Super League Side Salford City Reds Apply For Company Voluntary Arrangement
Super League club Salford City Reds have said they" intend to repay all old creditors in full after revealing they are applying for a Company Voluntary Arrangement," according to the BBC. The club was "in danger of administration" before Dr Marwan Koukash completed his takeover on Jan. 31. If the CVA is approved, all previous creditors "will receive any outstanding monies over the next five years." Salford City Council and Peel Holdings, who co-own the Salford City Stadium, "will be repaid over a longer period" (BBC, 2/21).