Joint Administrator Mark Fry of Begbies Traynor has issued the following statement in response to today's Football League meeting...

We were advised by the Pinnacle Group last week that they needed confirmation from the Football League that the notice of withdrawal for membership under its insolvency policy would be withdrawn.

The Football League has insisted that in order to consent to a notice of withdrawal they require amongst other things an undertaking that the Football Club will not appeal the decision to deduct ten points next season.

The proposed purchaser considered that the appeals procedures set down, not just by the Football League, but also by the Football Association are there to be used when there is a legal question that surrounds the decision and in accordance with the principles of natural and fair justice, the football club should be left with the opportunity to appeal if it so chooses.

To remove that right to appeal in return for the notice of withdrawal is an incredible abuse of power.

This has left the Administrator trying to conclude a sale in a situation where the buyer is unable to reach an agreement with the Football League.

The Administrator understands that the buyers are currently considering this matter and hope to have further information during the course of tomorrow.

In the meantime, the exclusivity period has expired and the Administrators have reopened discussions with other parties.

Begbies Traynor

Mark Fry / Kirstie Provan
020 7398 3800

Smithfield

John Kiely/Will Swan/Will Henderson
020 7360 4900