Harriers calm despite calling for more cash

Chairman Ken Rae today played down talk of financial trouble at Kidderminster Harriers - after the club released a statement appealing for new investors.

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In the statement, posted yesterday on the club’s website, finance director Joe Hancox admitted funds will be needed during the season to avoid cutting the playing budget.

Rae has since dismissed suggestions cash is urgently required and eased fears manager Gary Whild might be forced to sell any players before the end of the transfer window on Monday.

But he admitted new investors must be found in the coming months.

“With any statement asking for investment you get people jumping to conclusions but we are not pressing the panic button and nor are we struggling,” he said.

“We have lost four directors in since the last six months and of course we are feeling the effects of that.

“Yes, we do need new investors but to say it is urgent would be wrong. We don’t need them today or tomorrow but in the near future.”

Rae took over as chairman from Mark Serrell, who quit the club along with his wife Ruth in February.

In June, long-term investors Ernie and Kath Lane also stepped down and last month the club announced it was considering legal action against them over “contractually committed” funds which it claimed had not been forthcoming.

It then emerged the club’s supporters trust had stumped up £21,000 to help Harriers through “unexpected financial challenges”.

At the time, Rae said the club had “one or two issues but no serious problems”.

Harriers are currently without a controlling shareholder, with eight shareholders controlling 92 per cent of the shares.

In yesterday’s statement, finance director Joe Hancox said the club had no current debt but that: “New funds will be needed in 2014/15 if the playing squad assembled is to remain together for the remainder of the current season.

“The directors have known for some time of the financial challenge and are committed to continue taking whatever decisive actions are necessary to make the financial adjustments needed.”

Harriers are currently unbeaten in the Vanarama Conference after five games.