SWINDON TOWN are drinking at the last chance saloon after the High Court granted the club an unprecedented second spell in administration.

For the time being at least, the seemingly endless list of creditors will not be able to wind up the club.

But one of the club's two appointed administrators has warned that there will be no third chance to 'get it right.'

Andrew Andronikou of London-based Hacker Young and Partners said: "This is the last chance, there are no more after this.

"The main priority is to keep the football club together, keep the squad together and make sure we do a deal for the club that will provide money not just for the next few months but for the next 10 years."

Crucially, the judge's decision means former chairman Danny Donegan will not be able to call in a £1.2million debenture and leave the way clear for Sir Seton Wills to invest.

With the club's assets effectively protected, around £400,000 has immediately been released to keep Town afloat until the end of the season.

However, it is the administrators and not the board who will have control over the money's destiny.

The funds are desperately needed with the Inland Revenue owed almost £1 million and Swindon Borough Council due around £250,000 in unpaid rent.

As the club's future was being decided in court, the players had yet to be paid and to make matters worse, the club's phone lines were cut off. But director Bob Holt said the judge's decision meant the club could at last start to look forward.

He said: "This is a positive step as we look to rebuild. It was not the route we wanted to take but we felt there was no other option due to the debenture threat.

"The funds are in place to get us through to the end of the season.

"We have a long, long way to go but we now need to convince the creditors that there is a way forward for this club.

"As a first step, if we are to progress we need backing which will account for at least 75 per cent of the money owed.

"The players will be given cheques today and I will also examine the situation regarding the phones."

As for the longer term, Holt said there were interested parties and talks would take place during the next few weeks.

The other big question to be resolved is the club's future home.

Will the club remain at the County Ground or does the Front Garden still have the potential to house Swindon Town?

Mr Holt said: "This is clearly something which needs to be resolved and if there is to be a future away from the County Ground we would need to establish some kind of partnership approach."

But Mr Andronikou is the man running the show for the time being.

He added: "We are very much in unchartered territory.

"The court has given us an open-ended administration order, but we anticipate most of the work being done in the next six or seven week period.

"It enables the club to fulfill its fixture list and deal with other important matters."

Although stern in his warning that success is a 'must' this time, Mr Andronikou is adamant it is not all doom and gloom.

He said: "I glean confidence from Sir Seton (Wills). He has put his hand in his pocket once again, it's no secret that he has given us the money.

"For him to do that, he has got to have some sort of confidence in what is going to happen.

"The club will now be able to open negotiations with various partners whose interest is hoped will secure a solid foundation for the club to go forward."