FORMER chairman Ken Stewart insisted Wimborne Town’s crippling financial liabilities had been a millstone for more than a decade but admitted: “We have over budgeted.”

New Magpies chairperson Paula Henley announced due diligence had revealed debts of approximately £110,000 with a monthly shortfall of between £6,000 and £8,000.

Predecessor Stewart argued the figures may have been overestimated but acknowledged the Cuthbury club did have long-standing debts.

The amount was significantly reduced by Stewart, ex-director Tony Grant and remaining board member Ken Fergus agreeing to forego payment on loans owed to them, understood to total approximately £40,000 combined.

Addressing the past management of the club, Stewart told the Daily Echo: “The debt has been there for years, it was something we inherited. Most of the £100,000 is friendly debt.

“The club is only in debt to the tune of £30,000-£35,000 and I am sure we can get back on track.

“There is no one to blame. The clubhouse has been failing in certain areas and of course, that has affected the income.

"I think we can get it back on song, everyone is pulling together and I think the majority of people are behind Paula. Her heart is in the right place and that’s the main thing.”

On the figures quoted by Henley, Stewart said: “I would say that is a bit of an over assessment.

“Cash flow can vary but you only have to look at the playing budget to know what you’re up against and if the clubhouse is not doing so well, with all the other bills and loans, things can become a bit tighter.

“Anyone who has been in the chair takes a certain amount of blame. Perhaps one has not kept their finger on the pulse as much as they should have done but I can say this goes back 12 years and it has just carried forward.

“We owe nothing to HMRC, we are not going to be wound up and everybody that is owed money is a friend of the club with Wimborne Town at heart. We will get through this together and come out stronger on the other side.”

On the playing budget, Stewart added: “Other clubs, once they are out of the cup competitions and gain a safe position in the league, cut the budget savagely.

“Wimborne has never done that, we have always tried to keep a level playing field which is why players have stayed loyal to the club. Sometimes, it hasn’t paid off, like any business venture.”

Asked whether heads had ruled hearts in the pursuit of on-field success, Stewart said: “Of course. If you’re a football man, you want to get the best team out there, you want to win.

“Wimborne Town has a loyal fan base and they deserve the best. Perhaps we have over budgeted in that area, trying to do the best we can when really, your head should overrule that.”

  •  A Just Giving page has been set up targeting £28,000 to fund Wimborne's playing budget until the end of the season.