Under the plans, shareholders will elect a new board to run the club in a similar fashion to conventional companies, which it is hoped will help to attract new investment after current owner Chris Ingram decided to withdraw full financial support.

The club's current board will continue until a new board is elected, and a timetable is now being drawn up for restructuring, working in partnership with both WFC's Supporters Trust and Supporters Club. The process is expected to take up to 10 weeks.

Meanwhile, the club has also announced that Guildford City Football Club chair Shahid Azeem has accepted an offer to become a director, subject to approval from the Football Association.

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