David Sheepshanks has confirmed that any significant investment in Town will be voted on by the club's 3,792 shareholders. A report earlier in the week claimed that Sheepshanks and chief executive Derek Bowden had already agreed to sell the club, however the chairman dismissed this as speculation.

The Town board has stated on numerous occasions in the past that should an individual or group wish to own more than 15% of the club's share capital, the matter would be put to a shareholder vote.

Sheepshanks confirmed that the club has long been looking at attracting new money: “In parallel with our ongoing discussions with our lenders, we have for some time been exploring a range of options for raising new investment.

“Although speculation at this stage is premature, should there be a proposal involving a substantial dilution of existing shareholder interests, or a change of control, then it would be a matter for the board to consider and, as appropriate, recommend to shareholders for a vote.”

It is TWTD's understanding that an agreement has been reached with Morley Fund Management regarding a write-down of the £28 million owed on the bond which paid for the building of the two new stands.

As reported on Wednesday, this agreement will pave the way for significant new investment into the club.

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