MTFC Board Statement

The following statement was released by the Silkmen earlier today.

The statement was initially launhed on the club’s officia website at www.mtfc.co.uk and reads as follows…

Safeguarding the Future of Macclesfield Town
Macclesfield Town were promoted to the Football League in 1997 and are now in their 13th year as a member of that elite competition.

In recent seasons the club has benefited enormously from the support of the club`s majority shareholders, Amar and Bashar Alkadhi and also from other members of the current Board via purchases of shares and the provision of loans that provided a degree of financial stability not enjoyed by the majority of other Football League clubs.

At the end of the last financial year, the club`s Balance Sheet showed long term debts of £1.74m of which, approximately 75% represented loan payments made by Amar and Bashar Alkadhi. The majority of the remaining sum reflects further loans made by other Directors.

The Board has today moved to strengthen the Club`s finances via a major switch of debt to equity by announcing that it will convert more than £800,000 of loans to the club into shares, a change that will significantly strengthen the Balance Sheet.

Chairman Mike Rance commented: “In the short term the current economic climate is leaving its mark on everyone. We`re having to work very hard to ensure that the club continues to operate prudently and in a self-sustaining way, operating within the limits of its own resources.

But we have some well developed and innovative plans to take the club forward. A stronger balance sheet associated with a clear message of intent from the Board to commit to the long term development of the club can only help us to achieve our long term objectives, both on and off the field.”

Macclesfield Town`s strategy for the future is stretching and includes active consideration of a move to a new stadium. Today`s announcement is a key element of our plan to create the platform we need but the club is also currently in talks with a small number new local investors to determine their interest in joining the Board in order to share in the future of the club.

“These are exciting times for Macclesfield Town” said Vice Chairman Andy Scott. “We believe we have a real opportunity to create a sustainable future but we need all the help we can get from the town and in particular from our loyal supporters if we are to succeed. We`d like them to join us as partners as we set out to build something we can be truly proud of.”