to creditors," Jackson told BBC Surrey.

"We are still concerned about whether we will have enough funds to take the club forward but we hope to have better news in the next couple of days.

"We have been running this club on a shoestring since we were appointed.

"If we haven't completed a deal by Monday at the latest and no one else puts in funds there is a very realistic chance the club will have to cease trading."

Aldershot Town was founded in 1992 after Aldershot FC went out of business after playing in the Football League for almost 60 years.

A series of promotions saw the Shots achieve League status in 2007, but they were relegated last season after earning only 48 points from their 46 matches.