A BENEFACTOR with up to £100,000 is needed to “buy some time” for Weymouth Football Club after director Paul Cocks declared the club was “under an obligation to take formal insolvency proceedings”.

On yet another dark day for the Terras, Cocks announced the decision to take the proceedings after no deal could be reached with any of the three interested buyers, while manager Ian Hutchinson and captain Kyle Critchell spoke out over six weeks of unpaid wages.

A spokesman for proposed administrator Benedict Mackenzie LLP believes somewhere between £50,000 and £100,000 is needed to underwrite trading losses during administration if the club was to avoid liquidation, unless a deal could be struck in extra time with the potential buyers – including George Rolls and Chris Ryan.

“If someone came along tomorrow, said find an administrator and we’ll put up the costs of running the club for three months it could give the administrator an opportunity to try and do a deal with a buyer,” said the spokesman. “That’s the best route it’s got to continue trading.

“To run it for three months will cost somewhere between £50,000 and £100,000.

“The directors have a responsibility to take some action, which is why Paul Cocks released that memo.

“A benefactor doing this would certainly buy some time for the administrator to find a reasonable buyer.”

Cocks’ statement on the Terras’ official website read: “The deadline for any proposed purchaser to reach an agreement prior to administration with the proposed administrator of WFC Ltd has now passed.

“The administrator, having set out his requirements to all interested parties, did not receive any offer that complied with those requirements.

“The administrator has to comply with general law, insolvency law and the requirements of the Football authorities, as well as securing the best deal for creditors.

“The situation surrounding WFC Ltd is particularly complicated by (a) the complex situation relating to ownership of the land and (b) the possibility of a legal claim against former chairman Malcolm Curtis.

“The deadline having passed, the directors of the club are now under an obligation to take formal insolvency proceedings, and will be meeting as soon as possible with a view to commencing that process.”

Negotiations between potential buyers and the club appear to be deadlocked, with a board meeting due to be arranged for the weekend to discuss what measures the club take next.

“They have got 24 hours in my mind to make a decision,” said non-executive director Ian Winsor. “We have to say once and for all what we are going to do.”

However, Rolls and Ryan feel they need more support from the club in a bid to tie a deal up and get to the bottom of who is owed what.

“It’s in disarray,” said Steve Beasant, advisor to interested buyer Chris Ryan. “Someone has to sit there 24/7 for the next week to two weeks and speak to every creditor.

“Fourteen days is what is needed to address all creditors and do full due diligence. We will know then whether a pound is needed or whether half a million is needed.”

George Rolls added: “The club hasn’t given me the chance to look through all the books and do due diligence. I only received from Ian Winsor at 2.34pm the full creditors’ list and loan agreements. How can anyone make a judgement based on that.”

More worrying news arrived from boss Ian Hutchinson that he or his players had not been paid for six weeks.

“It’s getting to the point where players and management have to know what is going on because we are going into each day being told different things,” said the Teesider. “It’s a testament to the players that they keep coming back, keep coming training and running their heart out for Weymouth Football Club.

“We are giving our all to this football club and we just don’t know what’s happening – we all need to be put in the picture a bit more.

“Luckily I have another job and other lads do have other jobs, but for some of them it’s their only income and they need to pay their rent, mortgages and feed their kids – they could easily have walked away.”

Skipper Critchell added: “There’s only one reason we’ve kept turning up and that’s because of the people who pay to watch us play and those who gave the money to save the club.

“Over the last six weeks I feel we’ve done them justice but enough is enough and there has to be a stand to look after ourselves. There has been talk of not turning up but a lot of the lads are not like that.”