Swindon Town FC could be forced in to administration to reduce their debts – estimated at around £13m, according to a report this morning by BBC Wiltshire.
It claims club owner Andrew Black is unwilling to put in further funds, and is actively seeking fresh investment.
Entering administration – for a third time in their history – could wipe round £9m from their deficit. But the club, 5th in League One and pushing for promotion, could have points deducted. The move will also mean some players being sold.
The club are likely to appoint accountants to restructure their finances.
And if entering administration is their only viable option, the Football League could impose a 10-point penalty.
Andrew Black was co-founder of betting exchange Betfair and came to the club as part of a consortium, led by ex-chairman Andrew Fitton, which took over in 2008.
The BBC says when Paolo Di Canio was appointed as manager in May 2011, he was given substantial funds to add to the Swindon squad and last season the re-shuffle paid dividends, as he led them back to League One as champions at the first time of asking.
