The Football League has formally given the go-ahead for Dave Allen, former chairman of Sheffield Wednesday FC, to become the new majority shareholder and a substantial investor in Chesterfield Football Club.

The Football League took into consideration its own rules and regulations regarding the matter of dual interest in reaching this agreement and both Mr Allen and Chesterfield Football Club accept the obligations imposed by the agreement.

In view of the confidential nature of this agreement, no further statement will be made by any of the parties to the agreement.

Chesterfield chairman Barrie Hubbard speaking on behalf of the football club acknowledged the work done by The Football League in formulating the agreement.  He said:  "I am so pleased that we can at last move forward into what is the start of a new era for Chesterfield Football Club and am delighted to be able to welcome Dave Allen on board."

Chesterfield's new majority shareholder, Dave Allen, said: "I am really looking forward to an exciting future for everyone involved with Chesterfield Football Club as I see this club at the heart of the community with serious ambitions for Championship football within 3-5 years."

"Next week we expect to announce the name of our new manager, whilst off-the-field I am eager to move ahead with the new stadium development in readiness for the 2010-11 season.

Andy Williamson, The Football League's Chief Operating Officer said:

"This agreement ensures that The League can protect the integrity of its regulations and allow Chesterfield to access the funds it needs to progress. We are pleased that the Directors of Chesterfield have agreed to our requirements and wish the club every success for the future."

This is the biggest investment ever made in the history of Chesterfield FC.

More details and interviews to follow.