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Hereford United in serious financial trouble
12:46pm Wednesday 17th October 2012 in News
HEREFORD United are unable to pay players their wages as a financial shortfall continues to cripple the club.
Chairman David Keyte told shareholders last night that, due to only one home fixture being played in November, the club is expected to be short of £140,000, including £77,000 in wages.
The club also announced that for the first time it has been unable to meet its PAYE commitments (£34,000) and, as of next week, the HMRC were likely to commence proceedings to recover the debt.
Relegation from the Football League has seriously hindered the Edgar Street club.
Last year, the Bulls received £734,000 from the League Two share of Premiership TV money, which included two payments of £108,000 in September and January.
But this season the figure is zero.
Only 1,537 people watched Hereford play Braintree at Edgar Street on Saturday, much lower than the 2,400 that Keyte had initially budgeted for.
This Saturday, the Bulls face FC United of Manchester in the FA Cup Fourth Qualifying Round on Saturday, with the winner getting £12,500.
For the full story, see tomorrow's Hereford Times.
- What do you think of the financial situation at Edgar Street? Leave your comments below.