The inquiry dealt with 90 separate allegations against the club and its former chairman Darren Brown.

Most were found not proven, but the tribunal did conclude there had been a breach of regulations concerning the transfer of Luke Beckett and the under reporting of gate receipts.

Inquiry chairman Gordon McKeag called for a transfer tribunal to be reconvened in order to determine a transfer fee or compensation payment to Chester City and Barnsley over the Beckett move.

Former Spireites' chairman Darren Brown said he remains confident that the club will mount a successful appeal against the punishment and that they can still gain promotion as champions.

Brown said: "I have been found innocent of charges, which I said I would be. I also said the club would be found innocent of these charges when the FA came on 25 January.

"I feel they were charges which certainly should never have been brought against individuals and that was proven today."

He criticised the media coverage of the whole episode, branding some of the reports as a "disgrace".

Their recommended punishment still leaves the club with the chance of securing automatic promotion from Division Three.

Provided the Football League ratifies the panel's verdict, Chesterfield will drop from 83 to 72 points, currently good enough for third place in the division behind Brighton and Cardiff.

The club must also report to the Football League and Football Association within 14 days for "assistance and advice about installing procedures for a proper system for accounting and to meet the costs incurred".

The Spireites were also warned as to their future conduct.

There were fears a 50-point deduction would be imposed, meaning they faced relegation to the Nationwide Conference.

Deliberations over the future of the trouble-hit club went on throughout Thursday afternoon and into the evening.

Former Newcastle and Football League chairman McKeag, ex-FA finance chief Mark Day and former Nottingham Forest and Manchester City manager Frank Clark made up the panel for the hearing at Hillsborough.

Former chairman Brown arrived at Hillsborough around 1330 BST to give his side of the story.

The joint FA and FL inquiry was launched in February into alleged irregularities at the Derbyshire club concerning payments to players and attendance figures.

The Professional Footballers' Association were called in to help pay player's wages, while one side of the Saltergate Ground was closed.

Fraud sqaud officers are also looking into allegations of witness intimidation following the FA's initial investigation into affairs at Saltergate.

Former chairman Brown, relinquished his position at the club a month ago, but former owner Norton Lea claims he has not received full payment for his original shareholding.

Lea is hoping to regain control of the club for £1 in the High Court next month.

Brown has also ended his interests in a number of other South Yorkshire sporting organisations, including Ice Hockey Superleague champions Sheffield Steelers.

Chesterfield had needed only one more win to secure promotion to the Second Division, but if the punishment is ratified then they have a five-point advantage over fourth placed Hartlepool.

Former Chesterfield manager John Duncan, who had two spells at Saltergate, believes the club will want to put the matter behind them as quickly as possible.

"I think it'll give the club a bit of a lift," said Duncan. "They were really worried individually and as a club. There'll be a lot of relief - it could have been so much worse.