A FRESH rescue deal is being proposed by the administrator of Bury FC - as further details emerge of the £15.2m owed by the beleaguered club.

Administrator Steven Wiseglass has released a set of proposals for The Bury Football Club Company Ltd, following his reappointment in December.

And in his report he claims, after discussions with the Football Association, that the path could be clear for Bury FC to join the Northern Premier League or National League.

But first a new company voluntary arrangement would have to work - and a number of key loans satisfied - before this could happen.

Nottinghamshire-based investor David Hilton is said to be in advanced talks over purchasing the club. Six interested parties are said to have been identified for the club, with three making offers.

The administrator says former chairman Stewart Day claimed a debt against the club valued at £7.1m - his property empire Mederco has since gone under and that amount is now owed to RCR Holdings Ltd.

Capital Bridge Financing Loans still holds a series of legal charges over Gigg Lane, totalling £2.9m, with a further £189,000 loan established in favour of Broadoak Private Finance.

Question marks still exist over the stance of director and current chairman Steve Dale, who is said to have not co-operated with the administration to date, and for whom the club is in debt to an unknown figure.

An estimated £1.33m is being sought by former players and club employees in pay and pension claims, according to the administrator. The taxman also wants £979,000 from the club.

Another £157,686 is still outstanding to season ticket holders - though 476 are said to have been reimbursed after seeking refunds.

Mr Wiseglass said: "In order to achieve the objective of the administration of the company it is intended that a CVA is proposed to settle creditor claims.

"In the event that a CVA isn’t viable then the intention would be to sell all the remaining assets and undertake all the necessary investigations of the company within the administration."

Trophies and memorabilia associated with the club, as well as the furniture and office equipment, which were said to have been sold off to third parties, are still said by Mr Wiseglass to belong to the company. He is making efforts to track these items down.

The initial company voluntary arrangement was found to have been breached in January 2020 and a 21-day notice was served to remedy this. But when this period elapsed without further action the CVA was terminated on March 9, with a view to a winding-up petition being issued.

But the pandemic - and resulting delays within the court system - meant this did not occur.

An application was made to the Football Association for readmission to the National League system last July but this was rejected as it was felt the club did not have sufficient resources to complete the 2020-21 season, Dale did not pass their 'fit and proper person' tests for directorship and another CVA had not been drawn up to tackle the club's original debts.

Mr Wiseglass added: "The FA Committee did not want to close the door on the company and has provided guidance as to what is required for readmittance to the National League and/or Northern Premier League."

Mr Dale was told, according to Wiseglass, that HM Revenue and Customs was still owed £1m, which would become due by December 1. Mr Wiseglass and his firm, Radcliffe-based Inquesta, were appointed on November 27.

The last full accounts for the club, for the financial year ended May 2017, showed it was £2.8m in the red at that stage.

Mr Wiseglass added: "It should be noted that in order for the company to re-enter the football pyramid, Steven Dale can no longer be the director or shareholder of the company as he would not pass the fit and proper test.

"Since Steven Dale is the largest shareholder it would require his consent and agreement in order to the transfer the shares to another party, this is not something that can be enforced by an administrator.

"Therefore, the only way of transferring ownership of shareholding which is held by Steven Dale is with his full agreement and co-operation.

"Any realisation from the sale of these shares would be between Steven Dale and any purchaser and not a matter for the administrator.

"It is understood that Mr Dale is in discussions with a number of interested parties who maybe willing to purchase the shares of the company from him."

Company creditors have until February 4 to make their views known regarding the administrators’ proposals.