BIDCOBusiness and Industrial Development Corporation
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Cleaning the site for sale would increase its value although the joint administrators said it was unlikely the debts to BIDCO could be repaid in full.
Under the agreement, Simest will introduce BIDCO to potential Italian developers, investors and companies who are looking for distributors, agents or local partners in Bahrain or the GCC.
For this reason, BIDCO is unable to enter into public discussion regarding details of the rescue package or future plans for the club.
It is intended that BIDCO will sign a legally binding agreement with the Foundation to transfer majority ownership of the club on satisfaction of their contracted commitments at the earliest opportunity, but certainly within a period not to exceed five years.
Murray said: "In the first instance, BIDCO will be taking the reins.
5 million in BIDCO to support expansion of the company s consumer goods operations into new market categories and create more opportunities for small farmers to enhance productivity and earn better incomes.
The repayments have been guaranteed by Midwestern and Mart Resources Limited (a wholly-owned subsidiary of Midwestern), and the Loan Notes are secured via a securities pledge on 100% of BidCos currents assets, subordinate to reserves based lending.