ACCRINGTON Stanley are now debt-free after paying off more than half a million pounds over the last few months.
Chairman Ilyas Khan said it was a proud moment after the League Two club paid off their outstanding debts.
A total of £308,000 was paid off to the tax man in November to stop the club being wound up and since then there have been two more tax bills totalling close to £250,000 which have both now been cleared.
And £50,000 owed to the Professional Footballers Association - borrowed to pay wages last season before Khan got involved with the club - has also now been cleared.
This means manager John Coleman can now add to his squad and boost their bid for the League Two play-offs.
Khan, a businessman born in Accrington who took charge as the club looked in danger of going out of existence for the second time in its history last year, admitted he is a proud man.
"When I got involved with the detailed conversations that revolved around the November HMRC petition, I started to realise the sheer scope of debt that the club had been left with," said Khan, who came in to help the club after debts left by former owner Eric Whalley which new major shareholder Dave O’Neill inherited.
"The size of our obligations was frightening but slowly we have made progress in paying down that debt, and I am very pleased, and also very proud, that we stand here a few months later having met and delivered on our obligations.
The historic debts have been paid off by myself, club president Peter Marsden, other donations and the Save Our Stanley fund and we have also benefitted from the unexpected cup runs.
"Thanks to these cup runs, it meant we didn’t incur any new debts. I have always said actions speak louder than words and I wanted to clear the debts before making any announcement so it is a proud week. I cannot imagine what might have led to the club taking on such liabilities, but I hope we never ever get there again. I prefer at this stage to look forwards, not backwards, and I hope the focus of attention is now on the players on the pitch."
He added: "We haven’t had to sell anyone during the January transfer window - despite getting a substantial bid for one of our players - and now we can focus on things that matter - player contract renewels, helping the manager and footballing matters."