Why Linnets' main backer pulled out
Paddy Davitt King's Lynn's former director Michael Chinn resigned from the board because he refused to bankroll the Blue Square North club any longer.The Lincolnshire-based business-man quit last week after pumping what he estimated was �180,000 into the Norfolk outfit during his two-year spell.
King's Lynn's former director Michael Chinn resigned from the board because he refused to bankroll the Blue Square North club any longer.
The Lincolnshire-based business-man quit last week after pumping what he estimated was �180,000 into the Norfolk outfit during his two-year spell.
However, Chinn - now linked with a potential takeover at Blue Square Premier Rushden & Diamonds - revealed he will still support the club financially for the remainder of Lynn's current league campaign.
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“For the next three months I will do �10,000 a month just so the club can carry on as it has been doing,” he said. “By the end of the season I think you would be looking at something in the region of �180,000 since I first went in.
“I know how it might look with people putting two and two together and ending up with six or seven but I don't want them saying whatever might happen to the club in the future was down to Michael Chinn.
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“I wrote off money that Crawley owed me to bring in Brad Thomas this season on loan along with all the other bits and pieces but I've had to take a massive pay cut with my own three businesses.
“We're in a credit crunch at the moment and the money just isn't there. The crowds are down and in this current climate you have to draw a line under it.”
Chinn admitted he became increasingly frustrated at the lack of fresh investment following the Linnets' elevation to the Conference set-up for the first time this season.
“I've put in a significant amount along with others like the chairman,” he said. “Now it needs more like-minded people to put money in or you can see the club struggling. I had every intention of taking the football club over but when I looked into it further I didn't think it was something in my remit.
“The economics of the club need to be looked out. I had situations where board members would come to me saying they were going to be �10,000 or �15,000 short one month and could I put a bit in extra.
“Then the following month they come to you again and say can you stick in another �20,000 or �30,000. It's never ending. It felt like it was all falling on my back and that is crazy.”
Chinn is confident club chairman Ken Bobbins can guide Lynn through financial difficulties.
“I believe they have two parties who are very interested in getting involved but they need to keep Ken,” he said. “He knows what he is doing and is a genuine guy - absolutely excellent. The same goes for Tim (Coates). If the club could be put on a level footing with new investment I would consider coming back. I have been approached by three or four other clubs, one to buy outright, and for what I invested in Lynn I could've probably been involved in the Football League somewhere.
“The potential is there and that is what attracted me to go in originally. The council own the stadium and they have upgraded the roof and carried out other work downstairs in the Main Stand but I believe they should be doing much more. If you are serious about moving the club forward why not look at building a new stadium out of town that could be used as a seven day a week facility or failing that a new stand on The Walks' side of the ground.”