I think if county had finished in bottom 4 they would have been voted out as they were living on borrowed time as it were. Workington were also perennial bottom 4’ers and paid the penalty that year.
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I think you’re right, Wikipedia agrees with you as well.
https://en.wikipedia.org/wiki/1976%E..._A.F.C._season
What an escape by County, just two wins going into March, yet they ended up with five more than we managed all last season.