THE future of St Albans City Football Club is looking increasingly rosy after its directors agreed to inject it with a five figure cash sum.
Chairman Lee Harding and the club's new directors Paul Farmer and Stephen Eames are to loan £45,000 in an attempt to ease the financial strife which has beset Clarence Park in recent months.
At a creditors meeting last week, the directors agreed to provide the loan through a series of monthly instalments, that should secure City's future in the Isthmian League.
The loan means the club can now win the support of its major creditors, most notably the Inland Revenue, in negotiating a new 12-month creditors voluntary agreement (CVA).
In a statement this week, Harding said he was delighted the club's immediate future had been safeguarded.
"For the first time in decades, this club will have satisfied its creditors and will operate in the future free from debt," he said.
"On behalf of the club I am enormously grateful to those who have helped us in securing the club's future.
"I will now seek the help of everyone who cares about our club to implement a fundamental change to our structure.
"I believe it is essential to bring more people into the decision-making process so we can consolidate our position and build sound foundations for progress in the future."
Harding's desire to bring a member of St Albans City's supporters club onto the board is still undergoing discussion among its members.
Supporters club chairman Ian Rogers said: "We have had a meeting with Lee Harding and he has made a number of proposals to us.
"We are due to meet him again today (Thursday, October 18) to discuss matters further. At the moment it's not entirely clear what his expectations are, but the committee will meet again to decide on a course of action.
"As ever we're keen to see the club go forward and our door is always open to discussion," added Mr Rogers.
Responding to Harding's claims that the club had negotiated a new CVA, Mr Rogers said: "I feel positive if cautious to what's been said.
"On the surface of it, if the CVA was to be cleared it would only be good for the club, but I would like to see more evidence of this."
October 19, 2001 12:29
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