Mansfield Town’s latest accounts show them to be a further £1m in debt as their deficit extended to £4,678,129 for the year ending 30th June 2013.
Chad believes the Stags owe £3,648,715 to chairman and owner John Radford’s company, One Call Insurance Services Limited, with most of the rest owed to former directors Andy Saunders and Steve Hymas, who are taking legal action against the club to recover their investments, totalling around £1m.
The Companies House entry for 29th March 2014 states: “The company has significant net liabilities and continues to trade at a loss.
“The ability to continue trading is totally reliant on the major shareholder and its creditors.”
A Mansfield Town spokesman said: “The latest figures effectively represent the price of promotion to the Football League, as well as the investment of other areas of the football club, which has allowed it to grow and develop in the past few years.
“The club expects to see an improvement in the next financial year, whilst still operating at a loss, as is the case with the majority of football clubs at our level.”