WREXHAM are down - but are they out? The Millennium Stadium cup final triumph apart, manager Denis Smith and his players will be glad to see the back of what has been a dreadful season for them, handicapped not only by the Football League's 10-point deduction but also by a catalogue of long-term injuries to key players.
Yet for them and their supporters the battle to ensure there is still a club in business to compete in League Two when the new campaign gets under way in August looks as though it could go to the wire.
Without a sale by owner Alex Hamilton in the coming weeks the threat of eviction from the Racecourse in July remains real.
This is an issue that needs to be tackled well in advance of the Football League's annual meeting in June.
Boosted by the LDV Vans Trophy final revenue, the club's administrators now have breathing space to run the business through the summer months and if Hamilton is serious about his desire to dispose of his interests it is their duty to press for the eviction notice to be withdrawn or at least suspended for a further 12 months.
The less satisfactory alternative is a legal challenge - likely to be mounted by Wrexham Supporters' Trust - to the contentious break clause inserted into the club's previously long lease at the stadium.
The prospect of a lengthy court battle and uncertainty as to its outcome would be sure to concern the chairmen of the Football League's other 71 clubs when they come together on June 10.
Nevertheless they owe Wrexham - subject to the necessary guarantees from the administrators - every opportunity to continue a proud tradition stretching back to 1921, if for no other reason than the club has played by the rules of the organisation.
For the Dragons, the move into administration and the loss of those 10 points was the only possible alternative to the liquidation of the business. Since December the club has proved, with proper financial controls in place, it can pay its way.
The Football League chairmen might like to compare the honesty and transparency of the club's actions and their acceptance of the potential consequences of relegation with the somewhat cynical means employed by Championship strugglers Cardiff City last month to avoid a similar fate.
The Ninian Park club - whose £30m debts dwarf Wrexham's £4m - signed two players ahead of the transfer deadline and within 24 hours of their arrival staved off the threat of adminstration by securing a loan from the Professional Footballers' Association to pay a £750,000 monthly wage bill until the end of the season.
And only last week Cambridge United - already relegated to the Nationwide Conference and in the knowledge that the League's 10-point sanction was therefore irrelevant - sought the protection of administration.
Such manipulation demonstrates the need for a fairer and more effective method of protecting the integrity of the league's competitions than the rather crude "one size fits all" sanction introduced last summer.
In the meantime, as a result of the Football League's blinkered approach and through no fault of their own, Denis Smith and his players last night lost one major battle.
But the war is yet to be won. A broader alliance - including the League, the Welsh Assembly, local politicians and supporters - must work together to make sure that happens.