Kidderminster Harriers new chairman David Reynolds has implemented an “urgent review of all of the income and expenditure” at the club.
David was appointed chairman of the Blue Square Bet Premier club last week after his offer to purchase the majority shareholding was accepted at a Board meeting of Aggborough Holdings Limited.
The new chairman has been quick to spring into action and address the club’s finances. Speaking of his findings so far David said: “It is immediately apparent that the Club is in a dire financial position.
“The initial findings of the review indicate that the Football Club currently has outstanding debts of over £250,000 - 50% of which is due for payment within the next few days. Furthermore at the current levels of income and expenditure we anticipate a trading loss at the end of May 2011 of between £350,000 and £400,000. Clearly this cannot continue.”
David is keen to involve the supporters in the process of improving the clubs cash flow saying: “In the interest of all of the supporters, shareholders and stakeholders of the Club, the Board are committed to being clear and transparent in moving forward. We are seeking community support in resolving the issues so that we can return to having a vibrant, financially secure Football Club at the heart of our town.
“The board are working hard to identify areas to improve efficiency and to reduce costs but without a large cash injection, the long-term future of the club is not viable.
“The Football Club is at the heart of the community and we need your help to keep it there. If you can think of any way to support us, please do not hesitate to contact us.”