Bostik League Premier club Lowestoft Town have released a statement on the club’s financial plight, which says that directors’ personal finances have had to be used and it is approaching a point where further funds will be unavailable.
The statement from the club reads as follows:
As you all may be aware, Lowestoft Town FC has been experiencing financial difficulties all the way through the season.
It has now come to a point where we need to relay more information to our dedicated and loyal fans, sponsors and followers of Lowestoft Town Football Club.
At this moment in time the situation is now become near critical where we are quickly running out of money. This is down to a number of factors, including a big drop in our attendance figures meaning less match day revenue coming into the club, the club attempting to manage large outstanding supplier invoices and managing an extremely high wage structure which would no doubt be at the higher end of the Bostik Premier in regards to wage costs.
The club can confirm that the players and coaching staff have gone unpaid for the month of January which was due in February, because of the massive cash flow problems, with called off games not helping the situation. The club plan to meet players this week to discuss the plan going forward in regards to pay for the rest of the season, money owed for February and the futures of specific individuals.
Looking at the club’s projected income for the remaining nine weeks of the season, current supplier debts and our running costs (which we are constantly trying to decrease every day) for the remaining weeks of the season, our current deficit means the club is forecasting a significant shortfall for the rest of the season.
The club has had to utilise current Directors personal finances, and club overdraft to cover the shortfall up until this point, some Directors are still inputting cash when and where they can, however we are now near a position where we are unable to put further funds into the club.
We recognise and understand this will be a cause of great concern to supporters and there are questions that will need to be answered. In light of this the club will release details of a supporter meeting in due course to lay out fully what situation we find ourselves in.
The club will also send out further details online and via letters to supporters on the finances and what we are up against and what we plan for the remaining nine weeks of the season to ensure our great club is here in the 2018/19 season.
We would ask for a few days before our next statement in regards to a supporter meeting once we arrange a date and time. Details will be released in due course.
– The Board of Directors.