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Statement from Manchester Phoenix and Red Hockey

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Manchester Phoenix and Red Hockey Ltd. have agreed terms on which they will part company with immediate effect.

The agreement, whilst confidential, involves the transfer of shares at a nominal sum and Red Hockey agreeing to write off significant amounts of monies loaned to Manchester Phoenix.

Red Hockey's Wayne Scholes, who resigns as a Director of Manchester Phoenix with immediate effect, said: "After extensive discussions with Neil, it is clear that the only way to ensure Manchester can move forward is for us to bow out and make space for new investment. To ensure that can happen we have agreed to steps which will considerably improve Manchester's immediate financial position and make them a more attractive proposition to new investors. Whilst we are sad to be leaving, we are very happy to have been able to play a part in ensuring the survival of the team, and we wish them and their great fans the very best for the future."

Neil Morris said: "We would like to thank Wayne and Red Hockey for all they have done for Manchester Phoenix, without their input it is unlikely that the team would have been able to survive to this stage. By this latest generous gesture, they have created an improved financial environment for the team on which we can seek new investors and take the team forward on a stronger financial footing.

"We are in discussions with potential new investors and hope to make further announcements shortly."