Newport County's five new directors today begin reorganising the club's six-figure debt as they seek to release more funds for boss Peter Nicholas' transfer kitty.

The quintet of high-profile Newport businessmen were finally co-opted on to the board of directors at Wednesday night's monthly meeting following lengthy negotiations and vowed to make 'fundamental changes' to the way the Exiles' operation is run.

County were in serious danger of folding with potentially crippling debts, believed to be in the region of £120,000, but the new board members, who as the Strategic Management Team have been advising the Dr Martens League club run on their financial affairs for the past 12 months, will use their business acumen eventually to wipe out the arrears.

Before the shake-up, the five men gave the then board a 'take it or leave it' ultimatum to accept their proposals of crucial transformations of County's cash-flow arrangements or face possible extinction.

Now, after two months, the complex legal issues have been clarified and the deal has been accepted by all parties.

The five new directors are:

* Stan Berry, retired entrepreneur

* Chris Blight, partner of Newport-based estate agent Crook and Blight

* John Collingbourne, owner of Newport Car Auctions

* Steve Sulley, marketing director of the South Wales Argus' parent company Newsquest's Wales and West Division

* Alan Trott, city lawyer.

Three board members - Martin Greenham, Mike Everett and Tim Barnard - have stepped down to ensure the restructuring goes smoothl, though Everett will stay as club secretary.

Chairman Wallace Brown, the club's main individual shareholder; Matt Southall, managing director of County's sponsors Acorn Recruitment; Rob Wixey and elected supporters-director Sue Hill will remain on the board.

Sulley said: "We are delighted that our proposal has been accepted and now believe that Newport County has a real chance to develop into a Football League team.

"The priority at this stage is to restructure the club's finances and we have already begun to action our financial plan.

"All the ingredients for success are in place, a new dynamic board drawn from the business community of Newport, an experienced football management team in Peter Nicholas and Glyn Jones, a nationally renowned football academy and a supportive council providing a recently developed ground.

"As a board we will now be working hard to get the people and businesses of Newport to engage our vision for success and I call on the football fans to Newport to get behind us.

"We are also investing in our sales and marketing activity and developing a community programme of soccer schools to spot local talent.

"This season will be hard work but will be important as it will lay the foundations on which the club can go from strength to strength."

Manager Nicholas will soon benefit from the boardroom restructuring as funds are due to be released for his transfer budget as he homes in on his top summer targets:

* - Welsh semi-pro and Barry Town left-back Gary Lloyd

* - Chinese World Cup defender/midfielder Fan Zhiyi, released by Cardiff City

* - Former Welsh Schoolboys midfielder Gareth Phillips, released by Swansea City.

* - Ex-Cardiff City trainee right-back Steve Williams

County also hope the tie-up as a feeder club to Premiership champions Manchester United will be signed and sealed soon.