Stockport County need to pay off a £450,000 tax bill 'within months' according to their Chairman.
Explaining the reasons behind Managing Director Mark Maguire's sudden departure, Chairman Martin Reid revealed that Maguire quit over a conflict of interest after he told the board that only a takeover would solve their crisis - and that he would be assembling the finances required to do it himself.
Before Christmas the board were told the club needed £1million pumped into it in the first half of 2009, with January's £500,000 from the sales of Anthony Pilkington and Jimmy McNulty going directly to the tax bill and £450,000 still owed to HMRC. The debts have built up over the last three years, with the club also operating over-budget this season.
Last season's play-off win wasn't the money pot it was originally believed to be. The club reckons it ended up with just £20,000 of the £940,000 in ticket sales and TV rights, with the game costing £400,000 to stage and the Football League taking another £270,000. Player bonuses meant their split of the remaining £270,000 was tiny.
It is understood Maguire is not the only bidder on the horizon, with an Irish consortium also eyeing up the club. One thing is likely, however. If neither party finds the money to rescue the club they are likely to enter Administration before the end of the season with further player sales impossible.