Notts County have been given 13 weeks to sort out their financial crisis but if they fail the world's oldest league club will be thrown out of the Football League, a League statement said today.
Second division Notts County, formed in 1882 and founder members of the League, have been given until December 9th to resolve their financial problems and exit administration, which they have been in longer than any other Football League club.
"If the administrator fails to conclude the necessary arrangements within the prescribed timeframe, Notts County will cease to be a member of the Football league and its playing record for the current season will be expunged," the League said in the statement issued after its board meeting.
After the unanimous decision by the League's board of directors its chairman Brian Mawhinney said: "Based on the information provided to the league by the administrator, this should be ample time to finalise arrangements."
The League has now considered Notts County's plight on nine separate occasions and been repeatedly assured by the administrator that a solution was imminent, including a personal assurance at the league's board meeting in August.
But Mawhinney stressed the latest reprieve "represents the last opportunity to safeguard the continued membership of one of the League's founding clubs."
Notts County were threatened with expulsion from the Football League in April, only avoiding going out of business in May when creditors voted to sell the club.
Since then the Magpies, who are bottom of the second division, have been struggling to sort out a buyer.
Notts County's plight has wider implications for Football League clubs sheltering in administration.
By December the club will have been in administration for 18 months and the Football League decided today to tighten the rules.
"Whilst company administration is principally a matter for the courts, it remains the League's duty to ensure that insolvency procedures do not distort fair competition between clubs," the statement said. "Clubs in administration derive a competitive advantage over their rivals by virtue of being protected from their historic debt. Such a situation cannot be allowed to continue indefinitely."
The League has therefore decided that in future "no club will be allowed to commence two consecutive seasons in administration. Furthermore, no administration will be permitted to exceed 18 months duration."
A host of clubs, including Luton Town, Wimbledon, Oldham Athletic, Leicester City, Ipswich Town, Port Vale, Barnsley, York City and Huddersfield Town, as well as Notts County, have been in administration at some stage over the past few seasons.