Turner comments on accounts

In his matchday programme column yesterday, Graham Turner made mention of the soon to be released 06/07 trading accounts. Turner starts by reminding everyone of the difficult financial situation that the current Board inherited including the loss of the leases and the £1 million pound debt.

"That debt however has been accounted for in a joint venture agreement which should eventually be wiped off our balance sheet when development takes place at either end of the ground."

It is not known if this joint venture agreement with The Richardson's is contractually binding to the point that it prevents development taking place in conjunction with another party. If it is, then some might consider that The Club is now even more tied to the developers than had previously been thought.

The accounts are expected to reach the shareholders early this week but Turner did say in his notes "I can reveal that we showed a profit of just over £160,000 for the year ending May 2007."

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