Cambridge United are to call and Extraordinary General Meeting to seek new investment after their Chairman quit after just four months.
Cambridge face a cash crisis after a concert - Abbey Aid - lost £135,000 instead of the expected £50,000 profit to add to their annual estimated £400,000 loss. The club, which announced a £581,000 loss in their last accounts in January, needed £250,000 to complete the pre-season and had originally estimated a £250,000 loss for the current year. With the shortfall from the Abbey Aid concert, as much as £300,000 may be needed to cover current operating losses in the short term.
Chairman Terry Baker quit this week saying: "Those primarily responsible for the fiasco wouldn't walk the plank, and I thought it was easier for me to take the responsibility."
He will be followed by Finance Director Nick Pomery, a man declared a saviour after pulling the club from the brink 12 months ago, who appears to be the main person responsible for the concert, telling the Cambridge Evening News: "What the club needs is a new board where everyone is heading in the same direction, so the club can really move forward. Any direction is better than no direction, which is what the club has had in recent times."