Langston, the club´s main financial backers, initiated High Court proceedings against the club in August seeking repayment of a reported £24million in loan-notes taken during Sam Hammam´s reign at Ninian Park.
A statement released by Langston´s solicitors Hextalls said: "As Langston has previously stated, it has lost confidence in the board of directors who should relinquish control of the club to Langston."
Copyright (c) PA Sport 2007, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms