THE final details of the rescue deal to save York Wasps are expected to be completed early next week in time for the Christmas break, the Evening Press have been told.

Gary Blackburn and Paul Whitwam, partners in Leeds-based corporate recovery specialists Begbies Traynor, who have been charged by the club to assist in preparing a proposal for the Company Voluntary Arrangement, said that a meeting between directors and lawyers to finalise the CVA plans will be held in the next few days.

It is hoped the proposals will be circulated to all creditors before the Christmas holidays so that a meeting can be held in early January to consider the merits of the proposed CVA and so that possible amendments can be discussed.

As reported in yesterday's Evening Press, the basis of the proposals will suggest that only preferential creditors receive money of more than a nominal amount.

Such creditors include the Inland Revenue for one year's unpaid national insurance, Customs and Excise for VAT owed, and players and staff whose wages are protected by employment law.

Unsecured creditors - such as the City of York Council, who are owed £46,000 in unpaid rent, and former coaches Dean Robinson and John Paterson, who between them are due £17,000 compensation for constructive dismissal - would not receive all the money they are owed.

The money the club would use to pay off what debts they can would come from the sum which is due from the Rugby Football League.

This would be handed over only if the club fulfil their fixtures this season and next, with Begbies Traynor deciding how to fairly distribute these dividends over the two years.

Unsecured creditors are only likely to get money back if and when prefential creditors are paid off.

Begbies Traynor partner Gary Blackburn would not say what the chances are of the proposals receiving the necessary 75 per cent 'yes' vote.

But he added: "We don't put proposals forward to be rejected; it would be a waste of time.

"The choice is either everybody gets nothing or preferential creditors get a substantial amount if it is to work."

Former vice-chairman Russell Greenfield said club officials have spoken to the Wasps' two biggest creditors - the Inland Revenue and City of York Council - about the club's plans to enter into a CVA, and yesterday met with experts from Begbies Raynor.

"I'm absolutely positive we will get the creditors' backing," said Greenfield.

"This could be a new dawn for York Wasps. We've taken very strong business measures to secure the club's future."

The Inland Revenue and City of York Council will have the biggest say in the vote for or against the proposals, as they are the largest creditors.

The Inland Revenue could not comment on individual cases due to confidentiality. A spokesman for City of York Council was not available.

Though the council are unlikely to receive money owed, any deal to secure the future of the club would mean they should be paid rent for use of Huntington Stadium in the future.