Reds chairman Swan, with directors Mark Fennemore and Sally Swan

Redditch chairman Chris Swan says they will not contest their five-point deduction by the Football Conference.

After falling foul of the league's financial reporting initiative, Swan has promised it will not happen again.

"The fact of the matter is that we have got no management accounts and we have got to get those done in short order," he told BBC Hereford & Worcester.

"If the Conference deems the points deduction has to be upheld, we will work within those rules in the future."

It was hardly the start Swan was looking for after taking over the struggling Valley Stadium club.

Already bottom of Blue Square Bet North, Redditch's deduction will leave them 19 points from safety - and likely to be relegated by the end of March.

But the Warwickshire-based entrepreneur is confident that he can turn around the club in the longer term.

This club has got be run on a sustainable basis like any other business Redditch chairman Chris Swan

"I think this club can go a very long way as it has a catchment area of 80 to 90 thousand," Swan told BBC Hereford and Worcester.

"It is definitely a Conference club in the short term but it has got to be built on a sustainable basis," he added.

Chris Swan confirmed Redditch are now debt-free, having paid off all the outstanding monies owed to creditors, including HMRC.

The transfer embargo that has been hanging over the Reds has now been lifted, but this does not mean there will be immediate money available to manager Simon Redhead.

The Reds' playing budget was cut to zero by previous chairman Ken Rae - and Swan plans to maintain this policy for the remainder of the campaign.

"This club has got be run on a sustainable basis like any other business," he said.

"Over the next three or four months we are going to be looking at the income streams that we generate.

"Then we will look at those income streams and that will determine what budget we have for players for next season."

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