Truro City: Company Voluntary Arrangement agreed with creditors
Truro City's owners have agreed a deal with all the club's creditors.
A Company Voluntary Agreement (CVA) has been arranged which takes debts of up to £4.5 million down to around £80,000.
It means Truro, who were relegated from the Conference South, will drop just one division to the Southern Premier League, rather than three divisions.
"It's a relief, we've worked very hard to get this far and it's the start of a new future," co-owner Philip Perryman told BBC Radio Cornwall.
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 £80,000 worth of debt
- June 2013 - Agree a Company Voluntary Agreement with creditors
"For a long time we couldn't see a light at the end of the tunnel, and me and Peter felt that even with the money we'd invested there was no light at the end of the tunnel," Perryman continued.
"Now it's come to an end, we see a light and we see a future, and we feel very happy with that."
Truro will pay their £80,000 debt over a period of three years and they now go into Saturday's Football Conference annual meeting knowing that they should avoid being relegated three divisions to the Western Premier League.
Had they not restructured their debts by 8 June they would not have been allowed to join the Southern Premier League.
"Some of the debts were questionable, which the administrator looked into," Masters said. "Others were bona fide and with the goodwill of creditors they've written their debts off.
"We're now hopeful things will go through on Saturday morning and we'll be in the Southern Premier League, which is fantastic."
Truro have yet to announce who their new manager will be, having relieved Lee Hodges of his duties last month after the club stated it could no longer afford to pay his wages.
"We've got a manager lined up and a team lined up," Masters added. "Yes, we've got new players, but I don't think that's a bad thing. We want fresh blood in here, we want younger blood and local players as well.
"We want Cornwall to participate in Truro City Football Club, we are the highest in Cornwall and we intend to stay that way.
"The aim now is to take the whole thing forward and if we can get back into the Conference within the next couple of seasons then great."