ACCRINGTON Stanley’s second biggest shareholder Ilyas Khan has said he will invest up to £200,000 in the cash-strapped club - and believes that David O’Neill could match that figure.

Khan revealed yesterday that he will not support takeover plans that he believes may threaten the future of the club.

And now the 46-year-old has written an open letter to all of Stanley’s shareholders, calling for an urgent meeting to block O’Neill’s proposed takeover.

Khan supports O’Neill’s plans in principal - but doesn’t want to see Stanley plunged into a financial meltdown.

In his letter, a copy of which has been obtained by the Lancashire Telegraph and printed below, Khan writes: “I understand that the club is in the process of borrowing money to pay off current liabilities.

“As I am sure you are aware, I think this is absolutely the worst step that we could take.

“I am also shocked that in the current environment, that the board and shareholders would even contemplate taking such a step.

“Events in all spheres of life in the past year surely must have taught us that debt is not the answer.

“It is the problem.”

Khan wants to see more Stanley shares issued and has promised to buy up to £200,000 worth.

And he hopes that O’Neill will also invest.

“I am willing to subscribe for new shares, and I know many other people, including David O’Neill (I imagine), would also be prepared to buy shares,” added Khan.

“A new share issue will strengthen the club’s balance sheet, and will ensure that Accrington Stanley remains free of debt.

“I will buy up to £200,000 worth of new shares myself.

“This means we could probably raise much more as I know that David, a wealthy businessman in his own right, also has the capacity to invest more.

The letter:

Dear Rob (chief executive Rob Heys)

Following recent events I understand that the club is in the process of borrowing money to pay off current liabilities.

As I am sure you are aware, I think this is absolutely the worst step that we could take.

I am also shocked that in the current environment, that the board and shareholders would even contemplate taking such a step.

Events in all spheres of life in the past year surely must have taught us that debt is not the answer. It is the problem.

I would like to request a meeting of the shareholders, as soon as possible, where we can organise a new issuance of shares and raise money to put into the club and restore it to financial health.

I am willing to subscribe for new shares, and I know many other people, including David O’Neill (I imagine), would also be prepared to buy shares.

A new share issue will strengthen the club’s balance sheet, and will ensure that Accrington Stanley remains free of debt.

I will buy up to £200,000 worth of new shares myself. This means we could probably raise much more as I know that David, a wealthy businessman in his own right, also has the capacity to invest more.

I would like to request that as chief executive you pass this message onto all shareholders. I am available at short notice and can get to the club at any time you request – including this evening – if other shareholders are around.

Please would you kindly ensure Mr Whalley gets this letter, and all other directors and shareholders you might be aware of.

I am sure that there will be other issues that can be discussed in that forum, but my request is very simple.

Please do not put our venerable and much-loved club into debt.

Please accept an equity offering that will restore the balance sheet and pay off debt. All of us who love and admire the club will step up, I am sure.

I will close by asking you to let David know that if he wishes to buy Eric’s shares then he has my support.

I have no ambition to run or manage the club in any form.

My desire, exhibited over 17 years now, is for the club to be healthy and for the people of Accrington to take pride in th’owd Reds!

Let’s not run the risk of being deducted points for things that are off the field.

Let’s not borrow money that we don’t have. These securitised debt instruments that pay today for future revenue are the kiss of death.

Look at RBS, look at the other well known casualties of the financial crisis.

Let’s not allow Accrington Stanley to fall into that trap. We have alternatives. Let’s use them.

- Ilyas Khan