Details as to the true extent of money owed by Aldershot Town Football Club has shown the debt owed is closer to £1.4 million, not the £1.1 figure first mooted around.
Accounts from Quantuma Restructuring, the company appointed by club Director Michael McGinty have shown that the debt owed by the club is £300k MORE than first thought.
With the clubs administrators saying there are three parties interested in taking over the club – one of whom are the Shots Trust who are hoping to turn the club into a Community run club, it looks increasingly likely that the club is on borrowed time due to mismanagement suffered over recent years.
Even if an “investor” can be found, the club is likely to find itself owing the sum – and more, to whoever takes over and should the Community Club route be successful, Trust members have already begun to question the logic in taking on such massive debts – which will need to be re-paid in full within three years or be relegated – a massive task while attempting to run the club on a sound financial footing.
Under the circumstances, relegation looks likely either way for the club, and the question needs to be considered – go “bust again” now and work towards running the club correctly from day one – or attempt the impossible.
Whatever the way forwards, matters are being made even more confusing given that neither of the two other “parties” are known and nothing new is expected to come to light until two weeks time on July 1st.