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Page last updated at 12:23 GMT, Wednesday, 4 November 2009

Khan explains shortfall urgency

Accrington Stanley
Accrington returned to the Football League in 2006

Accrington's new non-executive chairman Ilyas Khan says he had no hesitation in helping the club pay off its remaining debts to HM Revenue and Customs.

Khan, along with newly appointed president Peter Marsden, made up the shortfall to repay the £308,000 tax bill before Wednesday's deadline.

"We found that the club was unable to meet its obligations," Khan told BBC Radio Lancashire.

"The fundraising appeal and various initiatives hadn't come to pass."

Khan initially offered to pay off all Accrington's debts in September, but withdrew his backing after claiming the support was not well received by the club's directors.

It was emerged that the club needed more than the commitment to the shortfall that I'd made

Accrington non-executive chairman Ilyas Khan

Stanley then faced a winding-up order at the High Court in London last Wednesday.

After paying off two-thirds the club were given a seven-day adjournment to clear the outstanding balance.

"Last week I found out that the club was going to fall short," said Khan.

"I turned up to the court off my own volition with Peter [Marsden] because we felt that no matter what our feelings were about the old board the club was bigger than any single individual.

"We decided we would stand by and guarantee a shortfall which at the time was seen as £110,000. I made a commitment and upheld it.

"That £110,000 had been calculated by the club on the basis of various other plans, which over the weekend had not materialised. So it was yesterday morning [Tuesday] that it emerged the club needed more than the commitment to the shortfall that I'd made.

"The announcement that the club has made [regarding the club's future] is a result of the agreements that were reached in order to make sure that not only our short-term debts were met, but that we have the confidence to go into the future knowing that our financial footing is now secure."

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