Stevenage issue financial warning

Phil Wallace has been chairman at Stevenage for 10 years

Stevenage Borough have warned that profit figures for the current year should be a concern to their fans.

It was revealed that after posting a profit in excess of �75,000 at the end of May 2008, figures for the first half of this year are causing concern.

Stevenage chairman Phil Wallace told the club's official website "I doubt there's anyone that doesn't know that we are in a recession.

"Certain businesses will suffer early in that and football is one of them."

Wallace added: "I'm sure we're not the only club seeing our general income in the last 6 months down sharply.

"Although we are protected to a certain extent by the wide variety of the income streams put in place years ago, the losses we've posted for the first 6 months of this financial year are staggering."

The Blue Square Premier club are currently 10th in the league and face a tough task to get into the play-off positions by the end of the season.

Fortunately I can fund the losses and our club is in no danger whilst that's the case

Stevenage chairman Phil Wallace

Gates have also been falling.

Wallace continued: "There's only 2 things to do when a decline in income threatens your club - put more money in to keep it afloat or cut costs to meet the reduced income.

"In our case it will be a combination of the two.

"Fortunately I can fund the losses and our club is in no danger whilst that's the case.

"It's simple when things are going well but it's when times are tough that we all need to make an effort to support each other for the good of our club."

Despite the uncertainty, manager Graham Westley has been told he can dip into the transfer market when the window re-opens next week.

But Wallace says players will also have to leave to make that possible.

"I still wouldn't be surprised if we made one more signing when the January window opens as long as players go in the opposite direction.

"We are over budget right now and will bring that into line over the next few months. Graham knows that and accepts there is no other way."