Sat, 13 Apr 2013 | ADMINISTRATION
Bury FC has to find £1 million in order to stay away from a move into administration, Bury chairman Brian Fenton has warned.
Local entrepreneur Mr Fenton put out an urgent request to investors this week in his bid to keep the club afloat, amidst fears that an administration process would “basically savage the club”, and that if it entered administration before the season ends a total of 20 points would be deducted, which could spell an exit from the Football League.
“So either we lose control of our club and start next season with minus points, facing the very real prospect of non-league football, or we find the money to put the club back on a sure footing with a long-term future,” he told the Bury Times.
The board has being in discussions with possible backers, Fenton said, and are being offered a “guaranteed return”. New backers could have a place on the board, and Fenton said he would be willing to step down if necessary.
The requested £1 million would be a lifeline, providing income for the next season and also to pay off the club’s bills.
Its supporters group Forever Bury has also launched an appeal for 100,000 new members to pay a £10 membership fee each to help with the financial burden.
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