Nuneaton Borough have launched an appeal as they fight for survival.
The National League North club have stated that they are currently looking at numerous options including a high-net-worth individual, a share issue for investors and potentially a bond issue.
The share issue is designed to raise £100,000 immediately, with an additional £100,000 per annum being invested in to the club. The bond issue is a longer-term plan that focuses upon installing a 4G pitch at the Liberty Way ground.
An appeal to the footballing community is asking for fans to donate as little as £1 to help the club raise much-needed funds to cover day-to-day costs and enable them to complete their fixtures this season as they investigate possible avenues to deal with the pressing concerns of a £31,000 bill from HMRC.
With debts that have more than doubled since November of 2018, the Boro' are looking to use the potential share issue funds to pay off the HMRC debt, former players and staff as well as the current high court enforcement agents that are chasing the club on a weekly basis.
Three or four years of mismanagement have landed the club in a precarious financial position but current acting chairman and manger Jimmy Ginnelly is confident that, with the backing of the football community, he can get the Boro' back on an even keel and give a solid basis that will breed enough confidence amongst local businesses for them to invest.
“It's a must that we install a strong, diverse, board at the Boro,” said Ginnelly “That's something we haven't had in a long time and it has led to a lack of accountability at the Club. That has to change if we're to get back to where the Boro' should be. We're not that far removed from having home crowds of over 3,000 in the playoff finals and against Luton Town.
“They now sit at the top of League One and the Club's couldn't be further apart. We took over 5,000 to Middlesborough in the FA Cup but we're struggling to get 700 to turn up regularly as the fan base has been pushed away from the Club by poor choices from the top down. Between 2008 and 2014 the Club achieved three promotions, briefly topping the National League in 2013 and remaining debt free. We have a rich history and I think that has been overlooked in recent years.
“We've done everything we can to get the costs down over the past few months and we're running on a shoestring budget with a skeleton staff. We've had tremendous backing from fans and other Clubs and been blown away by the messages of support, now we're asking for everyone that can to give as little as £1 to help us sort out the mess we've inherited and get this Club up off its knees and give it a fighting chance.”
If you'd like to donate you can transfer direct in to the club bank account, sort code 20-23-60, account number 33128881 or donate via Paypal with the email address admin@nuneatonboroughfc.com.
Nuneaton added: “On behalf of everyone at the Boro', we'd like to say thank you to the Football Family for your support so far and hopefully in the near future. If you'd like to invest in the Club or for further details as to how you can help, please email the Club at admin@nuneatonboroughfc.com.”
