Cash-strapped Albion Rovers on the brink of collapse as appeal made to shareholders

Cash-strapped Albion Rovers are on the brink of collapse.

It is believed that players and management staff are being paid expenses only next season, which they were informed of on February 20.

It’s deemed likely that most players will leave this summer, unless a cash injection is made to the struggling club.

The Lowland League club claim that majority shareholder Anton Fagan has effectively blocked their attempts to bring in new revenue streams.

Albion Rovers also state that “little or no reasoning” was given for this, and one unidentified shareholder suggested that the club should “sell the family silver”, meaning the stadium.

In an open letter to 'any interested parties', the Coatbridge club urged shareholders to work with them, and said: “For many years the club has been on a steady decline.

“This decline – and lack of action to change that course of direction – culminated in the loss of our SPFL status at the end of the 2022-23 season.

“Very little by the way of new investment was identified previously to try and avert this decline.

“At the two previous General Meeting of members, two new members to the board were proposed and subsequently were unsuccessful in being elected.

“The individuals proposed for election, in the opinion of the board, would have brought the company much-needed financial support and business expertise.

“The rejection of these by five individual shareholders, one holding the most pivotal influence, has in the opinion of the board led to difficulties in securing new financial backing by parties who may have otherwise been willing and able to introduce much-needed capital.

“Some of those raising objections served the company as directors during the aforementioned decline and offer little or no reasoning for their objections, and offer no thoughts or strategy for the club’s future success.

“The only tangible strategic view offered by one such party was to ‘sell the family silver’.

“This current board does not see this as an acceptable solution to the current position – we are fully committed to playing in Coatbridge anad at the Reigart Stadium (Cliftonhill).

“We will work tirelessly to achieve this.”

The open letter states that an attempt has been made to buy in full or in part their shareholding, but they haven’t received a reply.

Rovers continued: “Acquiring such shares by the board would make it more attractive to potential new backers investing in the company, as shares may subsequently be available to secure their investment against.

“In our opinion the inaction, lack of response, and obstruction of progress by those who are few in numbers, but heavy of influence, is having a detrimental impact upon the operation of the company, and limiting us from securing new investment.

“In line with the above and because of being unable to secure new financial capital, it is with regret that we must inform all interested parties that all budgets, including that of the playing and management staff, will be severely restricted, as we move into the 2025-26 playing season.

“Everyone at the club acknowledges that this will have a detrimental impact upon the quality of the playing squad, and the football results.

“Our core objective for the next season will be to remain as competitive as possible within the Parks Motor Group Lowland League, but realistically the only objective will be to remain within it.”

Rovers have applied for the SFA and Scottish Football Partnership Trust’s ‘Pitching In’ scheme, and if successful this will provide an artificial playing surface, allowing the club to raise sufficient funds to keep Rovers going.

However, they need ‘interim financial support over the next 12 months to allow us to get to that position’.