Higgs: No panic over Pirates debt

04 March 2010 12:54
The club still owe £1,348,807 to their bankers "as part of an agreed structured debt to support the purchases of houses from formal directors, the stadium regeneration project and club overdraft", while a total of £939,891 is due to the directors for loans.

Higgs told the club's official website: "It has been frustrating that we have not been able to bring in another new face to strengthen the forward line, but the management team are still working hard to bring someone to the club.

"There has been much negative comment about the level of debt held by the club following Saturday's report which quoted over £3.8million repayable within the next five years.

"I would like to point out that we are up to date with all our payments to the HMRC, and at the year end the amount outstanding was £247,814 and that has been paid in the normal timely way.

"Whilst we would all wish for a nil debt position, it is a fact of life that the club has to carry a level of debt, but I and the directors will always look to manage that debt in the best interests of the club."

Source: Team_Talk