Leeds United's creditors have accepted an offer by Ken Bates, securing the club's future and effectively ensuring he retakes control.
Former Chelsea chairman Bates, who bought the club from Gerald Krasner last year, offered those owed money by Leeds just a penny in every pound in order to clear the club's substantial debts.
And after a tight vote last week left the club in limbo over the weekend, Bates' offer was narrowly passed allowing the Elland Road outfit to begin planning for next season, subject to ratification of the restructuring plans by the Football League.
Richard Fleming, the joint administrator and partner of KPMG Restructuring, said he anticipated no more problems with the company voluntary agreement (CVA).
"I am satisfied that in voting to accept this CVA proposal the creditors have approved a solution that allows the club to plan ahead for next season; reduces uncertainty for all those with an interest in Leeds United; provides some return for creditors; and avoids liquidation," he said.
"Leeds United football club must now seek approval from the Football League and can begin to rebuild for next season. The supervisors can also begin the process of agreeing creditors' claims for dividend purposes."
Bates needed a majority of three-quarters of all votes cast by creditors to allow the CVA to be approved, and achieved his target by just 0.2 per cent after a recount this morning.
Despite only receiving an initial dividend of one penny in every pound owed, Bates has promised an additional payout if the League One club is able to regain its Premiership status within five seasons.
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