AS Cherries crashed to the foot of League One at Tranmere on Saturday, two significant results elsewhere highlighted the ponderables facing the ailing Dorset club.

In Berkshire, Reading secured one of the greatest wins in their history when they lowered the colours of their mighty Premier League rivals Liverpool.

And in deepest Cheshire, Oxford United were on the receiving end of an ignominious defeat at the hands of Conference cellar-dwellers Northwich Victoria.

In the not too distant past, Reading and Oxford shared equal standing with Cherries in Division Two. Now, the Thames Valley clubs are separated by 92 chasmic places.

Six-and-a-half years ago, the Royals denied Cherries a play-off berth on the final day of the 2000-2001 season when they battled back from 3-1 down to force an epic 3-3 draw at the Madejski.

Inspired by the memorable goalscoring heroics of Jermain Defoe, Cherries' unlikely late assault on the top six had included a league double over hapless Oxford.

The Us were subsequently relegated after ending the season a distant last and although Reading failed to triumph in the play-offs, their elevation came just 12 months later.

A further promotion in 2006 propelled Reading into the fast lane, while a second demotion for Oxford escalated their downhill descent into the non-league ranks.

Meanwhile, Cherries - whose relegation to the bottom tier in 2002 was offset by promotion in 2003 - remain at a crossroads and the next few weeks could determine their fate.

Like their peers at Wigan, Reading have prospered thanks to the philanthropy of astute businessmen, although benefactors such as John Madejski and Dave Whelan are a rare breed.

In stark contrast, financial meltdown has led to Oxford's rapid demise and their alarming plight is shared by Cherries' other former regular sparring partners York and Cambridge.

The Us enjoyed top-flight status between 1985 and 1988, winning the League Cup in front of a crowd of more than 90,000 at Wembley in 1986. Just 911 saw them lose at Northwich on Saturday.

Favourites for promotion this season, their latest defeat left them 23 points adrift of leaders Aldershot and closer to the drop zone than to the summit.

Their desperate predicament should act as a wake-up call to all vulnerable league clubs with AFC Bournemouth now seemingly high on the lengthening 'at risk' register.

Cherries chairman Jeff Mostyn has confirmed the club is in talks with potential investors and has also refused to rule out the possibility of the club going into administration.

The threat of relegation, an injury crisis and the whys and wherefores of team selection all pale into insignificance compared with the very future of the club.

To this end, supporters must at least keep the faith with the club's guardians and hope owners Mostyn and Steve Sly will reach a favourable outcome.

On Saturday, Reading fans must have been euphoric following their victory over Liverpool, while fans of Oxford and Cherries probably felt that they had never had it so bad.

Oxford will be out for revenge when they host Northwich on March 29, the same day as Reading entertain Blackburn. And with a touch of good fortune, Cherries could still be around to welcome Millwall to Dean Court.