A REVIEW of Kidderminster Harriers' finances by new chairman Dave Reynolds has revealed the club had debts of £250,000.

Reynolds took charge of the club last week when he became the majority shareholder of parent company Aggborough Holdings.

Already he has alleviated the growing financial pressure on the Aggborough outfit by paying off out standing taxes owed to Her Majesty's Revenue and Customs and national insurance and VAT thought it be in the region of £90,000.

He also refutes former Chairman Barry Norgrove's belief he had an unnamed bidder ready to buy the club who was prepared to invest half a million pounds in Harriers. However, he goes onto state that any big-money potential investors would be gratefully accepted.

STATEMENT FROM DAVID REYNOLDS, CHAIRMAN OF KIDDERMINSTER HARRIERS FOOTBALL CLUB

After my appointment last week as Chairman I have implemented an urgent review of all of the income and expenditure at Kidderminster Harriers Football Club. Although this is not yet completed it is immediately apparent that the Club is in a dire financial position. In the interest of all of the supporters, shareholders and stakeholders of the Club, the Board are committed to being clear and transparent in moving forward. We are seeking community support in resolving the issues so that we can return to having a vibrant, financially secure Football Club at the heart of our town.

The initial findings of the review indicate that the Football Club currently has outstanding debts of over £250,000 - 50% of which is due for payment within the next few days. Furthermore at the current levels of income and expenditure we anticipate a trading loss at the end of May 2011 of between £350,000 and £400,000. Clearly this cannot continue.

The board are working hard to identify areas to improve efficiency and to reduce costs but without a large cash injection, the long-term future of the club is not viable.

We have read the recent press speculation, including yesterday (Sunday, 31 October) in the Non-League Paper, regarding a high-profile investor willing to invest up to £500,000 in the Football Club, and would be thrilled to hear from them or anyone else interested in investing. It is my intention to remain as Chairman in the short term only until someone more suitable becomes available. We have arranged a business lunch at the Aggborough Suite for Friday 12th November 2010, with an aim to get the business leaders of Kidderminster and the surrounding areas involved in taking the Club forward. We urge all business men and women in the area to attend. Please contact Helen Macdonald on 01562 823931 for further details.

We have also arranged a free Fans Forum for Monday 8th November 2010 at 7:30pm, also at the Aggborough Suite. We urge all supporters to attend and also get involved in taking the Club forward. Please contact Helen Macdonald 01562 823931 for further information, noting that admission will be by ticket only.

The Football Club is at the heart of the community and we need your help to keep it there. If you can think of any way to support us, please do not hesitate to contact us.

Dave Reynolds