Leyton Orient Fans’ Trust delighted with response to Leyton Orient Regeneration Fund after raising over £30,000
PUBLISHED: 12:00 04 March 2017
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The supporters’ trust group are looking to raise funds to deal with various scenarios after O’s were served with winding-up petition
Leyton Orient Fans’ Trust have been delighted with the fantastic response to them launching the Leyton Orient Regeneration Fund after raising nearly £30,000 in the first 24 hours.
Members of LOFT passed a resolution on Thursday evening which approved the setting up of the Leyton Orient Regeneration Fund with an initial target of £250,000 set to ensure they could deal with several scenarios.
A LOFT statement read: “Leyton Orient faces an uncertain future. Its current owner Francesco Becchetti has indicated he is willing to sell, but the asking price may put off potential buyers due to the level of debt he has built up to (we believe) other family companies during his ownership – some £10m+ is owed in total across the club and its holding company.
“Administration, or even liquidation, cannot be ruled out – despite Becchetti’s recent cutting of the playing squad, there is a very real risk that he may simply stop covering the losses the club currently makes.
“Indeed that now seems to have happened, following the announcement on March 1 that a winding-up petition has been served on the club.
“While the best solution to Leyton Orient’s situation is for Becchetti to sell the club as a going concern to a new owner, LOFT’s remit as a supporters’ trust means that we have to plan for the worst.
“To that end, LOFT members passed a resolution on March 2, approving the setting up of the Leyton Orient Regeneration Fund with an initial target of £250,000.”
After setting up the fund following a special general meeting on Thursday night, LOFT expressed their delight 24 hours afterwards with the response from O’s fans and other football supporters.
“Hello everyone. The fund launched just over 24 hours ago and the response has been fantastic. Donations have been pouring in every few minutes since people woke up this (Friday) morning,” a LOFT statement on their gofundpage read.
“At the end of day one we’ve got a running total of nearly £30,000, which includes net donations from the PayPal account (after their fees were deducted), what we started off with in the bank account this morning and what direct bank transfers have come in today.
“We’ll update you after the weekend on how much more has come in, until then please keep spreading the word to O’s fans and beyond. #saveorient – Up the O’s!”
By 12 o’clock this afternoon, the Leyton Orient Regeneration Fund was already past £31,000.
It has been a terrible week for the Brisbane Road club, but supporters from all over the world have come together to help their plight.
The O’s players will now hope to reward their fans in some capacity by getting a positive result at Newport County later today.
For more information visit http://www.leytonorientfanstrust.com/fund.asp