The Dutch football association has demoted FC Twente to the Jupiler league next season for failing to get its finances in order and meet a fifth ultimatum.

The decision means Twente retains its licence as a professional club but cannot play at the highest level next season.The club had risked having its professional licence removed altogether.

In March, the club withdrew its 2014-15 annual report after discovering ‘potential’ irregularities surrounding transfers.

The club has also been fined over €200,000 and banned from playing in Europe for three years because of the fall-out over a deal with investment company Doyan.

In 2014 Doyen agreed to put €5m into the club in return for a percentage of the transfer fee for seven players. However, leaked documents showed the deal gave Doyen considerable say over Twente’s transfer policy, which the club had denied and which is banned by the KNVB.