WEYMOUTH Football Club is set to go into administration unless new investment or sponsorship worth £50,000 can be found in the next 10 days.

The cash-strapped Terras are currently around £500,000 in debt and the board of directors have set a deadline for next Tuesday to find the funds.

A statement, issued by the club, reads: "The board of directors of Weymouth Football Club have today set a deadline of 10 days to find new investment and/or sponsorship of around £50,000 before they regretfully have to consider the painful decision of the club going into administration.

"Since taking over in March, the new board have worked hard to overcome the club’s problems, chief among them an inherited debt of around £500,000.

"At first, with share money from fans, they managed to keep the club going until the end of the season, though sadly relegation from Blue Square Premier resulted.

"They also put in considerable amounts of their own money both to pay off some pressing creditors threatening to close the club down and then over the summer to fund the running costs of the club due to it no longer having outside income.

"That lack of income is due to the club no longer being due revenue from speedway and receiving only a small percentage of the profits from its bars and catering facilities. It has meant that attempting to organise events on the land surrounding the stadium or in the lounges would not yield sums to make some of them worthwhile.

"The board also negotiated payment plans with certain creditors and even managed to settle around 80 per cent of debts to football creditors - including the majority of the 10 ex-players unpaid by the club last Winter - thus avoiding any sanctions from the Football Association. Indeed, the club has managed to reduce its overall debt by at least 10 per cent in the last six months and the board have been relieved to get this far.

"All this on top of appointing a manager and allowing him to recruit a part-time squad, albeit it on a shoestring budget that is roughly £500,000 less than last season‘s, to enable us to compete in Blue Square South this season.

"It all meant that with the income from the club, in crowds and sponsorship, the board hoped they would be able to manage costs - which have been slashed - and finance a squad, which has been well assembled by Matt Hale.

"On top, they had a series of meetings with potential investors in a variety of locations around the country, with things looking encouraging on several occasions. In addition, thanks to a diligent commercial department, they hoped to attract back increased sponsorship funds along with more fans by offering a more vibrant, competitive and well-run squad and club.

"All this, they hoped, would be sufficient both to run the club and to service the manifold debts, with new ones even emerging over the summer.

"While it has just about proved possible thus far, things are not looking good for the next few months. The club has just about been taking enough revenue to pay for the squad and its running costs, thus making Weymouth FC a viable concern in the medium to long term, but the board will soon find it impossible in the short term to meet repayments to certain creditors who have become more pressing in their demands.

"The projected deficit in income to outgoings over the next few months before we clear the worst of the debt and see daylight is that £50,000. It is not helping that several concerns who owe us considerable amounts seem unable to pay us what we are due.

"We would therefore appeal for help from whatever source wishes to invest in and/or sponsor the club. The current board is even willing to step aside if there are persons who believe they can do better . The board would, too, invite offers to buy the club and take on its debt should those persons demonstrate their feeling for Weymouth Football Club.

"Should there be nothing forthcoming by Tuesday September 8th, the board then believes it will have no choice but to consider the unpalatable step of inviting in an administrator to sort out the club’s financial affairs, for which the current board, despite the horrendous situation which they took on, take full responsibility.

"This will be done by the board with a view to safeguarding the club and protecting its shareholders and sponsors, along with providing a way forward for the club and retaining the management and squad for when the club comes out of administration. The club and the board are most certainly looking to honour their commitments to all those parties.

"It has been with great sadness that the board have reached this conclusion, having always tried to honour the debts that may have belonged to previous regimes but remain the responsibility of the club, involving as they do many local companies.

"Our first duty, however, is to the club and its employees and supporters and we may well have to take a tough decision for the greater good. We hope people will understand the severe problems we have been facing and our efforts to solve them and continue to rally round the club, starting with Monday‘s match at home to Havant and Waterlooville."