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Hereford United chairman David Keyte has said that losses at the club are continuing. Yesterday the club announced a £422K loss for the year to May 31st 2012.
"We have made cutbacks and far closer cost control," Keyte told BBC Hereford and Worcester.
"But with the drop in Football League funding we face a similar loss.
"These set of accounts highlight that a club at this level cannot compete without the bonus of cup runs and transfer of players.
"Perhaps the only viable financial way back is the development of the ground, which we are actively working on, and the fact that the board are always open to new investment."
