Dumbarton FC deal agreed to exit administration

A connection has been agreed that would let Dumbarton to exit management and salary their creditors successful full, nan Scottish League 1 club's administrator has announced.

The Sons were placed into management and docked 15 points by nan Scottish Professional Football League successful November aft years of financial turmoil.

The deal, which has yet to beryllium finalised, pinch Oxford-based Gareth Phillips would swipe retired nan club's debt, pinch moving superior made disposable for adjacent play and litigation ended against nan businessman's Pendragon Group Limited.

By then, they will beryllium playing successful League 2, pinch Stephen Farrell's broadside already relegated and sitting bottommost of nan 3rd tier.

On being appointed administrator successful November, Quantuma said insolvency was nan consequence of non-receipt of "significant" costs owed from nan waste of onshore successful 2021.

Accounts until 31 May 2023 later showed nan nine were owed to person gross proceeds of £1.85m.

A connection connected Dumbarton's X relationship now reveals that "heads of position pinch Phillips person been agreed "that would spot nan nine exit management solvently and pinch each creditors paid successful full".

It continues: "Fans will beryllium alert that nan administrators person been engaged successful litigation against Pendragon Group Limited, of which Mr Phillips is nan principal.

"The afloat position of nan connection are taxable to confidential negotiations. However, arsenic portion of nan proposal, nan litigation pinch Pendragon would beryllium concluded connected nan ground Pendragon would not clasp information complete nan club's assets.

"Mr Phillips would present capable backing to stabilise nan trading of nan nine going guardant and nan administrators are required to beryllium satisfied that location is information for rate travel and a business scheme to supply support for nan nine for nan adjacent 3 seasons.

"A non-refundable deposit has been received by nan administrators, which will screen immoderate short-term trading shortfall whilst nan transaction is being negotiated, until nan target completion day successful early May."

Dumbarton fans had raised much than £120,000 to support nan nine moving successful nan coming season.

Last month, nan Sons Supporters' Trust had urged Phillips "to activity successful nan champion interests of nan club" and hoped nan onshore would beryllium returned to nan club.

The Trust claimed that Phillips owns 80% of shares successful Cognitive Capital, which holds a mostly shareholding successful nan shot club, and is down Pendragon, "which presently holds nan complaint complete onshore astatine nan stadium".

It besides urged nan waste of nan nine "to a 3rd statement who person nan genuine interests of nan nine and footballing organization astatine heart, not simply a desire to build houses".

"We besides statement that nan company, More Homes DFC Ltd, is now dissolved via a compulsory onslaught disconnected notice," nan spot added. "This is nan institution that nan 'development land' was sold to."