Club confirm CVA details.

Voted Against.

Talking to Radio Sheffeild, Millers chairman Dennis Coleman said, "It's a bit of a relief, we were fairly confident it would go through, I'm just a bit disappointed in a couple of people that voted against it, Mick Harford for example... at the end of the day if the club had have been liquidated they'd have got nothing out of it."

"Saturday was a major hurdle, to stay in this division, today's the next hurdle, that's two of many... but let's take it forward now." he added.

"I would like to put it on record to thank everyone who has helped the club through this difficult period especially the supporters and creditors from local businesses who have been very patient. Coleman told the clubs official site.

"Now we look forward to the continued future of Rotherham United although there is still a lot of hard work to be done. We were losing a lot of money so we have to tighten the purse strings while looking at other streams of income. We have some good business plans and now we need the backing of the supporters as every penny counts." he added.

Speaking for XL Business Solutions, the company who has done the work on the CVA, Jeremy Buzzard explained the situation on the official site.

"We are pleased to announce that the CVA has been accepted. All the creditors were given the opportunity either to accept of modify the Arrangement that was put forward by the Directors on 18^th April to restructure the finances of the club.

"Some modifications were put forward to the meeting and these were duly accepted. We wrote to 200 creditors and the Arrangement is binding. Under the terms a new company is formed and they will purchase the assets of the old company. They will then go to the Football League and the Football Association and subject to passing around 16 points they will then have the shares transferred from the old company to the new one.

"At that time the new company can trade but under the terms of the proposal the old company will continue to trade for around six to eight weeks until the share is transferred from the FA and Football League.

"This is a major step and shows we have security of tenure for ten years with the landlord and we are hopeful that we can conclude in the future. The rules state that you have to have security of tenure for ten years but we are hopeful we will get more than that.

"The new company have to pay sufficient to enable the creditors to be paid a penny in the pound and that total claim will have to be paid by the new company. That is a bullet payment a one off payment. The total due to creditors is around £3.7m of which £2.95m accepted the proposal approximately 50 creditors."