Chairman Trevor Cox today revealed that York Rugby League Club's debts were "less than £100,000".

The Wasps chief gave the Evening Press a full statement about the club's current financial position, which has been investigated by the Rugby Football League during the last two days.

Cox confirmed that the club had drawn this year's £90,000 News Corporation money early and had spent their allocation up to November.

However, he insisted the club was solvent but operating under a "severe cash flow problem".

That cash flow problem was the reason the board were unable to settle the club's outstanding wage bill of £22,000, he said.

"It is not the worst it has been by any means. The club owes less money than it has at many times in the past," said the chairman.

"The difficulty, of course, is we have no assets, before we had assets. The club's assets are now it's players. If one takes all debts the company has the figure is below £100,000, including outstanding wages.

"From a trading point of view we are not in a dire situation in financial terms. I visited the accountant earlier this week and discussed the financial situation and there is no question of the club not being solvent.

"We have a severe cash flow problem and were unable to pay a wage bill of £22,000."

Cox rejected any suggestion that last night's 11th hour rescue package was merely a means of "buying time" for the club.

"I am an optimist and hope I am a realistic optimist. I believe there is every possibility of us fulfilling our fixtures and going on to do well in the First Division."

However, he conceded that a further season of Second Division rugby would be a difficult proposition.

The chairman said that the club's financial position was presented to the players last night and confirmed by RFL club financial controller David Woods.

He said: "The financial situation is not good. I explained that to the players and I believe they accepted the explanation was the truth.

The RFL representative was able to confirm what I was telling them was true."

The Evening Press understands that the club's remaining debts, aside from the £22,000 wage bill, are in the region of £40,000 to the Inland Revenue and approximately £25,000 to sundry creditors.

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