Airdrie were beaten by Brechin in their play-off semi-final

Relegated Airdrie United have launched a share issue, with the Division Two club giving further dire warnings about their financial future.

"There is no doubt that the club needs fresh capital to underpin its future existence," said a website statement.

"The club was very lucky to survive last season and would certainly not survive a similar one under the current set up."

Chairman Jim Ballantyne had previously promised a major shake-up at the club.

The chairman last month told BBC Scotland that the season, at the end of which they were relegated to Division Two after a play-off defeat by Brechin City, had been a "financial disaster".

Depending on the success of the shares, it is an aim to formally set up an academy structure Airdrie statement

And, in their latest statement, Airdrie say the loss of the chairman's father and club director John Ballantyne had hit the club hard.

"The death of John Ballantyne, continuing health concerns of Jim Ballantyne, numerous postponed games, poor performances on the park, dwindling attendances and an abysmal play-off campaign were just some of the factors that threatened the very survival of the club," it said.

Airdrie have launched an appeal to fans and local businesses, saying they will grant shares to those giving financial support rather than expect donations, with anyone investing £20,000 or more being given a directorship.

"Depending on the success of the shares, it is an aim to formally set up an academy structure to provide a clear pathway for the development of our own young players," they said.

Ballantyne had said that they would have to consider part-time football next season.

The club have yet to make public any subsequent decision about that or the future of Kenny Black, despite reports suggesting that the team manager has already parted company with the club.

Black had told BBC Scotland immediately after the play-off defeat that he did not know whether he would be back with Airdrie next season.

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