Mansfield Town are pleased to announce that a debt of £1.2m has been written off the club’s books.
Documents have been signed to turn a total sum of £1.2m, which derived as loans from chairman John Radford and directors Steve Hymas and Steve Middleton, into preference shares.
The paperwork was signed after the club's Annual General Meeting, which took place at One Call Stadium this afternoon.
Company secretary Laura Bathgate (pictured) was present on behalf of Steve Middleton.
Speaking to www.mansfieldtown.net, Mr Radford said: “We want to improve the balance sheets of the football club. It’s not good for anyone or any business to have debts and these loans will now come off the club’s books.
“Myself, Steve Middleton and Steve Hymas have never had, nor will have, any intention of taking money out of the club and by turning these loans into preference shares it makes the club’s finances much healthier.”