A meeting of creditors setting out plans for a repayment schedule under a Company Voluntary Arrangement (CVA) was due to take place yesterday. That has now been put off to May 14 but the CVA could still be shelved.
In a statement, administrators Kroll said:``Discussions with the key stakeholders will continue in the hope that a successful conclusion can be reached.
``However, it is essential that the club is on a sound financial footing before exiting administration.
``As a result, in all probability, the CVA will be withdrawn. Should that circumstance arise, the club will remain in administration and will continue to trade, subject to resolving a number of critical issues.''
Whatever happens, the mystery surrounding Bryan Robson's future as City manager is expected to be cleared up soon.
The Manchester United and England legend is set for talks with chief executive Julian Rhodes when his contract ends after tomorrow's match against Millwall.
Managing director Shaun Harvey told the Telegraph and Argus:``May 14 is a line in the sand. If the CVA doesn't go forward on that date then decisions are going to have to be made and Bryan's position will be resolved.
``The possibility of staying in administration was not considered until recently. It's only this week the realisation has dawned that the CVA proposed might not be the answer to all the issues.''