Swindon Town could be potentially up for sale according to the documents supplied by the EFL around their latest punishment.

The EFL announced that Swindon had been fined £2,000 and given a two-window transfer fee restriction over 39 days of late payments in the current financial period.

In the document from Sports Resolutions and Graeme McPherson KC, who were the disciplinary commission for Town’s appeal against their sanctions, the decision reveals that an argument used against this punishment was its potential impact upon a sale of the club as it was believed to be up for sale.

Among the reasons was that a three-window transfer fee restriction would both limit their ability in the transfer market and also make the club less attractive to any potential buyers.

The document said: “The consequences for the Club of a three Transfer Window Fee Restriction will be: i. to limit the club’s ability to make signings during those three Transfer Windows (as will always be the case with a ‘standard’ Fee Restriction), and ii. to make the Club (which I infer is potentially being made available for sale) less attractive to potential purchasers and so have an impact on the Club’s value.”

Owner Clem Morfuni has twice strenuously denied the club being up for sale, initially on November 5 in a statement on the club website.

He said: “I understand that there has been a lot of speculation regarding the potential sale of the club, and I want to address the concerns and clear up any confusion. As I've emphasised before and will reiterate now: Swindon Town is not up for sale.

“However, from time to time we receive expressions of interest from potential people to buy the club entertaining such discussions does not equate to actively seeking a sale, even if some may interpret it that way.”

The Australian businessman then reiterated this stance in an interview with BBC Radio Wiltshire on January 18.

He said: “[Are you considering selling?] No. The club is not for sale, but like I have stated before, if someone is there who can do a better job than me and can come up with the money that I want then I will look at it.

“If someone wants to come and buy the club and thinks they can take it a lot better than me then I will look at it, but the club is not up for sale.”