Tue, 18 Mar 2014 | ADMINISTRATION
Hereford United Football Club is facing administration as the concerning state of the club’s finances was revealed yesterday.
The club held its annual general meeting yesterday (Monday 17 March) at which it was announced that it had lost £499,000 for the 12 months up to April 2013. The financial crisis means that Hereford United need to find £300,000 if they are to see out the remainder of the Conference Premier season.
At yesterday’s meeting, club chairman David Keyte advised that “significant investment” is required to secure the future of the club. He went on to admit that administration was being strongly considered amid “significant doubt” from the board as to whether the Bulls would be able to stay afloat.
If they were to enter administration before next Thursday, they would face an immediate deduction of 10 points. If they were to delay the decision but still be forced to enter administration after that date then the points deduction would be enforced from the start of next season.
Hereford United currently sit just five points above the relegation places in the Conference Premier table; a 10-point deduction would make relegation into the Conference North or South likely.
One option the club is reported to have been exploring is to move to a part-time playing staff, cutting the budget for players from £440,000 to £250,000. Keyte did say, however, that there is interest in the club from a couple of investors.
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Like Hereford United, Corby Town Football Club is also on the brink of administration.
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