Portsmouth Football Club's (PFC) creditors have accepted a new deal that could help to safeguard the long-term future of the former Premier League club.

It is now anticipated the new Company Voluntary Arrangement, which will see creditors receive 20p in the pound, will allow PFC to come out of administration after more than four months. PFC chief executive David Lampitt said: "The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club."

In late February, the club became the first Premier League club to call in administrators after accumulating a multi-million pound debt amid a succession of owners. UHY Hacker Young was appointed to oversee the management of the beleaguered club, which has also faced the prospect of being wound up over an unpaid tax bill.

Meanwhile, Stirling Albion Supporters' Trust has launched a renewed effort to acquire a majority shareholding in the Scottish club from chair and current owner Peter McKenzie. The Buy Stirling Albion campaign failed in its takeover bid last summer, but spokesperson Paul Goodwin said it was vital that the club remains in the hands of supporters.

Goodwin said: "The new offer is based on a combination of factors including the club's asset values, the recognition of the vital financial support made by the current chair and importantly the trust's plans to make the club a more central part of Stirling's community." Grays Athletic Football Club has been successful in its appeal against a decision to refuse it entry into the Ryman League competition for the 2010-11 season, after leaving the Blue Square Premier.

According to the BBC, the club had been facing the prospect of playing Essex Senior League football next season but has now been accepted into the Ryman League. Image: Ben Hardinge/Flickr