STEPHEN VAUGHAN JUNIOR today revealed that a deal had been struck in a with a Danish consortium to save Chester City Football Club.
The Blues club owner, who attended a meeting in London last week where the Conference board recommended that Chester City be removed from the competition after pleading guilty to breaching five league rules, is hopeful that the crisis-hit club can earn a last gasp reprieve.
Vaughan said: "A deal has been done with a Denmark-based consortium, Chester, subject to legal issues being agreed.
"I was one of three people from Chester City who met members of the Conference board at a meeting in London on Friday where the club presented cash forecasts and funding projections in a bid to safeguard the club from being expelled from the league.
"The club admitted it had breached five rules including rule 8.6 which mentions expulsion, and the Conference board have now recommended that member clubs of the Conference Premier Division will vote to expel Chester City from the competition.
"The Vaughan family will today contact the Football Conference and inform them that we will defer full payment until June 2011 and ensure that full funding will be made available to pay all of our outstanding creditors, i.e. rent, revenue and all players wages and players arrears, and other football creditors.
"We will make an application to the Football Conference for them to reconsider their position so that we can fulfil the remainder of our fixtures."
Vaughan added: "In the meantime, the Vaughan family and Gary Metcalfe met a Denmark-based consortium at the Deva Stadium on Saturday to strike a deal for the sale of the football club.
"The deal entails a 100 per cent buy out of the Vaughan family's shareholding.
"The Danish consortium was headed by Palle Rasmussen who was representing a group known as Chester
"We shook hands on a deal which is now the subject of legal issues, but I feel confident that the Danish consortium can now be the new owners of the football club subject to an agreed sale through our solicitors Brabners, and the Danes solicitors who will stage talks today.
"I feel a deal can be done between now and March 6th if the funds are put in place. They need to satisfy everyone that Chester City Football Club has a future.
"I now believe that Chester City Football Club does have a future and I hope the Football Conference and it's Premier Division clubs can save the club from expulsion and safeguard 125 years of history at the club."
The Danish consortium were introduced to the Vaughan family by former Chester City manager Mark Wright who now has his own public relations company.
Vaughan added: "Both Mark Wright and his former Liverpool team mate, Jan Molby, have both been involved in the sale of Chester City Football Club through Mark Wright's PR company, and we are now hoping the sale can go through."