Preston North End Chairman Derek Shaw has silenced any uncertainty about the future of the Club at the top level by announcing that he will be standing for re-election at the Club's AGM next month.

The Lilywhites Chief had said in August that he would stand down from his position, but after conversations with fellow major shareholders and board members, he has been persuaded to stay on and lead North End in what they hope will be a new era, with the appointment of a new Manager also hoped to be in place in the next fortnight.

Speaking after the announcement, Shaw said: "Over the past few weeks I have spent time with the other major shareholders to see if there was an investor who has the time, desire and above all, financial capacity to oversee an operation which loses between £2m and £3m on trading activities each and every financial year.

"No serious contenders have come forward so far.

"Everybody associated with this Club and ALL fans therefore have to accept that unless the situation changes, Preston North End will have to compete with the resources available to it and this will be the case regardless of who sits as Chairman of the Board."

Deputy Chairman David Taylor confirmed: "The board of directors and the major shareholders have made it very clear that they wanted Derek to remain as Chairman and after persuasion he has agreed to stand for re-election."

Shaw, 50, has been on the board at Deepdale for 14 years and has been Chairman for the last seven and he admits that after making the decision there are exciting times ahead and hopefully with it, success.

"It was a very difficult decision to change the Manager, but we have done it and with clarity over my own situation I believe we are in a position to move forward and hopefully get the Club challenging at the top end of the Championship again.

"Our first priority is to get a Manager in place and then ensure our safety in this Division, after that we will reassess our ambitions and look towards a brighter future for Preston North End.

"We have backed every Manager that has been here in my time as a board member and whoever we appoint will work with the same support, although we must always be mindful of our financial restrictions.

"The work is now underway on the final stage of Deepdale and we have a squad who are capable of improving on their current position so I believe this is an exciting time for the football club and I look forward to being a part of that."

The AGM is scheduled to take place on Monday 17th December at Deepdale, with shareholders set to receive their copies of the financial report and their voting papers in the next fortnight, when the figures will be announced to the markets.