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

World Cup Promotions

Daily World Cup Promotions, sign up for a free £50 matched bet

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."

Football365 Facebook Fan Page

The Football365 fan page is a great place to meet like minded people, have football related discussions and make new friends.

Related News

Most Commented

Readers' Comments

I

am jealous but i do wonder why he's never done anything for barca and why they seemingly don't give two hoots that he's leaving. they clearly rate suarez more than him, that much is inarguable

bobsy
Sanchez Is A Game-Changer For Arsenal...

L

uis Suarez: on his way to Barcelona. Liverpool : on their way to the Conference.

wotyomamased
Liverpool agree sale of Suarez

D

aryl Janmaat, a cheaper alternative to Micah Richards? World Cup semifinalist versus Man City's backup, England's... what, fifth choice right back? That really hammers home the English premium.

harry hotspur
The Blank Gossip

Footer 365

Transfer news: Newcastle agree fee with Montpellier for Remy Cabella

Newcastle have agreed a fee with French club Montpellier to sign midfielder Remy Cabella, according to Sky sources.

Transfer news: West Ham keen on Chelsea winger Christian Atsu, say Sky sources

West Ham are interested in taking Chelsea winger Christian Atsu on loan, according to Sky sources.

Transfer news: Luis Suarez will sign for Barcelona next week after fee agreed with Liverpool

Liverpool have agreed to sell Luis Suarez to Barcelona in a deal which could be worth as much as £75m.

Mail Box

Alexis Sanchez: Really Not THAT Good

The backlash has begun: Why are Barca letting him go if he's any good? We have mails on Alexis Sanchez, Luis Suarez, the World Cup and the wonder of F365...

Stop Your Sobbing And Man Up...

Oh and honey, put the kettle on. We have more World Cup mails but it's mostly an orgasmic explosion at the signing of Alexis Sanchez. Could this be Arsenal's year?

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property