Notts County have announced the club will avoid going into administration this season and named Steve Cotterill as their new manager.
Negotiations with creditors are still taking place, but new chairman Ray Trew has confirmed that his assessment of the club's finances has assured him that the club will avoid the step into administration.
Cotterill will replace current current caretaker boss Dave Kevan, who was assistant manager under Cotterill at Turf Moor between 2004-2007, on a deal running until the end of the season.
In a club statement, Trew said: "It has always been our intention to avoid administration, which may have been an easier option.
"My staff and I have been working tirelessly to not only assess the club's finances but also to work out how best to resolve the underlying issues that exist and I am delighted to have reached the stage where I can make an informed decision.
"We now hope to move on from the troubles of the past, to focus on making Notts County a viable and attractive sporting institution once again."
Former caretaker boss Dave Kevan will now renew his partnership with Cotterill in the assistant manager role at Meadow Lane.
Trew added: "Steve Cotterill is a man that we know plenty about and who was always top of our list of preferred managers when we first took over Notts County.
"Steve brings with him a wealth of experience both as a player and manager and I believe that he has the pedigree to take this club forward."