Former Kidderminster Director John Davies has written an open letter, published on his company website (link), to the club's shareholders.
Davies, who quit the Board last week, says the club has relied on former Directors Ernie and Kath Lane to support it for the last three years. In the 2012/13 season, Davies says the club could only afford a playing budget of £300,000 to £350,000 - but spent double that after the Lanes agreed to underwrite a shortfall.
When Jamille Matt was sold for £240,000 the money was effectively written off from the sum the Lanes were due to put in, leaving the club no better off having already spent the cash. The Lanes also agreed to fund a £300,000 loss for the 13/14 season, eventually handing over £100,000 after an FA Cup run and the sale of Joe Lolley lessened losses.
That figure only came after the pair quit the board, and threatened to call in the Fraud Squad to the club over claims of sums of up to £400,000 being missing from the club. Davies says every penny was accounted for and eventually the Lanes further agreed to cover a six figure sum for the 14/15 season.
Davies, whose firm sponsors the club's shirts, says he has already paid money to continue his sponsorship two weeks ago.