York City chairman Douglas Craig believes that the club will never sample the high life of the Premiership.

Speaking at last night's meeting with shareholders of Bootham Crescent Holdings, Craig confirmed that the club will have to continue selling its brightest young talent to survive.

But he conceded that the club had "got out of kilter" in trying to find the right balance between putting it on a firm financial footing and being a success on the pitch.

Craig stressed that only by selling had the club offset a trading loss of approaching £500,000 to register a record profit of more than £1,250,000.

"Our intention is to strive and keep the club in existence. At the moment we have got the balance slightly wrong.

"We are desperately trying to put that right," he said, but warned the club would not survive if it did not maintain a prudent transfer policy.

"If you think we can ever exist without selling players then, I am sorry you are just totally wrong," said Craig, who stressed income from attendances was "nowhere near" sufficient to pay an increasing wage bill .

"It sounds a terrible thing to have to do," said Craig of the club selling its best young players. "But that is the life we are living.

"York City will never be a Premier League club, you will never see it.

"That is nothing to do with a lack of ambition that is reality.

"(Roy) Keane gets paid £50,000 a week, Keane earns in one week more than the total income of this club.

"There is no point in having ambition which is impossible to fulfil. What you have to do is set realistic ambitions which you can, with a bit of luck and a bit of good management, fulfil.

"I accept totally at the moment we are failing on the quality of the playing side.

"That is upsetting, we are trying to do something about it. I don't like watching the team not performing well on Saturday anymore than you do."

The chairman, who together with the board, received praise from the floor for managing the club's finances, highlighted the City's record of recent years.

"It is a fact that when we took the club over in 1991 we were at the limit of the overdraft at the bank

"We have now transformed that into a significant balancing figure in the bank which we say will enable this club to exist for a minimum of two years.

"In addition to that we have managed over the eight years to keep the club longer in Division Two longer than at anytime in the club's history.

"This club was up and down between the old Third and Fourth divisions like a yo-yo and it vies with Halifax and Rochdale as being the club in the Football League that has most often had to apply for re-election.

"It seems to be being conveniently forgotten that the history of the club in the last eight years bears more than favourable comparison than with any other comparable period in this club's history."

Shareholder Peter Rhodes asked why the formation of the new company, Bootham Crescent Holdings, which acquired the shares of York City Football Club, had been "rushed through" without an opportunity for a meeting.

Craig said that shareholders had been given the opportunity to ask questions.

"There was nothing to hide. We followed the correct procedure which we were advised to do by the club's solicitors," he said.

BCH shareholders were told they would have the same rights and would be given the opportunity to voice their opinions at a future annual general meeting as they did previously.

Asked to respond to reports that the Government are to introduce legislation allowing supporters' groups to own and run clubs, Craig said any such move could happen now without the need for new legislation.

"I have indicated that providing the deal is right I am prepared to sell my shares but any group of supporters can form a trust and can accquire a football club now, without any fresh acts of Parliament.

"I cannot see how it is going to be possible for any government to pass an Act of Parliament which requires a plc to have non-shareholders on its board because the ramifications are enormous. It would mean non-shareholders would be on the board of ICI or Marks and Spencer."

Family coach cancelled

York City FC's family coach to Hartlepool on Boxing Day has been cancelled.

Organiser James Richardson said that people who had paid to go on the coach should collect their refunds from Bootham Crescent as soon as possible.

Alternatively they can transfer to the Travel Club coach which will leave at 11am for the 1pm kick-off. The Travel Club coach does not include the admission fee to the ground.

It is hoped that the family coach to Darlington on Monday, January 3, will still be run.

There are a few tickets remaining for the Junior Reds Christmas party on Thursday (noon to 2pm) when all the City players will be present.

For further information contact James Richardson on York (01904) 624447 extension 4.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.