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Stockport have today entered Administration after a creditor forced the move on the club.
Manchester based Administrators Leonard Curtis have been placed in charge with a spokesman for the company saying: "We are keen to work with the board to explore all possible solutions to ensure the club's future prospects are protected as far as possible. We are extremely hopeful that we will find a buyer for the club and are already aware of a number of expressions of interest.
"We are committed to working with the club's management team to resolve this situation as quickly as possible, balancing the needs of concerned creditors with the future of the club."
It is understood that a secured creditor, owed around £300,000, called time on their loan after lengthy negotiations with the club's board, stadium owners, and accountants Begbies Traynor, a specialist in football insolvency. The move means that the club will be docked 10 points, but that is now likely to happen next season with the penalty unlikely to affect their status this term.
On April 8th David Farms Ltd, who are owed £300,000 by the club, gave them 14 days to return the money. The loan was taken out last summer supposedly to cover short term losses, but remains outstanding. One director of David Farms is Caroline David, who holds a debenture on the club that would have enabled the forced move into Administration.
UPDATE 6pm: The Football League has announced that Stockport will have an immediate 10 point deduction. Whilst they will drop to 17th position in the League, they will not be relegated whatever happens on Saturday.
