The 1957 debt is irrelevent its just an example of the shit they are dealing with.The big issue is the legal action,which seems to have escaped most
What legal action? The legal action is threatened but not actual according to the statement:
In addition to this, there is the possibility of legal action from previous employees that must be covered by the Club for the Football League to have comfort to lift the transfer embargo.
And what the heck does "covered" mean. One would assume that to be financial coverage through the instruction of employment lawyers.
Unless legals have actually proceeded but we haven't been told. Or covered meaning removed, which makes more sense.