Chester FC has been plunged into financial crisis with the club in desperate need to raise £50,000 to avoid going out of business ‘within months’, report The Chester Standard.
Board members faced calls to resign at City Fans United’s first meeting of 2018 at the Deva Stadium on Thursday night – which was also streamed online – as members of the volunteer-led CFU board addressed growing concerns regarding the club’s increasingly dire financial situation, with the current cash-flow situation so poor Chester could run out of money by the end of February, with £50,000 needed to be raised in the ‘short-term’ to save the club.
The CFU board, led by chairman Jonny Hughes, admitted they had ‘failed’ the club’s supporters, as the true extent of Chester’s financial plight was revealed in the wake of the decision to part company with chief executive officer Mark Maguire on Wednesday morning, who will work 12 weeks notice before the role is made redundant.
Board member and financial director Laurence Kirby revealed how the club must look to raise between ‘£85k to £90k’ each month or face the prospect of going out of business within the coming months. He stated home crowds ‘must go up’ if the club is to survive, before adding the club’s reserves, understood to be in the region of £100,000 and regarded as a safeguard for Chester’s future, have been eaten into in order to stay afloat.
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