The High Court has approved a scheme designed to ensure the survival of Shamrock Rovers which, the court heard today, had debts of more than €2.6million.
The new structure for Shamrock Rovers was drawn up by examiner Neil Hughes, appointed by the court last April, and is being funded by The 400 club, a group of committed fans and supporters.
The scheme involves the Revenue writing off over a million euro due to it and more than 60 unsecured creditors who are owed over €1.6million receiving a dividend of just over 2 per cent.
Members of the old Board of Branvard will receive no return on their investment of €200,000.
Employees will fare best, receiving 66 per cent of what is due to them.
Mr Justice Frank Clarke made the order approving the new scheme that will take effect from next Tuesday.
