It is alleged that Derby County, one of the 12 founding members of the Football League and two-time champion, could be kicked out of the competition if they do not prove the money needed to complete the season.
Derby is in administration and has already received a 21-point penalty by the Premier League, in addition to being placed on a transfer ban.
But The Sun claims this morning that its all-important gold stake could be put on hold midway through the season unless the money appears ready by midday on February 1.
This means that all results and matches have been crossed out.
Alan Nixon adds: “This heavy threat emerged after Quantuma officials were unable to strike a deal with the EFL to deal with Middlesbrough and Wycombe’s allegations down the line.”
There are currently three parties vying to take over the Derby, who were dropped in management by Mel Morris in September.
consortium headed by former owner Andy Appleby; Sports Direct’s head, Mike Ashley, and a mysterious third party line up to take control.
What is your opinion? Share your opinion in the comments section
Officials released an update yesterday evening after another day of twists and turns.
She said: “The joint officials are fully aware of the growing speculation about the future of DCFC – this speculation has not been helped by yesterday’s press reports following the EFL Board meeting yesterday (Thursday). We hope this statement addresses some of the concerns as well as setting out the current position with regard to management.
“As mentioned earlier, there has been a lot of interest from a number of credible parties. There are currently three parties that have submitted bids.
“One of the duties of the joint administrators is to act for the benefit of all creditors, and this includes secured creditors, preferential creditors and unsecured (“ordinary”) creditors owed money owed by the club.
“In relation to football insolvency, this duty is compounded by dealing with those creditors known as ‘football creditors’ which must be dealt with in order to protect the club’s continuing membership in the English Football League.
“The Joint Officials have an exit plan ready to be executed and approved by the creditors, and this is with a view to adjusting the bids received to fit the EFL’s bankruptcy policy and their requirements for creditors.
“The current difficulty is, in our view, the last significant remaining hurdle is to deal with certain claims that are much contested but currently untouchable even though the law states otherwise. While we accept this is frustrating to all, none of the parties can concerned to move things forward until such time as an agreement can be reached.
“Related to the above is the need to ensure that the club can be funded, if necessary, over the coming months or until we have successfully completed the sale. The FA has demanded that we demonstrate sufficient funding and until then given that we are able to do so they will not come forward On player registrations – this includes some players where contracts need to be extended this month.
Video is not available
“While we have a number of options on how to provide this funding, today we are not in a position to finalize this funding, but we believe it will be completed in the coming weeks.
“We are aware of yesterday’s press comments, however, the position is not straight forward considering the position of other stakeholders. We are urgently seeking clarification from the association as to why these disputed allegations were not complied with.”
The association also issued a statement following Thursday’s meeting.
She said: “Following the board meeting on Thursday, January 13, the League wrote to officials to confirm that it urgently needs confirmation on the manner in which they intend to trade while Derby County remains in management including a funding plan that will enable the club to meet its match commitments. Until the end of the current season.
“Without this vision, the league will not be able to approve any player contracts or renew existing registrations and this position has been communicated to the club prior to yesterday’s meeting.”