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Stafford Rangers look to ease their debts

By Staffordshire Newsletter  |  Posted: December 18, 2013

By Dave McLean

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STAFFORD Rangers are looking to ease their debts – with a little help from past and present directors of the club.

The Marston Road club has called shareholders to an extraordinary meeting on Thursday (Dec 19) when it is hoped the green light will be given to float non-voting preference shares.

A big proportion of the club’s £540,000 debt, that has seriously affected the playing budget in recent times, and ground improvements, is mainly director’s loans.

However, Rangers have come up with a unique idea to ease the debt, and improve the balance sheet of the company, by offering past and current directors only the chance to convert, pound for pound, all or part of their loans into non-voting preference shares

“This is only voluntary, we can’t force the directors to do this,” said secretary Mike Hughes

“But we hope they (directors) will have Stafford Rangers at heart and see our reasoning to do this.

“We have an ageing board and there is no guarantee that should they pass away that their estate wouldn’t come in and demand payment. We must safeguard the future of the football club.”

Hughes said the shares would be worth two per cent each, so directors would get a small return if they wished to sell them.

“It’s all about improving the balance sheet of the company. We’re trying to avoid a disaster.” said Hughes, and by that he meant any threat of closure of the football club.

There are five current and seven past directors who have loans with the club. The meeting is at the social club on Thursday (8pm).

On the pitch, Andy Mutch’s latest signing, Andy Griffiths from Clitheroe, is included in the Boro squad for the visit of Whitby Town on Saturday (3pm)

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