Relegated Truro City signed off from the Blue Square Bet South with a 3-2 defeat at Tonbridge Angels – before chairman Peter Masters issued a post-match statement clarifying the waiting game the Cornish club must now play.
In his statement, Masters – who rescued the White Tigers from collapse earlier in the season – revealed that the Football Conference's June 8 annual general meeting is now a key date for the club.
Masters' official statement said: "Whilst clearly it is a big disappointment for the club to have been relegated from the Conference South, it remains a fantastic achievement for the club to have survived the administration, which was assisted by the players' agreement to waive their arrears back in November 2012.
"If Truro City Football Club Limited (in Administration) is able to pass an approved Company Voluntary Arrangement, then it is understood that the club would just be relegated (due to its league position) to the Southern League Premier Division.
"If not, then it is understood that the club is likely to be playing in either Southern League Division One South and West or the Western League. We understand from the FA that this decision cannot be made until at least after the Football Conference's AGM, which is scheduled for June 8, 2013.
"In the circumstances, it is clearly impossible for us to make too many plans until the situation in relation to the CVA is finalised and the FA have clarified the club's league position.
"This is frustrating for all involved, but, given the state the club was in when we took over, we all knew it was not going to be easy.
"We perhaps did not know that it was going to be so hard, but the fact remains that the club has survived against the odds and, worst case, will remain the highest-placed football club in the county. I will release a further statement once the League position has been clarified.
"Once again, thanks for your effort and commitment to the club and, hopefully, next season we can look forward to stability off the pitch and success on it."
Veteran striker Barry Hayles scored twice for Truro at Tonbridge, where City were reduced to ten men with the score at 3-2.
Lee Hodges' City side trailed Angels 1-0 to Aaron Gayle's second-minute opener, which former Plymouth Argyle ace Hayles cancelled out on 13 minutes.
Frannie Collins' 15th and 42nd minute goals put Angels 3-1 ahead at half-time before Hayles' claimed his second goal of the game in the 51st minute and former Torquay and Plymouth midfielder Joe Broad saw red for a foul.
City player-boss Hodges said: "We should have taken something from the game.
"Joe's tackle was not even a booking and we could have had a couple of penalties."
