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Page last updated at 16:12 GMT, Monday, 8 June 2009 17:12 UK

Weymouth face financial meltdown

Ian Ridley
Ridley is in his second spell as Weymouth chairman

Weymouth Football Club have suffered a major financial setback after the club's bank called in their overdraft.

And the Terras claim that former chairman Malcolm Curtis is also asking for a repayment of a sizeable loan.

Current chairman Ian Ridley told BBC Radio Solent: "We've been working hard for the last three months and we thought we were getting somewhere."

The Weymouth Board of Directors issued a statement to outline the latest setback on Sunday.

It means in the absence of renewed investment the prospect of liquidation is a realistic possibility.

"It would probably cost us around £40,000 to go into administration; you have to pay the administrator and make certain funds available. We're actually not in a position to do that.

"I have to be honest and say we may have to take some kind of insolvency practice if people press us very hard."

The Weymouth chairman also feels his relationship with Malcolm Curtis has reached a low ebb after his predecessor at the Wessex Stadium is said to have demanded repayment of a loan made to the club.

"One of his administrators has sent us quite a letter about money owed. He comes out with a statement that he is seeking clarification but the tone, language and actual words were to do with legal action, so I don't view that as legal action."

But Curtis told the Dorset Echo: "I've not made any statutory demands. When the board took over they signed an agreement that £20,000 of money owed to me, which I put into the club before Christmas, would be paid back at £500 a month.

"However, no payment has been made at all - I've not received a penny. I've had no contact from the club to clarify their position so all I want is clarification."

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see also
Terras appoint new management duo
19 May 09 |  Weymouth

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