NORTH Albury Sports Club has been rescued at the 11th hour with members being asked to deliver on $130,000 worth of pledges.

A do-or-die deal put together by administrator Chris Chamberlain was unanimously agreed to by creditors yesterday.

Owing about $900,000, Mr Chamberlain is confident the NAB will be appeased with $130,000 from pledges and a still to be confirmed sum from the sale of car parks to Albury Council.

Creditors also agreed to the club entering into a deed of company 

arrangement whereby they would be serviced by an additional $160,000 to be raised between now and December 31, 2016.

But the first step in the survival package is members delivering on pledges they made since the club went into administration nearly a month ago.

Mr Chamberlain has called a members’ meeting on Monday night.

The pledges won’t be refunded if the club goes under at any stage.

“The members have done it because they love the club and want to see it continue,” he said.

“It is a very big step for the club, but there are still some hurdles to overcome.

“It is now time, with all due respect, for those pledges to be crystalised.”

Mr Chamberlain said the return of about 17 cents in the dollar to unsecured creditors was unfortunate.

“It isn’t massive, but creditors were mindful of the fact this is the position we are in and the alternative is there will be no return,” he said.

The council is owed more than $60,000 and any deal on the sale of the car parks will be subject to full council approval.

“Albury Council has presented the administrator with an in-principle offer to purchase two parcels of lands owned by the North Albury Sports Club,” council general manager Frank Zaknich said.

“The offer has been made to assist him in his attempts to determine a way forward for the company.

“If accepted, a formal and confidential report will be presented to council for consideration.”

About a year ago the sports club hoped to raise $250,000 from the sale of car parks to council to ease its financial woes.

Council directors James Jenkins and Tracey Squire were part of a council delegation at the creditors’ meeting yesterday.

Mr Chamberlain said the deed of company arrangement to raise $160,000 would include repayments of $3000 per month.

“It puts the pressure back on the club to be proactive and diligent in its trading from this point onwards,” he said.

“It will require continued member support.

“One of the options would be tragically closing the club today.

“But it is not a good result and creditors have shown their faith in us.”

The club also has to recruit three more directors and enter into a lease deal with Albury Council.