DUNSTABLE TOWN have voted against accepting investment from a consortium of local businessmen – as it would have involved the club dropping to Step 5.
The Blues finished 16th in the Evo-Stik League Southern Premier last season but they have been rocked by the resignations of chairman John McLoughlin and manager Anthony Fontenelle.
The duo cited a ‘perennial lack of funds' as the reason behind their departures and a group of businessmen offered to invest in the club.
The offer was discussed at an Annual General Meeting and club members, as well as the supporters' club, opted not to accept the financial help.
As part of the consortium's offer, the club would have requested relegation to Step 5 and the Spartan South Midlands League.
However, despite the uncertainty surrounding the club's chairmanship and management, the Blues want to remain a Step 3 outfit and the offer was subsequently rejected.
Interim chairman Alex Alexandrou said: “We have made a leap in the dark but we have one thing in common – to keep Dunstable Town in the Southern League, where we belong historically.”
Alexandrou told Bedfordshire on Sunday: “We had money offered to us by a consortium but they asked us to drop at least three tiers.
“It was unfeasible and just didn't make sense. They were saying they wanted to take the club down some levels to make it more cost effective but we still would have had the same expenditure, the risk of a £5,000 fine from the Southern League and no guarantee of being accepted into another league.”
“We still have interest from a number of parties and will be in discussion in the coming days.”
