Sheffield United say they do not expect to receive an automatic 12-point deduction as the EFL continues investigating the club's ownership structure.
The investigation follows the compulsory liquidation of COH Sports Bidco, the company originally used by the current owners to buy the Blades. COH Sports Bidco was wound up by the High Court in August following action by former owners United World, who say around £35 million remains outstanding from the takeover.
Chief executive Stephen Bettis says the owners' position is that Sheffield United had already been moved into a different holding company before COH Sports Bidco was wound up. He says the club itself remains funded, continues paying its liabilities and has not entered insolvency.
However, the EFL investigation is still ongoing. Bettis accepts the possibility of sanctions has not been completely ruled out.
The owners believe the circumstances should prevent the automatic 12-point insolvency penalty from applying, and say they would challenge any decision to impose one.
Bettis has also said the roughly £20 million raised through summer player sales will not automatically all be reinvested in new signings.