ACCRINGTON Cricket Club has launched an urgent fundraising appeal in a bid to pay off an £80,000 debt.

The historic Thorneyholme Road club owes brewery Thwaites the cash after borrowing to pay for two refurbishment projects.

But, after a proposed repayment plan failed to generate the expected income, a new bond scheme has been set up.

Supporters are being asked to invest either £100, £500 or £1,000.

Treasurer Steve Davies said the cash was needed immediately to ensure its future.

It is just four years since the club, which was founded in 1864, was on the verge of going out of business due to a £10,000 black hole in their finances.

Former England coach, Accrington-born David Lloyd, came to the rescue then by organising several fundraisers.

But now the financial troubles have returned after a repayment plan for the £80,000 debt, based on Thwaites putting extra charges on barrelage costs, was deemed ineffective at raising the required amount.

Mr Davies said: “We are not asking for donations but rather an investment. These bonds will be fully repayable after 15 years and will pay interest of two per cent annually.

“The bond issue has been necessary because we need to clear the debt.

“The brewery is not satisfied with the volume of business at the club and wish to convert the loan to a repayment loan which would involve a substantial further annual cash outflow for us.

“There have been no urgent demands from the brewery but we acknowledge that we need to do something urgently.”

The club spent the cash on two schemes, one to build new toilets and another to refurbish the club rooms.

Mr Davies said that £3,200 has already been raised since the start of April.

For more information call Mr Davies on 01254 382418 or 07780 517641.