York City Football Club was ushering in a bright new future today.

The Supporters' Trust's was being unveiled as City's new owners this afternoon after confirming a Company Voluntary Arrangement.

The Trust has come to an agreement with the Inland Revenue to pay debts owed to the Crown in a deal which now satisfies the tax man.

That obstacle was finally cleared at a historic creditors' meeting and, with the Football League indicating it would be ready to ratify the Trust's bid, there was joy across York at the news of the takeover.

Club president John Greenway said: "This is fantastic news for the football club. I can't speak more highly of the efforts of the Trust and the people who have helped this to fruition.

"Let's hope we can continue the success on the pitch and that this is the start of a new era for York City.

"I hope the Trust's efforts will be rewarded with a bumper crowd at Bootham Crescent on Saturday."

David Atkinson, chief executive of City of York Council, said: "It is great news that the Supporters' Trust has taken control of the club and that we have been able to play a part in ensuring that professional football continues in the city.

"We will now be working closely with the Supporters' Trust on the details surrounding Huntington Stadium."

Coun Steve Galloway, Liberal Democrat leader, said: "This is in the best interests of the club, and I would urge the council to continue working with the Trust to ensure that the infrastructure is right for the club to prosper."

Updated: 13:36 Wednesday, March 26, 2003