The Club is pleased to confirm that it has reached a formal agreement with HMRC to bring its affairs fully up to date and therefore it will now be approaching the Football Conference to have its transfer embargo lifted.

This has included the making of a significant payment to HMRC on Monday of this week which has cleared all tax liabilities of 2011 up to and including Februarys PAYE payment (which would normally be due on 19 February) as well as reducing the debt that had arisen from September of last year to December. The exact details of the arrangement will be explained to the Lenders Representative(s) and the Supporters Association Representative later this month.

In respect of the Lenders Representative position it has been resolved that two individuals should be appointed to share the responsibilities of this post. 4 people have put themselves forward for this and our solicitors have been progressing the election process behind the scenes.

Each lender will be balloted by post early next week as to the 2 individuals they would like to appoint (having had sight of a manifesto statement from the candidates) and those appointment can then be finalised within the following 14 days.

A first meeting will be held between the Club and the representatives on a mutually convenient date at the earliest opportunity thereafter. The process of putting in place a new constitution and structure for the Club can now proceed in earnest.

Whilst it has been noted that some have expressed frustration at the delays, we know that those individuals who are standing have been kept fully aware of the process by our Solicitor and that matters have been progressing as fast as realistically has been possible.

We hope that all supporters of the Club will welcome what we believe to be very positive news and with the implementation of some eminently achievable commercial and business initiatives we are confident that we will meet all our financial targets and in so doing comfortably clear our liabilities with HMRC and thus start the 2011-12 season in far better shape than we have been in for some considerable time.

We do not under estimate the considerable hard work that will be required between now and the end of the season to achieve these goals but as Supporters you should be assured of the Clubs commitment to achieving them and we hope that you will continue to support our efforts in the same way that you have done up until now.

We have been able to reach this position with considerable assistance from our professional advisors including Leathes Prior's Dan Chapman as before ; as one they have asked to express the following point with particular regard to the forum.

Whilst we accept that forums represent the independent views of individuals and should always remain that way, it should be noted that in recent weeks certain postings have potentially jeopardised weeks of careful negotiations with HMRC and all the more frustrating was the inaccuracy of the statements made. We have from time to time spoken to some of the lenders and they share our frustration with certain postings that have been made and have assured us that they are not representative of their own views. We therefore hope that going forward a little more consideration will be given to the potential impact of postings that are made, unless of course those individuals just wish to see the club fail. Posters should of course also be aware that website forums are subject to the laws of libel as is every other public protestation."

In conclusion the Club would add United we stand divided we fall .

We have undertaken every effort since Christmas to ensure that progress is made in our quest for our future survival, and whilst we acknowledge that our fans (and lenders) would ideally be kept up to date on a frequent basis there have been occasions when for sound legal, commercial or practical reasons, this has simply not been possible.

Once we are able to put behind us the turbulent times of the recent HMRC matters, we really can focus on a new future where lines of communication are properly put in place via the appropriate channels.

Until we are in that position, we and our advisers would ask for the continued support and patience of our loyal supporters.

We thank you, once more.