Debt worry for Spireites chief

Chairman Dave Allen has revealed that Chesterfield are around £7million in debt.

Last Updated: 29/01/13 at 16:03

Dave Allen: Searching for new revenue streams

Dave Allen: Searching for new revenue streams

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Allen insists the League Two club owe too much money and steps will be taken over the next 12 months to at least half that figure.

Speaking at the club's AGM on Monday night he said: "The club carries far too much debt, with loans of £7million which needs to be reduced.

"Ideally, we'd like to get the debt to around half that. I think this business could sustain a debt of £3million."

Player sales seems to be the obvious option to raise cash. Jordan Bowery was sold to Aston Villa at the end of August and Tendayi Darikwa could be the next promising youngster to leave, with a handful of Premier League clubs watching the 21-year-old.

Allen also hopes to stage more concerts at the club's Proact Stadium to generate income, and believes the town's council could do their part to help matters.

He said: "There's a council loan of £960,000 with 4% interest charged and they should give serious consideration to writing it off over a three-to-five year period when you consider how much publicity this club generates for the town.

"We've been able to reduce operating costs. (Chief executive) Chris Turner has succeeded in making some dramatic reductions but we have to be a selling club and 70% of money raised will go to reducing the debt and 30% will go to the playing budget.

"We will put on more concerts after the success of Elton John coming here last year and hopefully make £300,000 - £400,000. We should be able to announce shortly who will be performing."

Turner added: "We've got to find other savings in the next 12 months to keep things on an even keel. We can't spend above our means so we do have to be a selling club. We have to produce our own players."

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

O

ne of the conclusions from this list is that Man City should never buy a striker in January - good luck Wilfried Bony....

Savinator
F365's Top Ten Worst January Panic Buys

I

was there, it was embarrassing - the team looked totally unbalanced from the off, the defence was woeful and when Mikel came off injured it got even worse with nobody in front of them. Up front on several occasions we had opportunities and nobody would shoot - it was a complete farse! On the back of Salah's performance I'm glad there is talk of getting shot...

Fly1ngh1gh
Cup defeat shames Mourinho

G

reat to see Tommy Rosicky getting some love. A wonderful player. Such a pity we lost so long to injury. I was so excited when we signed him, this resurgence only makes the absences seem more of a lost opportunity.

cheshire-gooner
16 Conclusions: FA Cup Fourth Round Weekend

Footer 365

Capital One Cup: FA charges Chelsea striker Diego Costa over 'stamp' on Liverpool's Emre Can

The FA have charged Chelsea striker Diego Costa with violent conduct over his clash with Liverpool's Emre Can on Tuesday.

Transfer news: Arsenal complete the signing of Villarreal defender Gabriel Paulista

Arsenal have completed the signing of Villarreal defender Gabriel on a long-term deal, for an undisclosed fee.

Gabriel Paulista has joined Arsenal from Villarreal, with striker Joel Campbell

Gabriel Paulista has joined Arsenal from Villarreal, with striker Joel Campbell going to the Spanish club on loan.

Mail Box

Erm... Balotelli To QPR..?

It's an afternoon Mailbox that offers the reaction to the reaction, with a defence for Diego Costa offered, and Balotelli mooted to move to QPR. Plus a silly idea about the Mails...

'Diego Costa Is A Thug.' Sore Losers..?

There is plenty of fallout from Diego Costa's stamps of authority on Tuesday's League Cup semi-final. Plus Blatter, Rodgers' substitutions and stretching the transfer truth...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company