QUEEN OF THE SOUTH Chairman David Rae has warned that the First Division club are facing huge budget cuts and a return to part-time football after recording losses of £455,528 ... Reports the Scottish Daily Mail.
The deficit was posted for the financial year ending last May and Mr. Rae conceded winter fixture disruption has only made the situation worse prompting supporters groups to rally round and fundraise to ease the current Palmerston cash-flow problems.
Mr Rae stated "It's a manageable situation but it has to be addressed for next year."
Mr Rae also stated "I heard it said we are over £1 million in debt but that's total rubbish".
"This season I cut the squad and came under a bit of pressure from the fans but, in all honesty I had to do it."
Admission prices at Palmerston were also increased which in general was not popular amongst the support which was reflected in a drop in attendances.
"Next season I am planning to break even and unfortunately, that means players' wages are going to drop"
There will be an AGM for Queens shareholders in the Nith Hotel,Glencaple,.Dumfries on Monday 28th March at 7.30 PM when Mr Rae and Mr Harkness will be up for re-election as Directors.
