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Southend United have won their appeal against a National League decision to impose a £1m bond on the club to guarantee their "financial obligations" for this season.

The league set out licensing conditions for the Shrimpers to take up their place in the fifth tier of English football this season, warning of potential sanctions if they failed to provide the bond.

However, the Essex club successfully appealed to an FA-appointed arbitration panel and, as a result, the requirement for the bond has now been withdrawn.

Southend, who will now continue to play in the National League on an unconditional licence, began their season with a 1-1 draw against York City on Saturday.

A protracted takeover of the club by a consortium headed by Australian businessman Justin Rees was held up by several months before being finally completed in July.

Southend chief executive Tom Lawrence said in a statement: “I am glad these issues are now behind us.

"Everyone at the club looks forward to working positively and in collaboration with the National League going forward.”