After reading this article today I can’t help feeling this will distort many fan’s view of the true financial picture of the club.

Specifically this response from Wilson:

We have to be self-sufficient to a certain degree if we can, and that’s what we are trying to do now.

The board have helped get the debt out of the club and we’ve got to start trying to put money back in, which is what they are trying to do with these season ticket offers for the fans.

Hopefully the wins on the pitch will help as well because it will bring more people in, and that’s the way to boost your finances – not by throwing money at it left, right and centre.

Now, I wouldn’t have imagined many Town fans actually reading the last published accounts to May 2009, published in October. But this reveals the club is far from being the debt free shining example of a football club many now believe.

Firstly, the club lost £3,012,582 in the last financial year.

Secondly, the operating loss was a staggering 78% of the total turnover.

Thirdly, the club has been making a loss for many years and is running at a total debt of some £12,000,000.

Obviously the sale of Cox will have improved the balance sheet somewhat as this went through in July, however the £900K received from WBA hardly makes a impact on the overall finances.

We are only ‘stable’ because the current owners are willing to subsidise the club and have effectively turned the majority of the debts into loans. But for how much longer will they continue to follow this path to protect their investment?

This is the same situation as Portsmouth who were bankrolled and ultimately the owner, Gaydamak refused to pump any more money in and called back the debt owned to him.

The debt is not ‘out of the club’, it can be called back at any time, albeit with favourable interest rate and terms Fitton and Co may have agreed.

I would consider the board are ‘throwing money at the club’. In November they had a new £3,000,000 share issue, which they essentially under-writ to cover the 2009 loss.

This situation here is really no different to Portsmouth, Southend, Cardiff et al, with the exception that we don’t owe any money to HMRC. As it is the Taxman who is really calling in the debts at the current time.

Town continues to live beyond its means and remains just as vulnerable as the rest of Football League clubs and is far from financially stable.

Sustainable football finances remain but a dream.