GTST Press Release

By: GTST
Date: 06/01/2005

FOLLOWING a discussion between Trust Chairman Dave Otter, and Mr Fenty, the Trust has decided to establish a Fighting Fund to help GTFC at this difficult time and have released the following press statement.

JOINT PRESS RELEASE GRIMSBY TOWN SUPPORTERS' TRUST AND GRIMSBY TOWN FOOTBALL CLUB

DEBT OWED TO INLAND REVENUE

As many supporters will have heard during the interview with John Fenty on BBC Radio Humberside on Monday 3rd January, Grimsby Town Football Club (GTFC) has an outstanding debt with the Inland Revenue of c. £700,000.

The board of GTFC feel it is important that all interested parties (including all supporters, shareholders and members of the wider local community who have a vested interest in the football club) are fully aware of the situation, and of the steps that the football club are taking to resolve it.

These monies owed to the Inland Revenue relate only to the 2003/4 football season, and are another example of the knock-on effect that the collapse of ITV Digital and associated loss of revenue have had on GTFC. The Board are keen to stress that the football club are currently operating within their means, and that all current commitments are being met. Therefore the amount owed is unlikely to increase, other than any charge for interest that the Inland Revenue may wish to impose.

GTFC have proposed what they consider to be favourable payment terms to the Inland Revenue to clear the outstanding debt. The Directors are disappointed to report that the response from the Inland Revenue indicates that a significant gap exists between the offer tabled by GTFC, and the payment terms that the Inland Revenue are willing to accept.

Dialogue continues between the Club and the Inland Revenue and the Club will endeavour to reach a favourable agreement. As things stand at the moment, however, if the Club were to agree to meet the payment terms that are currently acceptable to the Inland Revenue this would have a detrimental effect on the finances of the Club at a time when they have already had to reduce spending as a result of the ITV Digital collapse. It is highly likely that there would have to be even further cuts within the Club's finances, although efforts will be made to ensure that this is a last course of action.

The support of the fans will be vital to helping the club overcome this short term, but serious, financial setback. The simplest way in which the supporters can assist the club is by attending matches at Blundell Park, and encouraging friends and family to do the same. Supporters can also join the Club's Gold Bond Lottery for only £1 per week.

Grimsby Town Supporters' Trust has for many months enjoyed an honest and constructive relationship with the Board of GTFC and fully appreciates the situation the Club now finds itself in. Following a discussion between Trust Chairman Dave Otter, and Mr Fenty, the Trust has decided to establish a Fighting Fund to help GTFC at this difficult time. The Fund will aim to raise money through donations, promotions and events. Further details of how the Fund will progress will be discussed at a meeting between the Trust and the Club this weekend.

The Trust will be working in collaboration with the Grimsby Telegraph and the independent Grimsby Town website The Fishy who have both kindly offered their services for the Fighting Fund. The Club and the Trust would like to thank both for their valued support.

All monies raised will be made available to GTFC via share purchase, with all shares purchased by GTST being held for the benefit of the supporter base as a whole. The Trust will also donate a minimum of two-thirds of new membership subscriptions to the fund and would urge as many fans as possible to join. Donations can be made via the Grimsby Town Supporters Trust (GTST) website at www.gtst.net, or by sending cheques payable to GTST to PO Box 421, Cleethorpes, NE Lincs, DN35 7WY.

GTFC and GTST would like to thank all fans for their continued support, and look forward to working together for the benefit of the club as a whole.

For further details contact:

Grimsby Town Football Club

Email enquiries@gtfc.co.uk
Web links www.gtfc.co.uk

Grimsby Town Supporters Trust

David Otter
Telephone (Mobile) 07730 014870
Email: david.otter@gtst.net
Web Links: www.gtst.net

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