Debt negotiations go on for Salford City Reds

SALFORD City Reds is still hammering out an agreement with its creditors, a month after the Super League club was rescued by Dr Marwan Koukash.

The club’s old corporate entity, Salford Football Club Company 1914, is trying to reschedule its debts through a company voluntary arrangement (CVA).

At the same time it is facing a winding-up petition which dates back to last year. At a winding-up hearing on March 4 the club’s barrister asked for an adjournment to allow for the CVA to be agreed.

This should have happened on March 1 but has now been postponed to March 11 due to further negotiations with the largest  creditor, Salford City Council which is owed £1.5m.

It is understood the club plans to pay 100% of its debts but is using the CVA to agree repayments over a number of years.

The winding-up hearing was adjourned to March 18.