Hereford United: Investment 'imminent' - chairman David Keyte

Edgar Street

Hereford United chairman David Keyte says new investment in the struggling Conference Premier club is "imminent".

Keyte described a meeting with a potential investor and their legal team on Tuesday as "positive", as the Bulls look to clear around £225,000 of debt.

"We're at the stage where everything is agreed in principle and solicitors are looking through it all," Keyte told the club's website.

"It could take longer but it's fair to say investment is imminent."

The Bulls board have been talking to potential investors for a several weeks, including a possible takeover from the club's Supporters Trust.

The immediate deadline for the club to meet is the Conference Premier AGM on 6 June, by which time all outstanding debt needs to be settled.

The current six-figure sum includes an £80,000 tax bill to Revenue & Customs, around £30,000 owed to other clubs for loan players and outstanding wages to a number of Bulls players.

Keyte is anticipating the prospective injection of cash will wipe that out.

"The initial investment will clear the immediate debt," he said.

"We continue to make payments to the players as and when funds are available.

"We had already discussed with the players that payments would likely continue through May and into June."

The club's financial crisis can be traced back to their relegation from the Football League in 2012 and they posted losses of nearly half a million pounds in the year-ending April 2013.

After avoiding a winding-up order in April this year, the club ensured their survival in the Conference with a dramatic last-day escape from relegation.

With the prospect of fresh investment and a more secure future, Keyte says everyone is keen to get preparations for the new season under way.

"Everyone is aware of the need to appoint a manager, to start bringing in players and to start arranging pre-season as soon as possible," he said.

"We've held provisional discussions with Cardiff City and Plymouth Argyle with regards to friendly matches."