INVESTORS have until Monday to save a key sports club in Alresford.

Around 50 members of Arlebury Park Sports and Social Club (APSSC) met on Monday evening to approve the appointment of insolvency practitioners and agree a restructuring package.

The club needs to raise £10,500 by Monday evening (August 6) or it will go into liquidation.

A figure of £20,000 is required to re-launch the venture, which will involve coming to an agreement with creditors, appointing a steward to run the bar area at Arlebury Park and producing an improved trading model.

Cllr Mark Luckham, one of APSSC's directors, said: "The indication is that there is a high possibility we will get the money together. But if I was a betting man it's still a 50/50 thing."

Cllr Luckham said Monday's meeting was called after a deal to save the club, which included paying off all the creditors, fell through.

Cllr Luckham, added: "I met a businessman who has an unbelievable track record in the catering industry.

"The idea was that he would step in with the club and set up a catering facility which was more than just bangers and chips."

Hugh Ogus, president of Alresford Rugby Club, said: "I think it's a very feasible plan but we need a strong committee and a steward. Unless these are met there's no way it can work."

APSSC have debts close to £55,000. The majority of this is a £40,000 loan from Greene King, which was used to renovate the interior of Arlebury Park and improve its electrics. The club also owes rent money to the town council.

Cllr Luckham, added: "If the club does fold the town council would take the lease back and then issue that to whoever they like. My understanding is that they will do that for commercial gain.

"I think there are times though when we have to act with social responsibility."

Mr Ogus, added: "I believe the council has a responsibility to provide facilities not just for the sports clubs but for the whole town. If the town council sells out to the highest bidder, then it is wrong."

Cllr Roy Gentry, chairman of New Alresford Town Council, said: "We would like to see a thriving and active sports club, but they don't seem to be able to do that.

"They owe the council a considerable sum of money and members of the public are asking questions about what we're doing to collect it. We have no choice, we have given them a lot of slack.

"We are committed to ensuring there is a facility for people who play sport to have refreshments and catering."

For more information about investing in APSCC email Cllr Luckham at logiq@aol.com