The joint administrators have advised that the issues previously reported surrounding the writing off of loans by loan creditors and the uncertainties stemming from the property held on sub lease by the club have been resolved and agreements reached in principle.

A further key condition of the purchase is that 100% of the company’s shareholding is transferred to the purchasing vehicle. A number of shareholders have already agreed to this.

The joint administrators will now work with Mr Savage and his advisers in progressing the Company Voluntary Arrangement (CVA) which, if approved, will see the Club successfully exit administration and continue to operate.

A BDO spokesperson said: “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders and everyone at the club for their cooperation and for working so hard to get us to this point.

“Our focus now is on progressing the CVA to ensure a successful exit from administration and secure the future of the club. Together with Alan, we will look to firm up timescales in this regard as soon as possible.”