Cash row heads for court after Radford turns down offer

10-0139-3

Steve Hymas joins the Stags Board of Directors this week. Steve, left is pictured with Andrew Saunders on Tuesday. — 10-0139-3 Steve Hymas joins the Stags Board of Directors this week. Steve, left is pictured with Andrew Saunders on Tuesday.

The pair are demanding repayment of almost £1m in directors’ loans from their time at the helm of the club, but current owner John Radford has said the club cannot afford to pay them right now, which has resulted in the threatened court action.

However, Hymas and Saunders have already said they do not want to see the club come to any harm and are very happy to negotiate a drip-feed repayment.

Last week, the pair issued a statement, stating: “We are prepared to accept £24k per year each, which will be payable monthly, and payouts only to commence at the start of the 2014/2015 season.

“This will allow the club to stabilise its position in the Football League and work this into future budgets, helping to reduce ongoing debts, which can only be a benefit to the club.

“It has never been our intention to bring this into the public domain ad we have never sought to damage the long term future of the club.”

However, yesterday, responding to the offer Mr Radford said: “I have £4m in loans at the football club and would like to get them back at the rate of £48,000 a year.

“That would be great, but it isn’t going to happen is it?

“It has now reached the stage where I will have to see them in court.”