Owner Allen has not written off Spireites investment and still plans to sell the club

Chesterfield FC owner, Dave Allen, right, addresses the press conference at the unveiling of Martin Allen, second left, as new manager.

Allen told journalists at a press conference to unveil manager Martin Allen that he had put ‘upwards of £10 million’ into Chesterfield FC.

The casino magnate insisted that he hasn’t written off that money and is expressed his confidence that he could sell the club once they’re back in the Football League.

He doesn’t think it likely, however, that the deal he shook hands on in January will come to fruition.

He identified the interested party as former Town director and ex Sheffield United chairman Reg Brealey, a sole investor rather than a consortium.

“In January I had a meeting with Reg Brealey, I don’t think it’s a secret is it? He wanted to buy the club, I agreed a price with him and we shook hands,” said Allen.

“I’m still waiting to see the money. I don’t think realistically there’s much chance of that happening.

“I think when we get this club back into the second division there’ll be plenty of takers.

“I’ll find some Chinese friends of mine because no one round here has any money.”

The owner, who hand selected the new boss, has said he wants to take a more active role in righting the ship, but won’t be rejoining the board as a director.

Instead he’ll be offering ‘a bit more guidance’ and returning to games ‘occasionally.’

But even with his input, he doesn’t expect the club to be run profitably.

“The borrowings of this club here are far too high,” he said, gesturing to the surrounds of the Proact Stadium.

“The cost of the borrowings and the interest rate are astronomical and it could never work.

“So can it make profit? No not really.

“Especially when you’ve got a budget in the top three in each division, which they’ve had over the years.

“No manager has ever been short of funds, just short of ability as managers.”