NORTHWICH Victoria can exit administration after agreeing a deal with their creditors to pay back part of the club’s six-figures debt.

The rest will be written off.

“The timing is perfect,” said owner Jim Rushe.

“It’s a great boost for everybody associated with the club to end the year knowing the that our future is more secure.

“I know it’s been a long wait but I hope now that people can see the hard work we have put in has put the club in a position to move forward.”

HM Revenue and Customs, the creditor owed the largest amount of money at around £465,000, today, Thursday, said it was happy with Rushe’s latest proposal.

They, along with the other companies owed cash by the Blue Square North club, have voted in favour of a Company Voluntary Arrangement (CVA); a binding legal agreement about how much of the debt will be repaid over the next five years.

All parties now have four weeks to appeal should they not agree with the terms.

But as Rushe’s offer proposes a higher dividend than his two previous ones, which everybody apart from the tax man accepted, then a challenge is unlikely.

Sums owed to former players and other clubs have already been paid in full.

Cash rewards from this season’s run to the FA Cup’s second round and fees from ITV for two televised ties – some £180,000 in total – will go directly towards paying off part of the club’s remaining debt at the request of HMRC.

But that money remains with the game’s governing body for now.

Northwich Victoria Football Club (2004) Ltd, the firm that pays the players’ wages, has been in administration since May 15.

That’s 33 weeks.

A company set up by Rushe in October 2007, The Northwich Victoria Football Club (2007) Ltd, will now buy the Wincham-based club.

Next he will seek to transfer the associate membership of the Football Association from the company in administration to NVFC (2007) Ltd, which will take on the responsibility of paying back the old firm’s remaining debts in monthly instalments.

NFVC (2004) Ltd did not satisfy the criteria to become a full member of the FA, one of the reasons the Football Conference relegated Vics from non-league’s top tier in 2005.

Instead Northwich’s membership of Cheshire FA has allowed them to enter FA competitions since then.

Rushe added: “There is still lots to do from here on in but we can look to the future with optimism now.”