CASH-strapped Hucknall Town have acted to re-assure supporters after revelations that their debts are spiralling.
Town’s VAT shortfall has been well documented, with the club still owing about £27,500 of an original debt of more than £87,000.
Now it has been reported that, in total, Town owe almost £100,000 to various parties, most notably to a brewery and an electricity company.
However former chief executive Liz Morley, who has returned to the club as to steer them through this latest financial crisis, insists the problem is not as bad as it sounds.
“The figure of £98,750 includes £54,000 of long-term loans, including from ground-owners Welbeck Estates, that are easily serviced by the club’s day-to-day cashflow,” said Morley, a freelance business consultant.
“Our biggest issues are with HMRC and with electricity and brewery debts -- and the biggest chunk of those debts is the VAT.”
Morley is currently waiting to hear from HMRC in response to her suggestion of a two-year timescale to pay off the VAT shortfall.
In the meantime, Town are pressing ahead with fundraising events and initiatives to boost a fighting fund to save the club.