Statement from The Board of Directors
Glentoran Football Club has once again made headlines within certain sections of the local media, regarding the ongoing stabilisation of the club's financial position.
The report correctly highlighted that the club has had to delay the payment of wages to players. This has been caused by a short term cash flow issue and the Directors are now working to resolve this situation. In doing so, contrary to speculation, the club do not envisage any necessity to draw down monies based upon our relocation to a new stadium, nor the sale of any asset.
We wish to take this opportunity to reiterate that this is a cash flow issue and reconfirm that, with previous refinancing of the clubs long term debt, HMRC's historic debt has been paid and the IFA loan repayments are on schedule.
The club is continuing to work hard to establish new revenue streams, despite the current economic climate at large, to ensure that all historic debt accumulated by the club is repaid.
Whilst press interest is understandable, the effect that it can have on our supporters, our business partners and our suppliers is unhelpful.
We wish to publicly place on record our gratitude for the patience and professionalism demonstrated by our players our management and our coaching staff during this difficult period and would ask our fans for their continued support and understanding as we continue on the long hard road to financial security.