A statement issued through Hextalls LLP, acting on behalf of Langston, read: "Our client's claim is that this sum is due for payment now as a result of the club's inability to meet certain deadlines as well as breaching the terms of its loan agreement in respect of the capital sum plus interest.
"It had been hoped to resolve the matter privately and in confidence but the club has repeatedly ignored numerous requests to discuss the debt and its implications.
"Our client has serious and increasing concerns about the club's present administration and its ability to manage the club's financial affairs. In the event that the club cannot meet its liabilities to our client, then the alternative is for the current board of directors to resign and our client endorse the appointment of a new board and new management.
"The club's board has also been advised by us that its recently submitted accounts for the year ending May 2006 do not reflect its true financial position. We are conscious that this situation will cause concern and anxiety among supporters, players and employees but the club's failures left no alternative.
"The situation has been compounded by the fact that for three months the club's chairman ignored repeated communications regarding the seriousness of the financial situation and there must be concerns if other directors were not informed or if informed, took no notice."