With the news that Hereford United chairman David Keyte has talked to an administrator, just how big are the debts at Edgar Street?
Firstly it appears that the directors and others that have loaned the club money have lessened the debts by converting some of it into shares.
BN understands around £350k may have been converted to date and on top of that director Nick Nenadich has written off £100K.
That leaves at least £600K much of which is owed to Keyte. It may be more.
On top of that there are players and staff wages. It is reported that some staff are still owed money from December and both players and staff will be due money at the end of next week. Perhaps up to £60K.
It may be slightly less with the news that several staff, the most recent being Rachel Norledge from the office, have recently left the club and also three players.
There were at least four specific loans towards the refurbishment of the Starlite Rooms. Those were in excess of £300k with some interest also accruing.
Then there is the current £35K owed to HMRC which is subject to the court proceedings in ten days time. However that will relate to money owed from around November. The current amount owed in PAYE,NI and VAT could be as much as £100k.
Finally there are the usual trade debts which would include electricity, water, team coach travel, debts to other clubs, and trade suppliers, perhaps another £100k.
So a rough estimate is that the club owes around £1M at present.
Some of that £1M may be converted into shares which would help lessen the book debt.