Macclesfield have shelved their plans to become a Community Interest Company (CIC) after the scheme's regulator expressed concerns at the club's financial position.
A club statement reads:
Having developed the necessary paperwork, the formal proposal to restructure MTFC Ltd as a CIC was submitted to the CIC Regulator shortly after the EGM in mid-October. All concerned were disappointed to receive a negative response drawing attention to the high level of debt reported in the published financial accounts for 2011/12 which were adopted at the AGM held earlier this year.
In view of the well-known financially challenging situation currently facing the Club, it has been decided reluctantly that the likelihood of satisfying the CIC Regulator is so remote that the proposal should be suspended.
The Board will continue its hard work and looks forward to the continuing support of its fans, supporters and the wider community as it plans for the future.
On the plus side, the win over Brackley has pitched the Silkmen at home against Sheffield Wednesday and whilst we might have preferred a Premier League big hitter, the game is eminently winnable.
The Silkmen had £460,000 of debt when the proposal to move to a CIC was announced in June, having been debt free when relegated from the Football League.
They recently called on fans to raise another £150,000 to help them see out the season.