Exeter City are trying to get to grips with their financial crisis, with potentially serious effects for all Conference clubs and football rules, as Howard Pattison writes
Watching Exeter play football may be unrewarding, but the club’s adventures off the pitch are rich with incident, controversy and intrigue. Having seemingly headed off their most pressing financial worries by entering into a corporate voluntary arrangement (CVA) with their creditors, whereby they agreed to pay just ten per cent of their debts, they were immediately served notice of a 12-point penalty, the punishment set by the Conference at the beginning of the season.

