The Co-op exists for a number of reasons. Most importantly, it provides a legal entity for supporters, helping to represent fans and facilitate communication between supporters and the Club.

We’ve also worked closely with the Club to help grow the fanbase and strengthen the connection between County and its supporters. This has included initiatives such as the junior ticket scheme and our sponsorship of the flag bearer initiative.

A phoenix club is something we never want to see. However, we established the Guardian Account as a way of helping safeguard football in the Borough of Stockport should the worst happen. If a phoenix club were ever required, though, it would likely need to be established as an entirely new legal entity.

The rules around exiting administration have changed since 2010, when County were in administration. At that time, creditors accepted a payment of just 1p in the pound.

Under the current rules, for an English football club, or a new buyer, to exit administration and retain its right to compete, 100% of football debts must be paid, along with a minimum of 25%–35% of unsecured debts.