Dumbarton FC to exit administration as deal agreed to save historic SPFL side

Crisis hit Dumbarton have been saved from collapse with a takeover deal set to be agreed - and creditors paid in full.

The League One side were plunged into administration in November after years of behind the scenes turmoil, with a land sale that fell through proving the final straw.

In the days that followed fans raised more than £100,000 to help secure the club's future until the end of the season, although Stevie Farrell's men did find themselves landed with a 15 point penalty - the same as fellow crisis club Inverness Caledonian Thistle.

However administrators Quantuma now say that a deal has been agreed that will save the Sons, and wipe out their debt - with all creditors set to be fully paid.

In a statement, Quantuma said: "The Joint Administrators of Dumbarton Football Club Limited can confirm that they have agreed Heads of Terms with Gareth Phillips on a proposal that would see the Club exit Administration solvently and with all creditors paid in full.

"Fans will be aware that the Administrators have been engaged in litigation against Pendragon Group Limited of which Mr. Phillips is the principal.

"The full terms of the proposal are subject to confidential negotiations, however as part of the proposal, the litigation with Pendragon would be concluded on the basis Pendragon would not hold security over the Club's assets.

"Mr. Phillips would introduce sufficient funding to stabilise the trading of the Club going forward and the Administrators are required to be satisfied that there is security for cash flow and a business plan to provide support for the Club for the next 3 seasons.

"A non-refundable deposit has been received by the Administrators which will cover any short-term trading shortfall whilst the