Spireites: Chesterfield chairman Dave Allen says the club needs to reduce £7 million debt

Chesterfield FC has announced outstanding loans of £7 million at the club’s recent AGM.

Chairman Dave Allen stressed the need for the League Two club to reduce the debt by more than half.

He told shareholders: “The club carries far too much debt, with loans of £7 million, which needs to be reduced.

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“Ideally, we’d like to get the debt to around half that figure. I think this business could sustain a debt of £3 million.”

Allen stated the Spireites must become a ‘selling club’ and will have to rely on producing its own players, as it looks towards balancing the books.

Season tickets are down 1,000 compared to last year’s League One campaign.

Chief executive Chris Turner added: “We’ve got to find other savings in the next 12 months to keep things on an even keel.”

- For more see this week’s Derbyshire Times - out Thursday!