Officials from Rotherham United are now set to meet with the club's creditors on Tuesday (9th May) to discuss the Company Voluntary Arrangement proposed by Chairman Denis Coleman and the board of Directors.
The club are seeking the voluntary arrangement with its creditors to provide a long-term future for the Millers.
The move, if approved by creditors, will, under Football League rules trigger a ten point penalty.
This penalty will be subject to an appeal by the Club and will mean that if Rotherham United stay up this season they will start in League One next season with a ten point deduction.
“I would like to take this opportunity to thank everyone for all their efforts to date and hope that together we can ensure that the Club is still playing league football next season.”
The Millers new board have warned that if the CVA proposal is not accepted then there will be no other option but to liquidate the club and go out of existence. However, discussions have been held with a number of main creditors and as a result the Club is confident the proposal will be accepted.
This statement highlights a few of the possible out comes.
*If the CVA is accepted Rotherham will stay in existance
*They will incur a 10 point penalty
*They will appeal against it if they stay up this season
*If they appeal it will be next season the points will be deducted
*If they go down, the 10 deduction will stand this season
*If the CVA is NOT accepted they will go out of business
What remains unclear is if Rotherham do liquidate, what happens to the highest placed relegated team? Two options?
*The highest placed relegated team retains their L:eague One status?
*Rotherhams results are deducted from all league teams? - In normal circumstances this would happen, but the Title would have been awarded and Play off games would have commenced.