KIDDERMINSTER Harriers chairman Mark Serrell says that all outstanding director loans have been written off.

The cash-strapped club staved off a Company Voluntary Agreement last week after securing funding to see them through until the end of the campaign.

Now, with director loans either written off or turned into shares in the football club, Serrell says the Aggborough outfit will conduct a full review of the business.

“All outstanding directors’ loans have been either written off or been used to purchase shares in Kidderminster Harriers Football Club,” Serrell said.

“After the long-term future of the club is secured, the board of directors are fully committed to ensuring that the dire financial circumstances that brought this club to the edge of an abyss are never repeated.

“The football club continues to lose hundreds of pounds per-week and it is our duty to ensure we correct this situation urgently.

“An immediate review of the whole business is to be undertaken to identify areas where the club can generate more income and cut excess costs.

“I am sure there are some tough decisions to be made, but the football club will no longer spend more money than it generates.”