Aldershot Town: Rescue deal for club agreed in principle
Last updated on .From the section Football
The administrators of Aldershot Town and Shahid Azeem's consortium are set to enter a conditional sale and purchase agreement.
The deal, which is set to be signed on Tuesday, would eventually see the Shots exit administration and secure the club's long-term future.
The agreement will need to be ratified by the Football Conference to allow Aldershot to start the new campaign.
The Shots went into administration in May with debts of £1.4m.
Subject to the deal being accepted by the Football Conference board, Aldershot will start the Conference Premier season with a 10-point deduction.
"Until they have confirmed their approval, we should still be mindful of this last hurdle to overcome," a joint statement by Quantuma Restructuring and the consortium said.
"We expect to meet the Football Conference over the next few days and a further announcement will be made."
Creditors of the EBB Stadium outfit approved the terms of a proposed Company Voluntary Agreement earlier this month but supporters of the club raised more than £60,000 in order to bridge a financial shortfall and save the Shots from liquidation.
"The sale has been achieved against a backdrop of many issues and could not have been achieved without the massive support of the fans and creditors whose donations and generosity have helped bridge the funding gap required to meet the CVA and Football Conference rules," the statement continued.
"This together with sums paid by the consortium, both to settle creditors and to provide working capital to fund the club going forward, ensure a bright future for the club."
Tony Knights, a member of Azeem's consortium, praised the club's fans for their role in securing a deal.
"Want to thank all the Shots fans for your support," Knights posted on Twitter.
"You truly are amazing supporters the club is proud of you all, true Gladiators."