KETTERING TOWN are set to play in the Evo-Stik Southern League Premier Division next season after it was confirmed the club will be entering a Company Voluntary Arrangement (CVA) to clear their debts.
George Rolls, who is in full control of the club, laid out the plan to supporters at a hastily-arranged fans forum at Nene Park last night.
Rolls revealed the full debt of the club stands at £1.2m but all current and previous directors have agreed to write off their loans, leaving the Poppies with £402,000 to clear – a figure that will be dealt with by a CVA over three years.
It means they are to be thrown out of the Football Conference but Rolls has revealed the Southern League are willing to let them into the Premier Division, although they will start with a 10-point deduction.
The CVA is set to be confirmed on June 7 and Rolls believes creditors are likely to receive “around 10 pence in the pound” as part of the agreement.
Rolls, who revealed he has put a “six-figure sum” into the club also moved to clear up the situation over the delay over the transfer of shares from former chairman Imraan Ladak.
Rolls said: “I feel sorry for the people who are owed money.
“This is not my debt, I feel we have done well since we have been here. We have got the losses down from £40,000 a month to an affordable £15,000 a month and I would like to think people can see that we are trying hard.
“We are looking at breaking even by October going forward but with the Conference will want a bond of £100,000 for next season.
“We were hoping that the money coming in from season tickets and people like myself would see us through but it won’t.
“We have called in an insolvency practitioner and we will look to enter the CVA.
“I will bring this club back to the Blue Square Bet Premier. I will stay until the job is done.
“But we will live within our means. Our playing budget won’t change for next season, it was always going to be the same.
“We are going to have a fresh start.
“As far as the share issue is concerned, Imraan Ladak is not involved any more and he can’t be involved any more. It is a complex issue but I am in full control of the club. Imraan isn’t in the background and he isn’t coming back.”
Rolls also confirmed matchday admission prices would go down to £12 for adults and £10 for concessions for next season with those who have already brought season tickets receiving the appropriate rebate.