CHERRIES' chairman Peter Phillips has warned that "dangerous creditors" could see the football club being presented with a winding-up order.

In a bid to end the club's financial woes he is urging major investors in the area to come forward and has launched CherryShare II, asking fans if they can double their shareholding.

The club had hoped the concerts, held at the Fitness First Stadium in the summer, would generate enough cash to pay off some debts. But they made a loss and as a result the club has been pushed into arrears with the Inland Revenue. He fears they may make an example of a football club and it could be them.

Speaking to the Daily Echo yesterday, Mr Phillips said: "Our most dangerous creditor at present is the Inland Revenue. They are not the most patient or sympathetic of creditors. It is a dangerous situation.

"We are working very hard to ensure our Inland Revenue situation is resolved as quickly as possible but in order to ensure that we don't just move from that crisis to another crisis a few weeks down the road, it's vital to ensure it succeeds."

Mr Phillips said the club has £4 million of debt against the stadium.

"I cannot see how we are going to be able to make enough profit in the foreseeable future to enable us to significantly reduce these debts."

He said the long-term solution for the club is new investors and called for the "wealthy sports lovers" in the area to see its potential.

"Everybody is working so hard to turn this club around and make it successful.

"But ever since I have been chairman we have never been more than a few weeks away from a financial crisis.

"The fans have been asked to put their hands in their pockets on too many occasions in the past. I certainly don't like going back to them again after just two years."

But he said that despite CherryShare in 2002 and the Loan Notes last year raising £1 million, they have still fallen £1 million short.

A letter will be going out to all existing CherryShare members and a public meeting will be arranged to allow fans to ask the chairman questions. The date will be announced in the Echo when it is known.