Blackpool insolvency: EFL give board time to review finances before deciding on any penalty

Armand Gnanduillet
Blackpool are currently four points off the play-offs in eighth position in League One

Blackpool's recently-appointed board will have the opportunity to review their financial situation before the English Football League decides whether an insolvency penalty is required.

The club were put into receivership by the High Court on 13 February.

The removals of ex-owner Owen Oyston and his daughter Natalie Christopher from the board followed and new directors were appointed by receivers.

Such a breach of insolvency regulations could result in a 12-point deduction.

However, EFL chief executive Shaun Harvey has previously said the penalty is not a mandatory step.

It would be a major dent to Blackpool's League One play-off ambitions, with Terry McPhillips' side currently in eighth place.

"The EFL will continue to work with the club's board to finalise this outstanding matter as quickly as is practically possible," said an EFL statement.

"The EFL board agreed to give the club's board the opportunity to finalise its review of the club's current financial position before making a decision on whether the club is to be regarded as being subject to an insolvency event."