THE board of Swindon Town have made a desperate last-ditch plea for their majority shareholders to reach a compromise with Andrew Fitton OR face closing the turnstiles for good.

Wiltshire businessman Fitton withdrew from takeover talks yesterday morning, declaring it "a dead deal", leaving Town with up to £5million of debts and the clock ticking on their future.

Directors have appealed to the Wills family to urgently provide funds to keep the club trading but were last night urging the majority shareholders to perform a U-turn and "reach agreement with Fitton" for the sake of the Robins' future.

Fitton blamed the breakdown on two suggested changes to the agreed deal he received yesterday and the Swindon Advertiser understands the board are urging their bosses to accept his original terms. He also fears his withdrawal will plunge the club into liquidation but insisted the club was "too messy" for him to conclude a deal.

Director Bob Holt has revealed the Wills family have already held talks with another party interested in purchasing the club, but left everyone in no doubt time was running out.

He said: "It is not the directors' call. It is up to the shareholders to come up with some form of compromise.

"The directors will be doing everything in their power to ensure they will get together. We hope to act as a catalyst to get the parties back together and to endeavour to sort it out. We don't have long to get these funds.

"We have reached the point now where there is insufficient funds to keep trading. We will be seeking additional funds.

"We have to talk to our creditors and if they lose patience, they lose patience and one could not blame them. Any creditor is at liberty to take legal action whenever they feel like it.

"I will be asking for communication that there is extra funding coming from whatever source. I can't answer whether this is the end but it is something we will avoid at all costs."

While the board fights to resurrect talks between both parties, Fitton revealed he fears for the future of the club.

He said: "Either they will find some way to keep struggling on, and that would be a great shame because eventually it would just lead to the inevitable. The other option is for the club to go into liquidation, they would lose 15 points and who knows what the future would be?"

The Advertiser can reveal the fall-out involves who would have control of the ground development rights from the deal.