Talks to establish a new partnership deal between Stranraer Football Club (SFC) and Loreburn Housing Association (LHA) have been approved 'in the nick of time' according to club manager Keith Knox.

SFC members voted in favour of a resolution to enter into discussions with LHA about forming a new takeover deal by the end of the season, which involve the Dumfries and Galloway housing association incorporating the club into its group structure in order to provide financial support. Under the terms of the agreement, LHA will be involved in the financial and administrative operation of the club, while a separate board of directors elected by SFC members will be responsible for co-ordinating the football side.

John Taylor, a spokesperson for SFC, said: "With Loreburn restructuring the debt and helping the administration, it will help me and the board members to concentrate on bringing new investment to the club. I must stress that we need to continue the fund-raising efforts, and we will ensure the club is run as efficiently as possible." Keith Knox said: "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."

LHA chief executive, Ahsan Khan, added: "Stranraer Football Club is a great community business. It provides employment, brings money into the area, and gives the town unrivalled free publicity. Above all, it gives local people enjoyment and a sense of community pride. It would be a tragedy for this area if the football club went out of existence."