Chairman lifts lid on financial woes
Stafford chairman John Downing has lifted the lid on the financial problems that engulfed the club in 2008/09 by insisting the worst of the storm is over.
He met with Rangers fans at a specially-arranged open meeting at Marston Road last night, to answer their questions on the future direction and the financial state of the Blue Square North outfit.
The goal is to avoid any repeat of the financial problems that engulfed the club in December, when former manager Steve Bull and the majority of the playing squad left after the budget was slashed in half.
Now Downing has revealed the core root of those problems, namely the effect suffered by relegation from the non-league top flight in 2007/08 - a drop that left a severe hangover.
He said: "What started the rot, the biggest problem we had that led to our financial troubles, was the loss of sponsorship after relegation.
"You get £85,000 a season in the Blue Square Premier and you get about £17,000 a season in the Blue Square North - that's a massive drop in revenue.
"There is no parachute payment like you would get from the Premier League, so it was a massive culture shock overnight for us. We had an overlap situation with our contracted players, because the wage structure is totally different in the top-flight.
"Now we are back on an even keel a bit."
The club are now busy devising a battle plan for the 2009/10 campaign, and have given manager Chris Brindley a provisional budget after confirming he will stay in charge.
His job is to make the most of that - the board's job is to make sure they live within their means at Marston Road.
Rangers have gambled in the past, but no more risks will be taken with the club's future.
Downing said: "We haven't got a wage structure because it's the end of the season, which alone is a massive help. But we have a lot of clearing up to do now, to establish the sort of structure that the club can sustain next season.
"That is the key, safeguarding our future so we are here year after year. We can always chase our dreams then. If we don't act responsible, the club won't have another season.
"Finance and sport is a marriage - we understand that as a board."
