… but administration threat remains
WOKING are up for sale for £1 – and owner Drew Volpe has warned the club will go into administration if a buyer can not be found in the next few weeks.
Volpe told BBC Radio Surrey he has ploughed “over £3.425m” into the National League club since taking over alongside business partner John Katz in 2021.
And he admits the Cards are only currently living off a £600,000 loan given to him by his parents, which has allowed them to begin preparations for the new season.
Asked if the club would now be in administration without the loan from his parents, the American businessman responded: “Yep, 100%.”
“The bottom line is I’m not made of money, so I couldn’t keep on doing this for a fourth year straight,” he said.
“Between tax stuff, insurance, some other liabilities, the numbers add up real fast – to a scary, scary degree.
“Once it’s in your veins it’s hard to stop, you want to keep chasing that promotion – but I realise now I can’t keep doing it. I don’t want to be eating out of a dumpster outside of my apartment.”
Any points deduction born from administration could be crippling for the Cards, who only survived relegation on the final day of last season having finished fourth the season before.
Liabilities
Volpe said the loan from his parents would ensure Michael Doyle’s men could at least start the new season, against Altrincham on August 10, when gate revenue would help ease the situation.
The problem was exacerbated when Katz announced last month he was to step down from club duties and return to the States, but Volpe says he is confident he can find a replacement investor in the coming weeks having made “great progress” with takeover talks.
“We’re still bringing on new investment, which should be happening in the next couple of weeks, but at this moment we are fine,” he added.
“It’s absolutely been sleepless nights, a lot of worry, but for now we’re safe.
“I’d be lying if I said it wasn’t dire straits until (we got) the money into the account.
“The reality of it is that the club’s going to be sold for probably £1 – based on the liabilities that we have. The money I sent over will be able to pay off almost all of that and then we’ll have games and money will be coming in.”
