A NATIONAL LEAGUE side has been plunged into turmoil after its chairman withdrew ALL of its funding.
Scunthorpe United are in dire straits after owner and CEO David Hilton withdrew all financial backing this week.
Hilton – who bought the club in January – has decided to pull the plug due to a dispute with land owners Coolsilk.
And the dispute will have major implications for the club, which will vacate its Glanford Park home next month and play its fixtures at Gainsborough Trinity.
An excerpt of a club statement read: "The club owner and chairman has recently notified the Board of Directors of his decision to withdraw his funding from the club moving forward.
"He has also notified them that he feels his position at the club is untenable, and is actively seeking a way out.
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"Based on this information, both Ian Dawson and Tahina Akther have decided to resign from their positions with immediate affect."
Hilton is looking to sell up shop but is being hampered by the ongoing land dispute, which has put off multiple suitors.
The club statement continued: "We can confirm that numerous parties have made contact with the club with a view to taking over.
"But faced with stadium issues, numerous litigation proceedings and winding up petitions no potential purchasers are looking to move forward.
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"This includes the consortium of local business people and supporters.
"The Chairman and remaining board members have now set out a plan in order to very quickly make the club sustainable.
"An outside company will be bought in to work closely with the club's creditors to try and ensure all are paid in a timely and professional manner.
"The club will vacate Glanford Park after the Brackley Town fixture and fulfil the season's fixtures across at Gainsborough Trinity.
This is not a day-to-day cost-cutting exercise.
"This is due to Coolsilk refusing to engage with the club and demanding vacant possession before they will begin to do so.
'This is also due to the risk the club faces of being liable for hundreds of thousands of pounds in legal fees and back-dated market rent, along with significant monthly legal costs of our own that will certainly impact any attempts to create sustainability.
"In any case, Coolsilk own the property and will undoubtedly get possession back at some point, and therefore it is no longer viable without the financial support of the Chairman to put the club at risk with such a gamble to merely guarantee a few extra months at the stadium."
To make matters worse for Hilton, he's currently being investigated by The FA after it emerged he'd previously been convicted of fraud.
"The club can confirm that Chairman David Hilton is under investigation by the FA for matters that were reported to them by The Athletic prior to releasing their article," Scunthorpe said.
Dwindling attendances in recent years have well and truly hit the pockets of the club – which is anticipating more cost-cutting measures in the coming weeks and months.
"Moving forward, the club can progress and challenge for promotion as originally planned," the club said.
"The playing side can be left relatively untouched and the debts cleared, but it will require supporters, sponsors and the community to be patient and continue to support the club the way they have done over the last few months.
"Falls in attendances will undoubtedly mean further cuts and this will inevitably impact the playing squad and promotion aims.
"We hope that the support continues regardless of how uncomfortable some of the decisions feel or the inconvenience those decisions will cause."
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Scunthorpe currently sit in fourth place in the National League North with 18 points to their name after nine matches.
They'll be back in action on Saturday afternoon, hosting Buxton for their penultimate fixture at Glanford Park.
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