Accrington Stanley could be on the brink of a major investment deal which could see the club debt-free and cash rich.
A deal with Altham business What More UK could see around £1.2m of debt cleared and provide an additional working capital of around £600,000.
Shareholders are being urged to attend a General Meeting on Wednesday, October 28 at the club’s Sports Bar, in Livingstone Road, from 7pm to hear the details.
On the agenda is a proposal which would see Andy Holt, What More UK’s founder and Accrington Stanley fan, take over a debt of almost £480,000 owed by the club, while his company would pump in more than £580,000 to pay off other creditors, with further investment to follow.
If the complex proposal is approved Holt would also be appointed a director of the club, as he and his company would between them hold more than three-quarters of its total shares, giving him a controlling interest.
Mr Holt said: “I knew the club needed help financially, but it wasn’t until I saw the books that I realised how much it would take.
“I kept telling myself I just wanted to be a fan, but the truth is I couldn’t walk on by and not try to help. If this proposal goes through on Wednesday, it will make me the major shareholder. I don’t want to run every aspect of the club, but I do want to offer whatever help and support I can on the business side of things.”
He added: “My first priority would be to clean up the balance sheet and tackle all the club’s old debt and creditors, to get Accrington Stanley back on a sound financial footing. Next I would forge a board of directors to take the club forward, building on that footing to achieve tangible improvements for the club, the town and the fans.
“All lower league clubs have similar problems, with lower revenues and struggling with finance, but what kills them is high debt.
“Stanley is known as ‘the club that wouldn’t die’ and the fact that it hasn’t is a credit to those currently and previously involved in the club, and who have backed it financially.
“It’s important to everyone at the club to be open and let all the fans, not just the shareholders, know exactly what’s going on.”
The full agenda for the meeting can be found on Accrington Stanley’s website accringtonstanley.co.uk