Accrington shareholders approve takeover plan by local businessman Andy Holt

Accrington shareholders have approved a takeover plan by local businessman Andy Holt that will see the club's B#1.2million debts wiped out.

Holt, who owns the club's shirt sponsors and the company whose name adorns the team's Wham Stadium, will acquire three-quarters of Stanley's total shares, giving him a controlling interest, subject to Football League approval.

He will also provide £600,000 of funds and become a director of the club while chairman Peter Marsden will retain his post in a move that Accrington manager John Coleman has termed a "watershed" moment.

"In the immediate future it won't make a big difference but it's a watershed and one of the biggest events in Accrington's history - and that's going back to the rebirth of the club and getting back into the Football League," Coleman said on the club's official website.

"We have always been swimming against the tide and maybe now we are just jumping into a boat. The club has been debt-ridden for years and once in that situation you are always fighting fires and living hand to mouth to keep the club afloat.

"We aren't going to have the riches of some League Two clubs but just to have the debt wiped out is a massive boost for everyone behind the scenes who have battled to keep the club afloat for years.

"It's a dream come true for people behind the scenes as now it's a case of doing everything properly and not cutting corners and just having to make do."

Stanley chairman Marsden added: "The current board have been keeping the club ticking over but Andy's involvement is the best thing to happen to Accrington Stanley.

"Andy is a successful local businessman, he is self-made and frankly a good bloke. He came on board as the club sponsor and has caught the Stanley bug."