Clyde FC have announced that they are ‘completely debt-free’ in a statement published on the League Two side last night.
The statement, published on the club’s official website, read: “The burden of debt has weighed heavily on the club since the failed bid to reach the SPL. An unsustainable debt of £1.4m had been the result of the quest for top flight football, a quest mathematically possible right up to the last day of season 2003-04.
“It has taken ten years to readjust the structure of the club to live within its means and repay its creditors, a process that necessarily saw financial survival take priority over sporting ambition. Throughout this time we have relied on the support of our creditors as well as our supporters and we close this chapter with thanks to all involved.
“There are mixed emotions around this event; a sense of satisfaction at having achieved this massive task, but tainted with the pain of it having happened in the first place and the consequences that followed. Yet it sets the foundation on which the club can again plan to grow and progress.
“It is almost impossible to know where to start to thank all of those that contributed to save the club from extinction. The overwhelming support in the early years from supporters and many friends of the club, who seemingly poured money into black holes to steady the ship whilst maintaining full-time football on insufficient incomes were leaps of faith. Nobody sought recognition then for their contributions, and so they remain anonymous today.
“Clyde is a club that exists today because of all of its supporters, not because of a few.
“Many people have come and gone around the club, but their contributions whether as volunteers, supporters or directors, have all made a tangible difference throughout the last ten years and every contribution has been valued and appreciated. Thanks to everyone’s efforts and contributions we can now look for ten years of progress.”
An outpouring of congratulations for Clyde occurred soon after the announcement, none more so than from Dougie Donnelly an ardent Clyde supporter and BBC presenter.
Major milestone for my famous old club @ClydeFC -debt free after 10 hard years. Thanks to everyone who worked so hard-you know who you are..
— Dougie Donnelly (@dougiedonnelly) October 24, 2014