Mansfield Town and Steve Hymas have agreed a deal to resolve their legal dispute over his former loans to the football club - which will effectively wipe out a debt worth nearly £1m.
In a move which will improve the financial well being of the football club, Mr Hymas has agreed to convert his outstanding loans into preference shares.
I am glad this is all over and I hope that all fans will now get behind the football club for the remaining matches of this season.Steve Hymas
As part of the deal, Stags owner John Radford has also agreed to convert an equivalent amount of loans controlled by him into preference shares.
The move will wipe out nearly £1m of debt from Mansfield Town’s book. It also reduces the money the football club has to pay on its legal bills in fighting the court action.
The deal sees Mr Hymas, who resigned as chairman of AFC Mansfield earlier this week, return to the club as a director where he will play an important role in the club’s youth development.
Mr Hymas told the club’s official website www.mansfieldtown.net: “Anyone who has ever known me knows that I love Mansfield Town Football Club.
“I am delighted that John and I have been able to do something, which settles our differences, strengthens the financial well being of the football club and allows me to get more involved with grassroots football.
“I am glad this is all over and I hope that all fans will now get behind the football club for the remaining matches of this season.”
Mr Radford hailed the news as ‘another great day for this marvellous club’.
He said: We have effectively removed £1m of debt from the club. This is really important as financial rules around the running of a football club are coming under much greater scrutiny from those who run the game.
“Similarly, it is great that Steve is coming back to help the football club. I just hope that all the fans will now get behind the football club, the players and the manager.
“We have eight games to play and if we could win all of those games it would be a great end to the season! Come on you Stags.”