In what was a sombre gathering, around 50 Hornets shareholders learned last night that the clubs debts seem to have finally overtaken their ability to fend the wolf from the door.

In his opening address, Ray Taylor painted a bleak picture in which he outlined the fact that - despite directors’ loans of over £100,000 and the provision of a winning team for the third year running - apathy amongst the people of Rochdale is just one of the reasons why the club can no longer balance the books.

This was echoed by acting Chief Executive Paul Reynolds who conceded that whilst the club has raised every penny it can this year, the current position is now unsustainable.

But with entry into a CVA now - under new RFL rules - resulting in automatic relegation, it was felt that - for once - the solution now lies in the hands of the shareholders.

Options offered to the floor included:

• Searching for a major investor to take over the club. The board again reiterated that they were willing to stand aside if suitable people were found to take over. But, whilst there had been tenuous interest, no offer had come to fruition. - one secretive offer that came via an un-named party's lawyers fell through when they wouldn’t reveal the identity of the interested party.

• Significantly increasing the number of Hornets shares available for purchase. This would take the form of a new share issue, releasing cash-generating new shares for general sale. This would create an immediate revenue raising opportunity and offer supporters an opportunity to invest in the club.

• The formation of a Supporters’ Trust, whereby the supporters - as a body of people would - in time, be in a position to take ownership of the club should they want to.

As expected there was heated - and at times confusing - discussion of the Stadium Company situation. As the club’s only real asset of any value, Hornets' shares had to be considered as a cash generating asset. However, the mood made it quite clear that relinquishing shares in the stadium would leave the club open to abuse and exploitation by other interested parties.

The board did inform shareholders that there had been a lock-stock and barrel takeover bid by Rochdale AFC’s board, but this was considered derisory and merely a bid to regain control, of the stadium.

Bought in 1998 for a pound each, the council’s current valuation of the stadium shares is a laughable 36p each. Given the improvements in the stadium and the increase in land/property prices, 36p was considered to be taking the p!ss a bit. Hornets have had the stadium independently valued at £4,290,000 - which indicates a significant increase in the value of Stadium Company shares. It was proposed then that, should Hornets seek to sell any of their shareholding in the Stadium, that the minimum price asked would be £2 a share. The proposal as carried by 35-8.

In order to enable a larger number of supporters to invest in the club - and as a vital cash-generator - the idea of a new share issue was put to those present. The club’s auditor/legal advisor informed the meeting tha this would require a change to the club's 132 year old articles of association (the rules which govern the running of the company).

This will require a further meeting to vote on the changing of the articles, which will require proper notice of 21 days. On ratification of the change, the new shares can be issued. It was proposed then, that the club and its advisors, take the most expedient route to securing a new share release in order to generate a cash injection into the company - with 500,000 50p shares made available in minimum blocks of £200. The vote was carried unanimously, with the intention of preparing all the necessary legalities ahead of a meeting scheduled for late November Shareholders were also invited to pledge in advance the amount they wished to invest in the club.

Having provided the board with a minimum price around which to negoatiate the value of Hornets’ shareholding - and having given the green light for a revenue-raising new share issue - the meeting ended with a steady stream of shareholders registering their pledges for investment in the new share issue.

There's no doubt that these are worrying times for Hornets supporters - and justifiably so. Failure of the share issue to address the club's sort term cash requirements could see us staring down the barrel of a CVA and all that comes with it.

All rochdalehornets.com can suggest is that supporters put their hands in their pockets - again - and dig deep. A new share issue will make share ownership available to a whole new generation of supporters - and their involvement/ideas at meetings will form the foundation of the club's future.

Alternatively, pray for a miracle to whichever god you subscribe to: and ask not what your club can do for you, but what you can do for your club.

Onward Hornets Onward