Updated: 3:40 pm: FORT WORTH (CBSDFW.COM) – The TEA has confirmed to CBS 11 that representatives from Prime Prep Academy have filed an appeal to keep the school’s charter.

FORT WORTH (CBSDFW.COM) – Dallas Cowboys great Deion Sanders is fighting back to try to keep his charter school open after accusations of financial mishandling. The clock is ticking for Prime Prep Academy, and the school could be forced to close if administrators are unable to meet a major deadline.

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Wednesday is the day that school administrators must appeal the state’s decision to revoke Prime Prep Academy’s charter.

The Texas Education Agency started the process of revoking the charter earlier this month. The agency accused the academy of mishandling about $45,000 for a meal program.

At a rally on Tuesday night, school leaders told parents that they believe that the school will be allowed to stay open. Sanders was among the crowd that gathered to support the school. He co-founded Prime Prep Academy two years ago.

School leaders at the rally said that they are focused on the year ahead. “The administration is moving forward,” said school official Leicha Shaver on Tuesday. “Plans are being made and our students are excited about it. Someone is here every day. Students are coming to enroll every day. We have students coming and asking about Prime Prep.”

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But no details were given about how the charter school plans to move forward regarding the investigation. Sanders said Wednesday morning that the school will fight the decision to revoke the charter, but would not explain this plan further. No appeal has been filed yet. Prime Prep Academy has until 5:00 p.m. on Wednesday to file that appeal.

Despite the accusations, school leaders said that they are in the process of expanding. “We are here. We are planning. Our students really had some huge successes last school year, so we really wanted to talk to parents about that,” Shaver added.

If Prime Prep Academy loses its appeal, there could be another hearing by an independent agency. But, in reality, that could take months.

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