Accrington's future has been assured after they avoided a winding-up order by paying off a £308,000 debt to HM Revenue and Customs following a restructuring at the League Two club.

Stanley looked to be on the brink of going out of business as they prepared for another appearance at the High Court on Wednesday.

But following the appointment of local businessman Ilyas Khan as non-executive chairman and Peter Marsden as president, fears for the club's have now been allayed.

John Coleman will stay on as manager of the Lancashire side, while Dave O'Neill's role will change from chairman to managing director and head of operations.

Khan had revealed his fears for the club's future after they failed to meet their initial deadline for paying the taxman last Wednesday and were given an extra seven days to stump up the cash.

Marsden and Khan stepped in as guarantors of the club in the High Court last week and paid £110,000 of the debt.

Khan and Marsden issued a joint statement saying: "We believe that the town, the community and the supporters should now link arms with the team and the management to forge a stronger and vibrant partnership that will be a credit to this wonderful wonderful football club.

"Whilst there have been clear differences of opinion between David (O'Neill) and ourselves, these are not only resolved, but put behind us.

"The three new directors will concentrate on their areas of expertise, and jointly, bring their collective endeavours to actions that are exclusively in the best interests of the club.

"This includes David O'Neill who will continue in working as he has done for the past year or so in so many areas that often remain unnoticed."