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Page last updated at 14:04 GMT, Monday, 5 October 2009 15:04 UK

Khan ends offer to help Stanley

Accrington Stanley

Accrington Stanley shareholder Ilyas Khan has withdrawn his offer to clear the club of all of its existing debt.

The investment banker made his decision following Stanley's 1-0 defeat at Chesterfield, after which vice-chairman Peter Marsden resigned.

Khan told BBC Radio Lancashire: "I've agonised over it for a long time but I came to the conclusion it was better for me, the club and community.

"There is a limit to how many times you can be told to get lost."

He added: "I was first made aware of Stanley's financial problems in the summer of 2008. At the time I made a very simple approach which is that we can only solve the problem by re-capitalising the club.

"I have said the same things over and over again. I have offered to be the person that re-capitalises and have been told that my capital is not welcome and that I shouldn't keep on persisting."

Accrington have a High Court date with HM Revenue and Customs later this month where they will be asked to pay back £308,000.

Khan made the club two formal offers; one to pay off the entire debt that it has, providing new shares were issued and the other, to match the sum total of all money donated by the current directors before the court date.

He said: "I cannot see any set of circumstances in which this board would change their minds. But, I wish the club well and really hope they do survive this current situation."

Marsden, who tendered his resignation at the weekend, said: "The club could go bust without Ilyas and, although I still think the club can survive with or without him, I would dearly love him to have some sort of involvement."

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