Town chairman David Sheepshanks has outlined a three-point plan to revive the club's fortunes. The plan reiterates points he has made in his succession of recent interviews.

Point one is to reduce the club's wages from last year's £24 million to £5 million.

Point two is to raise money from the sale of players while point three is the share issue which the club has been hoping to introduce since last autumn.

Then the club were advised not to go ahead given the insolvent nature of the the business.

After the issue the Sheepshanks says that new shareholders will own a significant stake in the club and a new meeting would be held to elect a new board. The fate of the current board members is not something the chairman has discussed.

The chairman's plans are dependent on the CVA being accepted by creditors. If it is not then Town would be in a Leicester City type situation where a new company would be formed and a new board of directors would take over.

The announcement of the CVA has been delayed but the chairman says that this is not unusual, although had Town been in the top two in the division then negoatiations towards completing the CVA might have been quicker.

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