Truro City wait on debt deal before naming new manager

Truro City chairman Peter Masters says the club are unlikely to appoint a new manager until next month.

The club are still in administration and were relegated from the Conference South last month.

City let manager Lee Hodges go earlier this month saying they could no longer afford to pay his wages.

"Depending on what happens and what league we end up in, a decision will be made on who will be managing Truro City," Masters told BBC South West.

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 being paid
  • August 2012 - Owner Kevin Heaney declared bankrupt
  • August 2012 - Truro enter administration
  • September 2012 - Players set 2 October deadline for payments to be made
  • 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
  • 19 October 2012 - Two businessmen pay bond after previous bidder pulls out
  • April 2013 - Relegated from Conference South
  • May 2013 - Part company with manager Lee Hodges as the club tries to make a deal with creditors over £70,000 worth of debt

The club have extended the deadline for a Company Voluntary Agreement (CVA) with creditors until 4 June, with the Football Conference's annual general meeting a few days later.

If the club are unable to agree terms with their creditors, they will be relegated three divisions to the Western League, rather than a one-division drop to the Southern Premier.

"There are probably three or four creditors who are sticking at the moment," Masters said.

"I need to have a conversation with then and hopefully try to get them to come on board.

"If we get the CVA passed, then the Conference will give their initial approval and following from there the AGM will hopefully ratify that we will be able to enter the Southern Premier League."

City have already lost the freehold on their Treyew Road ground and have seen a host of players leave for other clubs.

And until there is certainty on which league they will be playing in, Masters says there will be no new players signed.

"Head of football Steve Massey has been given the task to talk to a number of up-and-coming players in different leagues and has been giving a number of options, but no contracts have been sorted at this stage.

"The club has a number of players lined up who have expressed their willingness to join Truro City, but in fairness to everybody, until we know what league we're playing in we won't be able to firm it up.

"As soon as we know we're in the Southern Premier League we'll press the button and get things going and issue a further statement," he added.

Truro's debt problems stem from the regime of former owner and chairman Kevin Heaney.

Under his leadership Truro were promoted five times in six years and also won the 2007 FA Vase, but Heaney went bankrupt in August last year, leaving the club to fight a debt claim of £700,000.