Since May 1998 the club's overdraft has increased from £35,000 to an expected £5m by the end of the 2002/3 season. Total debts have increased from £1.1m in May 1998 to an expected £8m by the end of the 2002/3 season.

This trading record and the high profile financial problems of the football industry have made additional borrowings on acceptable commercial terms a difficult proposition. The Club Chairman in his programme notes for October 2002 has indicated that the club will require £375,000 to see out the 2002/3 season.

Bees United will provide £150,000 of this shortfall this year and seek to raise the additional monies the club needs as the season progresses. At a recent meeting between Bees United and the directors of the club, it was agreed by all present that the club could reasonably expect to break-even at Griffin Park from next season before payment of interest costs.

Bees United, supported by Lifeline, have offered to jointly pay the interest costs on £2m of bank borrowings for the current season at a cost of approximately £10,000 per month. Bees United is seeking to increase monthly donations to £25,000 per month by the start of next season in order to be able to pay the estimated £300,000 per year of interest costs on £5m of bank borrowings.

If the society is successful in this endeavour, it will allow the club to continue at Griffin Park while a new site is secured and prepared. A modern stadium in the borough, once secured, will afford the club the opportunity to generate sufficient revenues to compete in the football league while meeting its operating costs and servicing its debts without reliance on additional fundraising from supporters.

Bees United hopes to be able to work constructively with the Chairman and directors of the club to develop a solution satisfactory to all stakeholders that ensures the continuity of the club in this community.

In summary, to stabilise the clubs finances, the society needs to raise £200,000 for the club this season from loan Notes, donations and other fundraising activities. We additionally need to build up regular standing order donations to £25,000 by the start of next season to meet the clubs expected debt service costs of £300,000 per year.