IRISH LEAGUE: Portadown chairman Stinson '˜hopeful' of club's survival

Combined legacy loans up to £300,000 dating back approximately 15 years to help solve tax issues remain, according to Stinson, ‘the main stumbling block’ towards long-term progress but present an immediate threat.

“We have loans on the books to directors who, at personal cost, stepped in to save Portadown at the time,” said Stinson, in a Johnston Press exclusive. “The fact that the issue was never dealt with leaves us in the current situation.

“We cannot hide away from the risk of the club’s closure before the end of the season but stand hopeful of a solution to the main stumbling block of the loans.

“Plans for the future include the installation of a 4G training pitch and to build a bar, towards additional revenue streams.

“The club is not insolvent but we have a cashflow issue, however, it is the matter of the historical debts which present the biggest danger.

“The commitment is in place to honour our weekly budget as long as there is a club.

“No-one is demanding a payment of the debts but there is a new Board of Directors in place and we cannot continue to put money into the club to cover that cashflow issue in the knowledge it could all fold if ever that historical situation were to change.

“The directors have been - and continue to be - supporters who want the best for our club but it is about accepting the reality.

“Now is the time to act and the response from our fans’ meeting has been positive so if we can solve the historical debts everything can move forward.”