Maccabi cash crisis deepens
Manchester Maccabi's financial crisis has deepened, leaving it threatened with selling part or all of its newly developed premises in order to meet £60,000 debts and cash-flow problems.
Last week, the Prestwich-based club, which sees more than 1,000 people use its facilities weekly, admitted it was in financial crisis after a drop in income of £130,000 over the past two years.
The club's executive blamed dramatic reductions in takings on its previously successful bistro and venue hiring services, and announced redundancies and cost-cutting measures.
Now letters to donors have been sent calling for "a cash injection of £60,000 in order to help meet mortgage obligations, working capital requirements and to generally allow the club to continue operating".
Despite a £20,000 pledge from a donor, the club's executive would have to consider selling part of the £2 million club-house and sports pitches, which opened in 2006.
Bradley Feld, who is maintaining involvement in the club after stepping down as chairman last week, said a financial boost was needed until cost savings initiatives take effect. He said discussions with Bury Council and the Greater Manchester Sports Partnership to rent Maccabi's facilities to increase revenues also needed time to develop.
"It would be a great loss to the community if we had to partially or fully sell the building and site," he said.