Town chairman David Sheepshanks hailed the club's exit from administration as an "important milestone" in the process of recovery. Sheepshanks was speaking at a press conference called after the board regained control of the club from administrators Deloitte and Touche.

A relieved Sheepshanks said: "Today represents an important milestone in our recovery, it feels like fresh air after the removal of a suffocating black cloud hanging over the club these past few months.

"There are still further issues to be addressed in the coming weeks and months but I am confident that these can now be successfully negotiated.

"I would like to place on record our thanks to all those 'high net worth' supporters who have contributed to the loan stock issue that has helped us raise over a £1 million so far. This includes a £350,000 injection by directors of the club that was vital to finance the last week of administration.

"Public support has been tremendous and a vital ingredient in our recovery thus far. Although final numbers are not yet available, I would also like to sincerely thank all those supporters who have renewed season tickets as well as those who have invested in long-term debentures.

"I hope all supporters will feel reassured by developments and that those that have not yet renewed season tickets will feel increasingly secure in doing so.

"Whilst ensuring that we deliver against our financial commitments, the focus now has to be on football and for the club to be in a position to give Joe Royle every opportunity to develop a squad capable of getting us back to the Premiership."

Club chief executive Derek Bowden added: "The last 11 weeks have been extremely challenging for the club and we are clearly pleased to be able to exit administration.

"There is still a lot of hard work to be done to enable us to achieve our business plan over the next four years, but we are confident that we will be able to do so.

"I would like to thank our supporters and employees for the commitment that they have shown over the last few months, especially given the fantastic response that we have had to season ticket sales and debentures over the last four weeks.

"Their continued support is essential to the success of the club and hugely appreciated by the club's directors."

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