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All this should have come out in "due diligence". If it was hidden then there is a legal claim. If the incoming administration didn't do due diligence then 'caveat emptor.' For the £15 grand being talked about I would have thought there is much more to this than the sum involved?

It's worse than that merc! He states he was told three times there was no debt. A senior official of a company is required to find these things out for themselves and not to take what others say at face value. If he can't read his own company's accounts, or find someone who can, then he shouldn't have taken the job in the first place! He should be presenting the full facts to the club, and not coming up with excuses that read like a kiddie's sickie! A competent company chairman would call a meeting of members at the first opportunity. In such a serious matter it should probably be a meeting of all club members and not just significant stakeholders. Bedlington deserves better than this!

Forgive me for being pedantic, but that 'chairmans announcement' is an utter abomination. Grammatically and in context it reads as though it has been written by a primary school kid; one should never include an exclamation mark in an official, professional announcement such as this - it smacks of ridicule and sensationalism - and, to point out one immediate error, anyone with any knowledge of grammar should be aware the number three should always be written as a word. I could go on, but if the gentleman in question wishes to present a professional image, perhaps he should ask someone to proof his work?