JIM Rushe will ask Northwich Victoria’s creditors – owed collectively more than half a million pounds – to accept around a quarter of that sum.

The proposal is to be put to a vote later today.

“I’ve done as much as I can,” he said.

“I’ve worked with the administrators to put everything in place, now we’ll have to wait and see what happens.”

Finance experts from Refresh Recovery Ltd have been in talks with the tax man – thought to be owed around £450,000 – to prevent the club sliding into financial collapse.

Rushe’s proposal for a Company Voluntary Arrangement (CVA) with creditors to repay a fraction of the debt, includes an offer of a dividend of 25p in the pound over five years.

Three quarters in value of those owed cash must support the plan for Vics to survive in their present form.

It is not known which way HM Revenue and Customs will vote.

Rushe claims to have ploughed £325,000 of his own money into the club since taking control in December 2007.

Former backer Nick Bone has done the same.

Both are willing to write off their contributions in order to preserve Vics’ future.

The company – Northwich Victoria Football Club (2004) Ltd – has been in administration since the beginning of May.

As a result the Football Conference has imposed a 10-points penalty, meaning Andy Preece’s men start adrift of their Blue Square North rivals next month.

If the terms of his CVA are accepted, Rushe will buy the football club back using a new company.

He will then be free to complete a £1.3m deal, agreed earlier this year, to become the next owner of the Victoria Stadium.

Creditors meet there from 1pm this afternoon.