STRANRAER'S bid to avoid going bust has received a major boost after the club gave the green light to talks with Loreburn Housing Association.
The Irn-Bru Second Division side's members have given their board permission to set up a partnership with Loreburn, which would enable loans to be made to the club, who are currently 13 points adrift at the foot of the table and facing relegation
to the Third Division.
Stranraer's debts have been estimated at £250,000 and their chances of survival earlier this year were rated as 50-50 by chairman Nigel Redhead.
Stranraer spokesman John Taylor told the BBC: "Our financial troubles have been well documented and I'd been appointed with others to find a way to allow this great club to continue.
"When Loreburn heard the bleak assessment of our future they asked to meet with us."
Manager Keith Knox added: "This proposal has come in the nick of time.
"We're at the stage in the year when I've got to be thinking about players for next season.
"No-one was going to want to come and play here with the threat of the football club going out of business any day."
The partnership, which would also see Loreburn have an ongoing involvement in the club's financial and administrative affairs, could be up and running by the end of the season.
