In an official statement on the clubs website the club have informed supporters that they are not looking to make excuses and blame the arrears on a number of factors, most notably the club's contractual obligations with regards to players wages despite the fact that levels of income have dropped significantly in recent years.
Average League attendances at the club have dropped from 2,260 in their first season three years ago to 1,415 for the season just gone. Despite the falling attendances and general economic downturn, the clubs request for dispensation from the Football League to postpone having to install an additional thousand seats was turned down requiring them to carry out over £60,000 of work on the ground, and they also took a significant hit with the collapse of the clubs main sponsor Fraser Eagle midway through last season, with well over £100,000 owing to the club.
The club however fully accepts their liability, and have stated that they believe that it is morally right that the money should be paid and are not seeking to avoid paying the any part of the debt.
With the end of the current season the club have the opportunity to restructure the finances of the club, particularly in terms of revising their playing budget, and they are confident that working with their professional advisers, they will find a solution to clear the outstanding balance in full.
Aside from the amount owing to HM Revenue and Customs the club have stated that their other liabilities come to less than a quarter of the figure owed to HMR&C and state that they are certainly not excessive for a company of their size, with the majority of costs incurred as general day to day operational costs.