BURNLEY FC were £819,000 in debt and were on the verge of bankruptcy.
The club owed money to the bank, taxman and trade creditors and was losing £9,500 a month.
Commercial director Basil Dearing told the general meeting the situation was "extremely grave."
He said: "If the new share issue agreed at the meeting was unsuccessful I understand Burnley will have gone bust by the summer."
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