The relieved chairman of Margate Football Club has admitted his team were less than two hours away from a possible descent into non-league obscurity.

Keith Piper and officials from the club brokered a deal with debtors HM Revenue and Customs (HMRC) at around 3.30pm Tuesday.

The Hartsdown Park side had until Wednesday to find an alternative to a Company Voluntary Arrangement (CVA).

Under league rules, Margate would have been stripped of 10 points for entering a CVA - a move which would have dumped the club to the bottom of the Ryman League Premier Division and left them facing relegation.

Speaking to the KM Group, Mr Piper thanked everyone involved in negotiating the last-gasp deal.

He said: "It was a very tough, very long day which started at around 9.30am and continued until 5pm.

"At 3.30pm it appeared that there was no way forward - but we've now finally reached an agreement which means that won't happen.

"Nobody wanted to lose 10 points, particularly given our position in the league at this time of the year - but the fundamental issue was to ensure the survival of the club."

The club has not revealed the exact terms of the new agreement but confirmed it has until Wednesday, December 10 to finalise the deal.