FC United of Manchester issues cash appeal to supporters to address 'worrying financial position'
Last Updated: 02/12/16 9:04am
FC United of Manchester have issued an urgent cash appeal to their supporters to ease the club’s “worrying financial position”.
The club, which was formed in 2005 in protest to the Glazer family's ownership of Manchester United, is struggling to meet its financial targets and needs to apply for an overdraft this month.
FC United, who currently sit 12th in the National League North standings, are on course to make a loss this year as the club struggles to keep up with the cost of redeveloping its stadium, Broadhurst Park.
A club statement said: "Further to disappointing financial results for the first quarter (July - Sept 2016) recently published to members and a review of the clubs cash position, the board need to alert supporters to the possibility that the club will need to apply for an overdraft around December 2016.
"We're now halfway through the second quarter and our finances are still behind where we expected in a number of areas, which will put further pressure on our cash flow.
"We are in a worrying financial position.
"If this situation continues into the second half of next year then the club will not have built up sufficient reserves to meet its obligations to lenders and alternatives will need to be considered."
Last season, FC United reached the FA Cup first round for the second time in their history, where they were beaten 4-1 by Chesterfield. That run boosted the club's income by £150,000 but failure to repeat that success this year has left the club in a financial hole.
FC United's board are now urging supporters to back the club financially and have set an ambitious target of raising £300,000 before the end of the season.
The club's statement continued: "At the start of the season, the DF was forecasted to raise a surplus of more than £100,000. On current forecasts we need to raise more. AFC Telford recently raised £50,000 in a few weeks.
"Together, FC United could raise £300,000 over the course of this season. It's a big ask, but together we have achieved incredible things before.
"If we can achieve this target, it will contribute to the work at Broadhurst Park (such developing under the SMRE) that needs to be completed."