Millers chairman Denis Coleman told the official website ‘This is to stop the club going out of existence and we’re confident it will be agreed.’
If the propsal is agreed at the creditors meeting on 5 May, a ten-point deduction will be enforced next season.
Last month a group of Rotherham businessmen, headed by Coleman, stepped forward with an investment pacakage that the club had hoped would see off the threat of liquidation.
But with the financial position at the club worsening after the Inland Revenue issued a winding-up petition, the club have moved for a voluntary arrangement to avoid going out of existence.
Coleman added: ‘What we’ve done today is not liquidation, it’s not administration, it’s a company voluntary arrangement.’
Im led to believe there is a lot of hard work to be done before may the 5th, lets just hope at the end of all this talking and discussions, we still have a Rotherham United.