County have been in administration since April 30 2009 but there were hopes the Melrose Consortium would buy the club and safeguard its future.

However, the Football League Board have refused to transfer the shares over to the Melrose Consortium to complete the takeover following a meeting on Thursday.

The club's administrators Leonard Curtis said in a statement: "As indicated previously, the Football League Board met to consider the proposed transfer of the Football League Share to the Melrose Consortium.

"Unfortunately, we understand that they were unable to recommend that the Football League Share be transferred at this time as there were still some issues to be resolved.

"We have requested that the Football League confirm what matters remain outstanding and have offered our assistance to both the Football League and the Melrose Consortium to resolve these matters if possible."

Source: Team Talk