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Shots out of administration two years ahead of schedule

Directors of Aldershot Town believe the club is in its best financial position for many years

Shahid Azeem officially took over as Aldershot Town FC chairman a year ago this week

Directors of Aldershot Town FC have revealed the club has exited its Company Voluntary Arrangement (CVA) - two years ahead of schedule.

The news comes almost exactly a year to the day that Shahid Azeem and his consortium officially took control of the cash-strapped Shots following their relegation from the Football League and entering into administration.

Azeem revealed the club made a "modest profit" in the consortium's first year in charge, while also narrowly avoiding relegation from Conference Premier despite being hit with a 10-point deduction.

Now, directors believe that with creditors finally paid off, the club is in a better financial position "than it has been for many years".

A statement read: "The board of directors of Aldershot Town Football Club are delighted to confirm to shareholders and supporters that the club's administrators, Quantuma Restructuring, have signed the completion papers formally exiting our club from administration, and have disbursed funds to settle all creditors. This has been completed two years ahead of the required date.

"The board took the decision to clear the old club's debts at the earliest opportunity, believing it was the right thing to do for our creditors, many of whom we recognise are long-term supporters of the club.

"This brings to a close what has been a challenging administration process, with a need to satisfy Conference rules to ensure probity in the game. 

"We can also report that, as forecast in January, we have also delivered a modest profit in our first full year of trading.

"We hope these positive developments provide reassurance for staff, supporters and sponsors as we aim to steer our club towards long-term sustainability. The club will hold its shareholders AGM in September to review this result.

"The continued support of our fans remains critical to our progress, but we can now look forward positively to the new season in the knowledge that our club is in a stronger financial position than it has been for many years."

 

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