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I think they are terrified of being sued so they're dragging it out until the lack of time will make finishing the season impossible. They'll be able to say they gave clubs every chance and Peterborough probably won't have a case.
If its financially unviable- call it. If it not, follow the SPL approach of televising everything, selling tickets to replace some of the lost income - and splitting the proceeds amongst the clubs accordingly.
The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett)