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Page last updated at 10:56 GMT, Friday, 12 December 2008

Lewes on brink of administration

Lewes

The Lewes board have warned that the Blue Square Premier club is on course for adminstration "in the near future".

A scheme to find 100 individuals or businesses to raise 5000 each has failed to yield sufficient funds.

The board put Lewes up for sale last month, and are now willing to sell at a price of 150,000.

A statement read: "Unless sufficient pledges come forward immediately, there is a reasonable chance [we] will have to consider entering administration."

The board are making one last attempt to raise funds before any sale.

The statement goes on: "The club, for the final time, is appealing for 30 businesses or individuals to come forward to invest 5,000 in exchange for one share each in the club.

"The board have collectively written off 300,000 of debt, and are prepared to freeze an unsecured interest free loan of 235,000.

"Repayment terms would be discussed and structured with the new shareholders.

"The board of directors propose to resign in order to allow the new shareholders to nominate a new board.

"All positions in the club would then be available to be decided by the new board."

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