Much of undisclosed fee received for the sale of Cobblers striker Ivan Toney was used on the “general running” of Northampton town over summer, a meeting heard last night.
Monday night a heated Guildhall public meeting saw Cobblers fans pose tough questions to the six-member panel in a bid to get to the bottom of the crisis surrounding the League Two side.
The following day, Cobblers chief executive James Whiting revealed the financial situation at the club, which currently has a £166,000 debt with the taxman, means it is doubtful players and staff at Sixfields will get paid this Friday.
At the meeting he was asked how the club could find itself in a dire financial state when the club sold highly rated striker Ivan Toney to Newcastle at the end of July.
Mr Whiting said he could not reveal the amount due to an agreement with Newcastle United.
But he went on to say: “It was a good windfall for the club, but it was not huge.
“After the East Stand there was a huge hole in the budget compared to what we were receiving.
“A lot of the money that did go in in July and August went on the general running expenses.
“It did not leave us with a surplus in the bank account for situations like this.”
After a winding up petition was lodged against Cobblers by the HMRC for £166,000 of unpaid taxes, Mr Whiting confirmed last night, the club’s accounts had been frozen.
Communications officer at Cobblers, Gareth Willsher said he has had limited contact with club chairman David Cardoza over the past few weeks and said he could not give answers on where the money had gone.
“The honest answer is, we just don’t know,” he said.
“It’s not that we didn’t want to tell people what was going on.”