HEREFORD United chairman David Keyte has stressed his commitment to the club despite the Bulls’ financial woes.

Keyte is believed to have propped up the ailing Blue Square Bet Premier outfit to the tune of more than £½m since taking over as chairman almost three years ago.

“I remain committed to the club because I can see that the medium to longer term future is brighter than what we have been through in the 18 months due to relegation,” he said.

“The battle is bridging the finances and the time to get there.”

Keyte acknowledged that, on its own, an average crowd of 1,700 would not be enough to maintain the club and that other means of raising income would be required. High on the list of priorities is likely to be a share issue.

“We have to discuss the detail further but these things can take off within six to eight weeks,” he said.

“It is something that we would have to get the shareholders to approve and so that is something relatively short-term.”

He is also looking for more support from local businesses, who as well as individuals, might back a debenture scheme.

“There are some 2,000 businesses in Herefordshire,” he said. “We need to put something together that becomes an attractive package at company level, as well as for individuals to try to hit some bigger figures.

“We have started to discuss the possibilities of debentures where an individual or a company can actually buy a seat for the next five years and have specific facilities for debentures, whether it be a debentures’ bar or a shareholders’ bar - something that is perceived to be good value.

“Through ground developments, through a share issue and by trying to look at this at a corporate level, we have stronger financial possibilities.”

He took comfort from the fact that, while there will be no further matchday income until July, revenue is still generated at the club. “This year, as opposed to any previous years in the last 15, we have actually got a supporters’ club that is generating £5-6,000 per week so the profits from that help us,” he said. “Things like the players’ wages are being covered gradually from that.

“There is a little bit of money coming in from AFC Wimbledon from the Harry Pell transfer as a result of them staying up.

“It’s welcome but it is only £3,000.

“But I’m confident of the club’s success in the medium to long term. In the short term, half the problem can be overcome by the normal summer sales of season tickets.”