League Two: Mansfield Town wipe debt off the club books
Sky Bet League Two side Mansfield Town have announced that a debt of £1.2 million has been written off the club's books.
Documents have been signed to turn a total sum of £1.2m, which derived as loans from chairman John Radford and directors Steve Hymas and Steve Middleton, into preference shares. The paperwork was signed after the club's Annual General Meeting, which took place on Thursday at the club's One Call Stadium.
Club Chairman John Radford told the club's offical website, “We want to improve the balance sheets of the football club. It’s not good for anyone or any business to have debts and these loans will now come off the club’s books.
He then went on to say, “Myself, Steve Middleton and Steve Hymas have never had, nor will have, any intention of taking money out of the club and by turning these loans into preference shares it makes the club’s finances much healthier.”
Currentley sat 9th in League Two, Mansfield Town's next home game is Saturday 23rd January against Luton Town. (MA)