ACCRINGTON Stanley chairman Eric Whalley is hoping to attract major investors to the club in a bid to stop them going the same way as 1962.

The Reds' chief has been devastated by the low season ticket sales - just 118 adults - and the poor attendances since he led the club back into the Football League last season.

And he thinks that the only way forward, if people aren't coming through the turnstiles despite several appeals, is to hunt for someone to invest cash in the club to prevent them going out of business as they did 45 years ago.

"At this moment in time, if we do not get more people through the turnstiles, then the club could finish up as it did in 1962 when it couldn't afford the washing or telephone bill," said Whalley, who has been chairman since 1995.

He admits he has pumped "a fortune" into Accrington Stanley, made mainly from his firm EW Cartons in Rishton.

He said: "It is a fact that we have the lowest gates in the league and the poorest facilities and we are depending on income from other means like sponsors and corporate hospitality to push things forward.

"We are working on that but we need another investor.

"Apart from Bradford City, who have offered special incentives, we are the cheapest club for season tickets or to pay on the door but people, for whatever reason, aren't coming so we will have to look elsewhere.

"The number of season tickets, 118, is ridiculous - it is the worst since our UniBond days - and the worst thing is I know each and every one of them. I can name them!

"But there must be some business or businesses in Accrington or Hyndburn which want to invest in a club which has so much tradition and a rich history.

No-one can take away the fact that we are founder members of the Football League."

Whalley has always run the club on a limited budget but has managed to take it from non- league obscurity back into the Football League, under the leadership of manager John Coleman.

"At the moment, we are a club run on a tight budget and we don't owe anybody anything and not a lot of clubs can say that," said the chairman.

"But if we do not get an investor, this could change. You never know what is around the corner.

"And we want to be ambitious. We don't want to just exist in this league - I don't see the point in that. We want to get promotion and progress and we need to generate funding for this."

Although the club gets £260,000 from the Football League plus £90,000 filtered down from the Premiership clubs' £90M television rights, the cash is quickly swallowed up.

Stanley's pitch was redone in the summer, costing around £10,000, the Clayton End roof has cost £200,000 and, by the 2008-8 season they have to have another 1,000 seats, to meet Football League regulations.

The club has probably received about £6,500 from season tickets - including 117 concessions.

Whalley said: "We can get some funding for building work but probably that will only cover half and we will have to find the rest of the money. This could come out of our players budget so we need investment or people through the turnstiles.

"People say 'I look out for your result' or 'I saw you on television' and I just think 'well, why don't you come to the game?"

"Other says it is cheaper at Blackburn or Burnley but Rovers have just got around £50M from television deals and Burnley about £1.6M.

"It makes a huge difference to us on £260,000. If I had a £50M budget I would let all the fans in for free - although that would be no good for Accrington Stanley!"

The chairman admits he is despairing at the moment as he searches for a means to make sure Accrington moves forward.

"I cannot believe that we cannot get people through the gates in this football hotbed of East Lancashire.

"We can't cut our gate prices anymore as then we wouldn't be able to compete with other sides in the league financially.

"I don't know what the answer is to get people to come. We have 1,200 who come regularly and they are well thought of - they are the lifeblood of the club. We just need more.

"We made it free against Torquay last year and people came. It was an exciting game with a last- minute winner and seven days later, against Hereford, we only get 1,800. It is absolutely ridiculous. It means the people of Hyndburn will only come if it's free and we can't live like that.

"Our average crowd last season was 2,200 but we need at least 2,500 to break even this year."

He added: "Last season was our first back in the Football League and I think a lot of away fans came to have a look at what we are all about.

"It showed against Darlington, our first home game this season, as only half of their fans came again.

"We have tried to generate fans - we have had various appeals and we have put a cover over the Clayton End which will be open tomorrow and will house 4,000. If we got half of that I would be happy. And we are offering £1 off if people buy their tickets for home games earlier in the week and not on matchdays.

"We have had to diversify and take over the lease on the Crown pub, looking to bring income into the club and then, if that works, it makes our playing budget stronger.

"But it is all minor things and we need a major investor.

"We have to balance the books and budget. The salary cap is 60 per cent of our turnover so ours is one of the lowest in the league which has a knock-on effect for players. It is a vicious circle and I just feel gutted at the moment."