Pete Masters, who has taken over Truro City along with fellow local businessman Philip Perryman, has revealed that the club was on the brink of liquidation last Friday night as frantic efforts to complete a deal stalled.
He said: "It was touch and go and went right up to the wire. There were external forces at work behind the scenes.
"We decided we had to get the job done as there were things that needed doing.
"The deal should at been completed at noon, but dragged on and on and when we got to nine o'clock we left the solicitors and said enough was enough.
"By the time I got home there were a lot of frantic calls and we managed to get it done by 9.45pm.
"If it had not happened the club would have gone into liquidation. There are no ifs and buts about that."
Much to the relief of City's long suffering fans, though, Messrs Masters and Perryman were able to complete the deal, with Kate Breese of Walsh Taylor and administrator of Truro City Football Club Limited, confirming late on Friday night the sale of the business and assets of the club to Truro City Football Club 2012 Limited, a company owned by the pair.
She said: "Although a sale has now completed, the company voluntary arrangement (CVA) that is required to be passed in order to ensure that the club can exit administration in accordance with The Football Conference Rules has not yet been issued.
"This is expected to be issued in the near future, following which, it is hoped that the club will be able to formally exit administration in accordance with the requirements of The Football Conference."
Masters is hoping the CVA can be sorted out next month, with the response he said from creditors, such as former manager Sean McCarthy, positive as long as it was for the good of the club.
Masters, of the L2 nightclub in the city, along with Perryman, of A2B taxis, came to the club's rescue back in October, providing a £50,000 bond at the 11th hour when the stricken club looked certain to go into liquidation.
Masters estimated that between them they had spent £123,000 so far on the deal, not including the cost of buying the club, which he said he was not at liberty to reveal.
He paid special tribute to the players' support, without which any rescue plan would have foundered.
He said: "The players have been terrific from the start of our involvement and we fully expect that relationship to continue now that we own the club.
"They have had to make some big sacrifices for the club which were done in an effort to save the club which has been successful and for that we are very grateful.
"We still face a mountainous task to get the club back on a sound and sustainable financial footing and then to drive forward and develop the sort of club, and all its spin-off activities, that we all want to see."
And he has called on fans to get behind the club and get involved.
"We now urgently need volunteers to assist in the various duties involved with running the club – for example, matchday manager, commercial manager, safety officer, players' kit manager, ground stewards, car park stewards, cleaners, ground maintenance, first-aider.
"Please let's hear from you – feel welcome to email me at petermasters@btconnect.com"
On the field, meanwhile, Truro manager Lee Hodges last week boosted his squad with the surprise return of veteran striker Barry Hayles from St Albans.
But Danny Carne has confirmed he is leaving Treyew Road for Carlsberg SWPL Premier Division outfit St Austell, despite the best efforts of Hodges to keep the promising youngster at the club.
Hodges said: "I spoke to Danny after Saturday and tried to convince him to stay and play for the reserves if he wanted more game time, but he has since texted me to say he still wants to join St Austell.
"It is a pity but it opens the door for someone else."
