Hereford United's new owners must show the Conference that they have the resources to keep the club in business within the next twenty four hours.
Conference general manager Dennis Strudwick has given the Hereford Times an outline of the situation.
"The whole thing needs some clarity and it needs clarity very quickly,” said Strudwick.
“The club need to submit a form to the FA and will need approval to the FA before we deal with any new owner in any authority on behalf of the club.
“Hereford United must settle their debts with football creditors by 5pm on Thursday – and the club are well aware what they need to do. The club have known this since May 14.
“Hereford United are not a position to call the tune - they must abide by the rules of the competition like the other member clubs in the Football Conference.
“We will also need a budget which must be compelling and detail that the club will not only meet their requirements for next season but how they will deal with the current debt, including an impending winding-up order from Revenue and Customs.
“I don’t want to prejudge this matter but, if a club fails to pay off their football creditors, they face being expelled from the competition and that includes the Conference North or South.
“In my opinion, football creditors are the wages owed to players and staff, other football clubs, the Football Conference, FA and the County FA."
Meanwhile the paper confirms that David Keyte remains as chairman.