A SUPPORTERS Trust could become the new owners of stricken Bury FC for just £1.

But the amazing deal to transfer former club owner Hugh Eaves' two million-plus shares to the Save Our Shakers Supporters Trust comes with a £1.5 million price tag. That's the amount of money the club owes in debts to creditors.

However, if more than 90 of them decide to accept a settlement of just 10p in the £, then the overall amount outstanding will fall drastically to around £573,000. Excluded from the debt list is the reported £1.3 million outstanding on the mortgage of Gigg Lane.

That is to be paid off by an un-named benefactor who is believed to be offering £500,000. If accepted by the Russell Cooke Trust, then the ground will be leased back to Bury on favourable terms.

This week, a comprehensive 63-page report by administrators RSM Robson Rhodes set out the details of a possible rescue package which will be put to creditors at a crunch meeting on May 31. The document unveils plans for a company voluntary arrangement (CVA), based on an offer by the fans-based Save Our Shakers Supporters Trust to take over the beleaguered club.

Among the proposals are:

That the shares of disgraced former owner and majority shareholder Hugh Eaves be transferred to the Trust for £1.

The club enters into a voluntary arrangement with its creditors.

A dividend of either 10p in the £ or one share for £10 debt owed be paid to the unsecured creditors, including Mr Eaves.

Preferential and football creditors claims be settled over time.

Social club premises be transferred to Daniel Thwaites in full and final settlement of all outstanding amounts.

The detailed report circulated yesterday graphically spells out the perilous financial plight of the Shakers.

Preferential and football creditors are owed a total of £463,088. They include Football Federation (£75,000), Professional Footballers Association (£149,875) and the Inland Revenue (£206,363).

And more than 95 unsecured creditors are owed a total of £1,109,627. Among them are solicitors acting for Hugh Eaves' creditors Ashurst Morris Crisp (£749,171) and Greater Manchester Police (£23,505).

At the crucial May 31 meeting, unsecured creditors will have two options as to how they receive settlement, either 10p in the £1 payment or one share in Bury FC for every £10 of debt.

The Save Our Shakers Supporters Trust, fronted by Neville Neville and businessman Peter Metcalfe, comprises the club's fund-raising committee. It has raised £260,000 so far, much of the cash coming from loyal supporters and scores of community fund-raising events.

Effectively, the 2,233,882 £1 ordinary shares held by Hugh Eaves would transfer to the trust for a nominal £1. And the Trust would subsequently sell shares and attract investment to settle the debts and to build a secure future for the club.

Neville Neville for the Trust commented: "Hopefully, after May 31, everything will be settled and we'll get the shares out of the High Court in London. That is the main aim."