Rovers Financial Update

**red bellied** · 16/09/2008, 2:12 PM

http://www.sligoweekender.ie/news/st...snoj&cat=sport

SLIGO Rovers Football Club must raise a further �130,000, by the end of the season to be totally debt free, said chairman Michael Toolan.

This is on top of the original �130,000 the club said in July they needed to continue to exist and brings the total fund-raising target to �260,000.

It was originally calculated that �130,000 was needed to pay off an old tax bill and to cover on-going expenses including the �17,000 weekly wage bill.

The club have raised �97,000 so far which has reduced the amount owed to creditors to �20,000. It is hoped to have that debt completely cleared by the end of the season.

However, a further �130,000 is needed to cover expenses and ensure that Sligo Rovers go into next term with a clean slate.

**brianw82** · 16/09/2008, 3:25 PM

Has anyone asked the question WHY the club needs to be debt free?

Any properly-managed business can (and should) cope with certain levels of debt, through re-financing loans, etc.

Hmmm, I guess I answered my own question with the 'properly-managed' part....

**sligoman** · 16/09/2008, 3:28 PM

Originally Posted by brianw82

Has anyone asked the question WHY the club needs to be debt free?

To get a Premier Division licence next season you need to be debt free or at least have some sort of payment plan in place iirc.

**Longfordian** · 16/09/2008, 3:46 PM

As far as I know you dont have to be debt free but you can't owe any money to players or Revenue or at least you must have an agreed payment plan in place. I'd say pretty much every club has some debt.