NEWPORT County AFC’s celebrations at regaining their Football League status have intensified with the news that the club have cleared their historic debt.

According to their 2010/11 accounts, the Exiles, who have seen turnover increase dramatically in the past two years (up 75% in 2011), owed £733,552, down from £812,044.

All of that money was owed to past custodians on the board of directors and, while there was no rush to pay off the figure, as explained to share holders at the AGM, the current County board had been keen to do so.

Now the Argus can exclusively reveal that since the agreement was reached on Rodney Parade this ongoing project was rekindled and agreement has finally been reached to settle the debts with ALL the relevant parties.

Details are subject to a non-disclosure clause but the Argus understands that the club has taken out a £160,000 bank loan to pay off their creditors.

Some of the ex-directors have taken shares in lieu of money, some a combination of shares and cash and some have walked away with an agreed financial settlement.

Director Howard Greenhaf believes that the ending of the historic debt will drastically increase the club’s potential to attract new investment.

“This situation has been ongoing for longer than a decade, it’s been a long-term problem that we are delighted to have solved,” he told the Argus.

“This gives us the best opportunity to attract outside investors, because it’s been difficult when they’ve asked in the past ‘what if the ex-directors want their money back? Who pays?’ “Now we are in a position where we can move forward from that.

“We believe it’s a very significant step and the timing couldn’t be better.

“We went out of the Football League in masses of debt and we return to the Football League debt-free. It’s the ideal fresh start.”

The Argus understands that eight individuals were required to sign the agreement, with the range of debts going back to as early as the 1990s.

The Exiles are also busy making improvements to Rodney Parade in a bid to increase their capacity for the new season.

They recently met with the Sports Ground Safety Authority who have made various recommendations.

The Exiles are also busy re-shaping the club off the field with interviews slated for next week for both a Football Secretary and a Community Officer.

County are also busy formulating their budget for next season, with final documentation required by the Football League on June 18 (see story above).

County have also secured the Cardiff University Playing Fields as their training base for next season.

It is understood that the Llanrumney venue was manager Justin Edinburgh’s first choice and part of the agreement will see an office erected for Edinburgh and assistant Jimmy Dack on the current site.

Furthermore, Edinburgh will also be getting an office at Rodney Parade, transported from Spytty Park, as the Exiles become more of a permanent fixture at the ground that will be their home for at least the next decade.