Fans will be aware that the administrators, Ian Wright and Craig Morrison, have been engaged in litigation against Pendragon Group Limited of which Mr Phillips is the principal.

The full terms of the proposal are subject to confidential negotiations, however as part of the proposal, the litigation with Pendragon would be concluded on the basis Pendragon would not hold security over the Club’s assets.

Mr. Phillips would introduce sufficient funding to stabilise the trading of the Club going forward and the Administrators are required to be satisfied that there is security for cash flow and a business plan to provide support for the Club for the next three seasons.

A non-refundable deposit has been received by the Administrators which will cover any short-term trading shortfall whilst the transaction is being negotiated, until the target completion date in early May.

The Administrators will now work with Mr Phillips and his team to conclude this proposal to allow planning for next season to commence.