Creditors for the West Mid Show could be asked to accept a five-year repayment plan as part of a rescue package for the historic event.

The deal forms part of a new business plan for the Shropshire and West Midlands Agricultural Society being created in a bid to see the show survive.

It is being put together by member Roy Dodd, husband of former show chairman Annie Home-Dodd, who is holding a series of meetings in the next few days before putting the package to the society’s 40-strong council next week.

Mr Dodd, who proposed the successful adjournment of voluntary liquidation proceedings at a meeting in Birmingham on Thursday, said a company voluntary arrangement was the only way forward for the society.

A CVA is a legally binding deal with creditors, which 75 per cent of them must agree to, and puts in place a repayment schedule of all or some of the debts over an agreed period of time.

The society owes about £260,000, including about £13,000 in VAT, which Mr Dodd believes could be a figure which could be negotiated.

“I have been doing some financial planning which indicates the show can be made viable,” he said.

“But there are a lot of outside influences which have to be taken into account so I’m unwilling to go into detail until I’ve had meetings in relation to those outside influences.

“I have three or four meetings of key importance before the emergency meeting next week. I think that the show has partial exemption from VAT and there’s a lot of grey areas within that, so I believe the position is open to discussion.”

Mr Dodd added: “If the show goes into liquidation, then the creditors won’t get anything. If it goes to a CVA, then the creditors have a chance of receiving what’s owed.

“We are suggesting they would not be paid immediately, but in five equal instalments over a five year period. That would be the plan.

“I think asking members for a contribution is a possibility, they were asked to contribute six or eight weeks ago but many said they would contribute to something which had a future but not something that was dead.

“I think we need to ensure the society has a future, and once everyone is confident of the way forward, then I hope members will support it.”