Bangor City have announced that Stephen Vaughan Jnr will be taking over as Chairman of the club after leaving his role in Malta as Mosta FC Assistant Coach and has pledged to “help save the club”.
The move follows months of serious problems and speculation at the club with bills being unpaid, players not receiving wages and the resignation of the club’s auditors.
The club said in a statement there had been interest from two parties in taking over Bangor City – one from Canada and the other was from the North West of England – but they were not in the position to do so.
The statement also said: “The Supporters Association had opportunity to take over the Club if they could come up with the funds to keep the Club going.
“They were not in a position to do so. Therefore, something had to be done otherwise the Club would have gone into administration/liquidation.”
Mr Vaughan now plans to finish this season as competitively as possible keeping within the current budget and then start to rebuild for next season.
The statement read: “The first step will be to start tackling all the off field issues and the outstanding creditors which includes the players and staff.
“The water bill has been paid and reconnected, HMRC/payroll has been paid up to date and the electricity will be turned back on. This will be back on within 7-14 days.
“Vaughan Jnr will be contacting all of the Clubs debtors which will enable us to clear around 70% of the current creditors list.
“Stephen Vaughan Jnr has spoken to the management team and will be meeting up with the players at training this week.
“The Club will not be applying for the tier 1 Licence this season after all that has happened in recently months. We will look to be ready to apply for our tier 1 licence again this time next season. We have however applied for tier 2 license which we are very confident in achieving.
“Vaughan Sports Management (VSM) will remain the Clubs major creditor and continue to be the person with significant control. The newly announced Chairman has spoken to a representative of Nantporth CIC and we will be looking to meet with them ASAP to discuss the relationship with the football club going forward.
“Stephen Vaughan Jnr will be looking to meet with the Supporters Association also. There will be further additions to the board over the coming months.
“There will also be an opportunity for the Supporters Association to have a member on the board as well as Nantporth CIC if they wish to.
“There will therefore be full transparency on everything that is happening within the Club and all parties can see the direction the Club intends to go in.
“Lastly, Stephen Vaughan Jnr has secured a new stadium sponsor which will be announced this coming Thursday.”
Photo: Bangor City FC