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Coventry City's administrator says he has found no evidence of any transfer of players in his investigation, the Telegraph can reveal.
Paul Appleton has also revealed the club's owners and Ricoh Arena bosses could belatedly still come together to agree a Company Voluntary Arrangement (CVA).
It is claimed a deal could theoretically be used to mount a case that the Football League should re-instate the ten points it deducted from the Sky Blues' Division One campaign .
The administrator for Coventry City FC Ltd - the company in administration since March - was speaking to the Telegraph on the eve of a deadline for him to report to the government's business department (BIS).
He is unable to disclose any of the contents of his highly confidential report into the conduct of all the club's directors and shadow directors since March 2010.
CCFC Ltd creditor Arena Coventry Limited, the part council owned Ricoh company, MP Bob Ainsworth, and fans hostile to the club's owners Otium and Sisu, hope an investigation will reveal an allegedly improper transfer of players' contracts between different CCFC companies.
The Football League had accepted to the Telegraph it made "administrative errors" - though not illegal - in registering players in CCFC Holdings Ltd when they ought to have been in CCFC Ltd where the League's crucial "golden share" had rested.
CCFC Ltd accounts for 2010 and 2011 appeared to record the players were in CCFC Ltd, despite the club's insistence the players' contracts were in Holdings.
But Mr Appleton said: "I've found no evidence of any physical transfer of assets thus far.
"All the current players' contracts we've seen since the date of the administration are in Holdings."
He said he could not say if he had seen all players' contracts.
Mr Appleton revealed the company will enter liquidation next week, but that will only be the start of a potentially long process.
He said: "It's unlikely to go on longer than a year, but I'm not going to put a time limit on it."
Any liquidator has some extra powers above an administrator to investigate directors' conduct - examining any wrongful or fraudulent trading - before deciding on the best financial outcome for creditors.
Although Mr Appleton's findings of his report into directors' conduct will remain confidential - unless BIS takes court action to disqualify any director - he will file a final report to creditors next week which will be publicly available through Companies House. He will file another report when he completes liquidation.
But, crucially, he said during the liquidation process creditors could still agree a CVA to bring the company out of liquidation.
The League deducted the 10 points on August 2 because ACL had that day refused to sign up to Mr Appleton's CVA proposals.
The League has since told the Telegraph the points would not be re-instated. But its rules give its board wide-ranging "discretion".
The League on August 2 transferred its crucial golden share to Sisu firm Otium after Mr Appleton sold to it the rights and title to the assets in CCFC Ltd minus the players in Holdings - with the exception of the rental lease for playing at the Ricoh.
The League did so on condition Otium accepted the ten point penalty and ensured ACL still receives in liquidation the £595,000 it would have received had the CVA been agreed.
It has led some fans to question what ACL had to gain from depriving the club of ten points.
ACL says accepting the CVA would have legitimised a process it and fans had no faith in - and it has called for an independent liquidator to investigate.
HM Customs and Revenue, as a creditor owed money relating to a CCFC group VAT liability, also rejected the CVA - but did not have the power to vote it down alone.
Mr Appleton has said a sale to Otium for £1.5million was the only realistic option available in the best interests of creditors.
Other bids, including from US investor Preston Haskell IV, would have resulted in far less money going back to ACL to cover the club's non-payment of rent and the cancellation of the lease and licence to play at the Ricoh.
The club put CCFC Ltd into administration and appointed Mr Appleton after ACL filed for administration in the High Court hoping to enforce their chosen administrator, Brendan Guilfoyle.
That event also caused the loss of ten League points last season.
Paul Appleton has also revealed the club's owners and Ricoh Arena bosses could belatedly still come together to agree a Company Voluntary Arrangement (CVA).
It is claimed a deal could theoretically be used to mount a case that the Football League should re-instate the ten points it deducted from the Sky Blues' Division One campaign .
The administrator for Coventry City FC Ltd - the company in administration since March - was speaking to the Telegraph on the eve of a deadline for him to report to the government's business department (BIS).
He is unable to disclose any of the contents of his highly confidential report into the conduct of all the club's directors and shadow directors since March 2010.
CCFC Ltd creditor Arena Coventry Limited, the part council owned Ricoh company, MP Bob Ainsworth, and fans hostile to the club's owners Otium and Sisu, hope an investigation will reveal an allegedly improper transfer of players' contracts between different CCFC companies.
The Football League had accepted to the Telegraph it made "administrative errors" - though not illegal - in registering players in CCFC Holdings Ltd when they ought to have been in CCFC Ltd where the League's crucial "golden share" had rested.
CCFC Ltd accounts for 2010 and 2011 appeared to record the players were in CCFC Ltd, despite the club's insistence the players' contracts were in Holdings.
But Mr Appleton said: "I've found no evidence of any physical transfer of assets thus far.
"All the current players' contracts we've seen since the date of the administration are in Holdings."
He said he could not say if he had seen all players' contracts.
Mr Appleton revealed the company will enter liquidation next week, but that will only be the start of a potentially long process.
He said: "It's unlikely to go on longer than a year, but I'm not going to put a time limit on it."
Any liquidator has some extra powers above an administrator to investigate directors' conduct - examining any wrongful or fraudulent trading - before deciding on the best financial outcome for creditors.
Although Mr Appleton's findings of his report into directors' conduct will remain confidential - unless BIS takes court action to disqualify any director - he will file a final report to creditors next week which will be publicly available through Companies House. He will file another report when he completes liquidation.
But, crucially, he said during the liquidation process creditors could still agree a CVA to bring the company out of liquidation.
The League deducted the 10 points on August 2 because ACL had that day refused to sign up to Mr Appleton's CVA proposals.
The League has since told the Telegraph the points would not be re-instated. But its rules give its board wide-ranging "discretion".
The League on August 2 transferred its crucial golden share to Sisu firm Otium after Mr Appleton sold to it the rights and title to the assets in CCFC Ltd minus the players in Holdings - with the exception of the rental lease for playing at the Ricoh.
The League did so on condition Otium accepted the ten point penalty and ensured ACL still receives in liquidation the £595,000 it would have received had the CVA been agreed.
It has led some fans to question what ACL had to gain from depriving the club of ten points.
ACL says accepting the CVA would have legitimised a process it and fans had no faith in - and it has called for an independent liquidator to investigate.
HM Customs and Revenue, as a creditor owed money relating to a CCFC group VAT liability, also rejected the CVA - but did not have the power to vote it down alone.
Mr Appleton has said a sale to Otium for £1.5million was the only realistic option available in the best interests of creditors.
Other bids, including from US investor Preston Haskell IV, would have resulted in far less money going back to ACL to cover the club's non-payment of rent and the cancellation of the lease and licence to play at the Ricoh.
The club put CCFC Ltd into administration and appointed Mr Appleton after ACL filed for administration in the High Court hoping to enforce their chosen administrator, Brendan Guilfoyle.
That event also caused the loss of ten League points last season.
