Plymouth Argyle's creditors have agreed to accept less than 1p for every pound they are owed in a move that paves the way for the club coming out of administration, reports this is Plymouth. At least 75 per cent of those owed money by the debt-crippled club had to accept the terms of the Company Voluntary Arrangement at a vote today in order for it to be agreed.

The deal went through, and at the same time Argyle's administrators Brendan Guilfoyle revealed he has signed an exclusivity deal with a potential new owner for the club.

The identity of the person or consortium won't be revealed until June 14, but the deal means they alone are now vying to buy the West Country club.

Mr Guilfoyle said the preferred bidder is not anyone with a previous connection to the club, and is someone with a genuine interest in football.

He said the CVA was one element of the recovery of Plymouth Argyle and he was 'confident the club could be saved'.

Plymouth entered administration in March owing more than £17million to more than 240 creditors.

They were docked 10 points for the financial collapse and were relegated to League Two last Monday.

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