We need you, says troubled Town to fans
"WE NEED you more than ever!"That was the message to Town fans today as the club prepares for its first full day under the management of accountants.
"WE NEED you more than ever!"
That was the message to Town fans today as the club prepares for its first full day under the management of accountants.
Former club chairman John Kerr appealed for the Town faithful to fill every seat at Portman Road instead of listening to the radio at home.
He also begged businessmen to use their conference facilities to help reduce the financial crisis at the club.
There was also fighting talk from current chairman David Sheepshanks: "We have lost this battle – but not the war to restore the club to better fortunes."
The club has called in administrators including Nick Dragan of Deloitte & Touche who worked with Leicester City when they filed for full Administration.
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"We deeply regret this action and the pain that will be felt by our creditors and suppliers, including many that are local and of long-standing. If there had been a better alternative we would surely have taken it," Mr Sheepshanks said.
The club has applied to the High Court to file for administration with a view to achieving voluntary agreements with creditors' within eight weeks.
These creditors include suppliers and George Burley – who is still on the club's books because they can't afford to pay him off.
Mr Sheepshanks said that relegation, the demise of ITV Digital and the introduction of new transfer windows had made their financial woes worse.
He said they were hoping for a reprieve by selling a second player before the transfer window closed in January. But now the lack of a sale has "effectively sealed our fate.
"Ultimately we have simply not been able to cope with the net loss of some £15 million of income caused by relegation and the almost immediate collapse of the transfer market."
He added that Matt Holland and Herman Hreidarsson's decision to stay and fight for promotion has meant the club has been left without transfer income and with the cost of ongoing contracts.
"The only positive point for us concerning the transfer deadline on January 31 is that we know that the dressing room and the squad are together and united for the remainder of the season.
"We have one of the strongest and probably the most talented squad in the division, with a very successful academy beneath it, and we must make all this count where it matters most, on the field of play.
"Joe Royle's leadership has now restored the spirit to the squad and in him we have a man capable of leading us back to the Premiership be it this season or beyond."