HEREFORD United's chairman and director of football Graham Turner has welcomed the settlement of the club's long-standing Company Voluntary Arrangement (CVA).
The Bulls entered the CVA with the agreement of their creditors when they hit a severe financial crisis during their first Nationwide Conference season in 1997-8.
This allowed them to settle debts to other companies, and the Inland Revenue and Customs and Excise, over a period of time while continuing to trade.
The club initially agreed to repay the entire debt and made a first payment of 40p in the pound. But, this week, creditors accepted a further, smaller, dividend to bring the CVA to a close.
While the end of the CVA is a significant landmark for the club, a long-standing debt of £1 million, plus interest, remains outstanding to developers Formsole.
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