TRURO CITY have officially exited administration.
Financial problems forced the White Tigers into administration last September and the club looked as though it would be thrown out of the the Blue Square Bet South for not paying a £50,000 bond to the Football Conference.
However, businessmen Peter Masters and Philip Perryman bailed the Cornish club out, paying the bond and later purchasing the club in December 2012.
City were relegated from the Conference South last season after finishing 20 points adrift of safety, half of which were down to the 10-point penalty the club incurred for going into administration.
Masters and Perryman agreed a Company Voluntary Arrangement with the club’s creditors in June this year, allowing them to pay off debts of £80,000 over the course of three years.
This CVA enabled the club to take its place in the Southern League Premier Division for 2013/14 and they have made a reasonable start to the campaign, winning once, losing once and drawing three times.
In a statement posted on the club’s website, Masters, who is chairman at Treyew Road, said: “I am pleased to report that both Philip and I have received the formal notice to the effect that the Administration of Truro City Fooball Club Limited has been brought to an end.
“This effectively draws a line under this avoidable affair in the club’s history and serves as warning for the future to us all.
“You need no reminding that as well as costing the two of us many thousands of pounds and a substantial amount of time the club has damaged its reputation, suffered relegation from the Conference South and lost the ownership of the stadium at Treyew Road.
“It has to be said however unpalatable it may be to those involved that this was brought about by officials during that time (and leading up to it) that were blinded but frankly should have known a lot better.
“It now leaves us all to rebuild the club to a sustainable level which is ultimately decide on what League we play in.
“REST ASSURED IT WILL NOT HAPPEN AGAIN UNDER OUR WATCH.”
