SWINDON Town director Bob Holt has revealed the club are "rapidly heading towards insolvency", admitting major shareholders will now be asked for funds to meet medium term needs.

Holt has also revealed Best Holdings' exclusivity over purchasing the County Ground club has now expired, claiming there are other parties now in talks as the club fight to save their future.

Major shareholders the Wills family are expected to receive the request from Town's board for yet more funds today or tomorrow as the takeover saga rumbles on.

Portuguese company Best Holdings signed a deal to take full control of the club over a month ago but, as "minor paperwork" remains to be sorted, Holt has revealed there are alternatives.

While the players' pay problems were met late last week, crippling debts still hang over the club and Holt admits it cannot continue.

He said: "I am not a shareholder, we are a working board who report to the shareholders.

"We are writing to our major shareholders on Tuesday or Wednesday and advising them the time has come where additional funds are needed for the medium term or else we are rapidly heading towards insolvency.

"As a board we can continue to trade if it is in the interests of our creditors but as soon as it becomes clear there are not funds round the corner we can't trade on.

"We are a professional board but at this stage it is the hands of the Portuguese and other companies because more funds are needed."

While chairman-designate Jim Little continues to finalise a takeover deal for Best Holdings, Holt admits others have now joined the race for the club.

He said: "There have always been other people in the background.

"When we signed the contract with the Portuguese people they had an exclusivity to it while we dealt with them.

"It is fair to say it has come to a point where that exclusivity has expired."