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How the Dorset Echo sees it...

 

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'MY FEARS FOR TERRAS FUTURE

 

CASH CONCERNS:The club's borrowings are increasing daily at a substantial rate,' writes former finance director Chris Pugsley in his resignation letter to Terras chairman Martyn Harrison

 

Weymouth Football Club's former financial director today said he feared for the future of the club just 48 hours before their title showdown against St Albans City.

 

Accountant Chris Pugsley, who resigned from the board of directors last week, claims chairman and owner Martyn Harrison has an absolute obsession to win the league' that could have serious consequences for the Terras.

 

Weymouth could clinch the championship with victory over St Albans at the Wessex Stadium on Monday.

 

But Mr Pugsley claims the club owes more than £2 million to Mr Harrison's Hollybush Hotels group and Barclays Bank, and face an uncertain future even if they are promoted.

 

He also claims the chairman now wants loan repayments to be made to Hollybush from the development or sale of the Wessex Stadium after signing an agreement and stating publicly that this would never be the case'.

 

In his resignation letter, a copy of which has been obtained by the Echo, Mr Pugsley writes to Mr Harrison: "You have been aware of my concerns for many months.

 

"When I e-mailed you of my concerns on February 7, 2005, following your announcement the club was going full-time, without any consultation with your fellow directors, your response to me was too late to go back now, full-time starts next week'".

 

Mr Pugsley adds that Mr Harrison had told the club's annual meeting in December 2004 that the club would be financed by Hollybush and the only amount repayable to the company or Mr Harrison would be £68,000 used to pay previous directors' loans.

 

He claims Mr Harrison is now seeking the return of the money pumped into the club by Hollybush Hotels. He adds in his letter: "This was confirmed in September 2005 when a letter arrived from Hollybush's finance director confirming monies received from the company in excess of that used for the purchase of shares was to be treated as loans.

 

"Again, at this time, you gave assurance by agreeing these loans would be interest free and only repayable from a percentage of the club's trading profits.

 

"You then suggested you wished for loan repayments to be made to Hollybush from any future monies received from the development or sale of Wessex Stadium, albeit you signed an agreement and stated publicly this would never be the case.

 

"As at today, the amount apparently owed to Hollybush and Barclays exceeds £2 million. These borrowings are increasing daily at a substantial rate, which cannot continue indefinitely and I can see nothing happening at the club to eradicate this.

 

"Unfortunately, I feel you have an absolute obsession to win the league this season at any cost and, quite frankly, I fear for the club's future.

 

"I pray my concerns will not be realised but with myself and the rest of the board now having little or no influence in how you are allowing the club to be run, there is no point in me continuing to be a director.

 

"I wish you and the club every success and hope you realise your dream without the demise of Weymouth Football Club.

 

Mr Pugsley added today: "On the outside the club is buzzing, but it's a different matter on the inside. I honestly don't see how the current budget can be sustained and I'm convinced Weymouth could have achieved promotion on half the budget. I really do fear for the future of Weymouth Football Club and that's a concern shared by other directors. I have tried to offer advice and have just been completely ignored and so I felt I had no option but to resign."

 

Mr Harrison said: "I could go into all the different points raised by Chris but I really feel now is not the time and place.

 

"There may have been a hope of getting some of my money back had the Asda deal gone through but, following the Government inspector's report it was not a suitable site for a supermarket, that's now unlikely.

 

"The club is in a great position. We've four of the most important games in our recent history ahead of us and it's disappointing that this should come at this time.

 

"At a time like this it would have been better had all directors, both past and present, had pulled together and backed the team in its quest to win promotion.

 

"We have all worked hard to get the club into a position to move forward and I doubt there's anyone in the town who would honestly believe that I have any realistic chance of getting back any of the money I've invested in Weymouth FC."'

 

ENDS