Gateshead interim chairman Graham Wood says he expects club wages to be paid on Tuesday. Players and staff have not been paid for September, a difficult period for the Tyneside club as it awaits new investment.
An agreement in principle has been reached with American investment company Flacks Group for them to take over the running of the club. Wood has issued a statement outlining events of the last couple of weeks and explaining why certain things have happened.
The interim chairman says a deal was struck on Thursday under which the new owners would provide an immediate loan so overdue wages could be paid, after which due diligence could be carried out and an exclusivity agreement signed. Both were completed, and funding was released on Friday. However, with the new owners based in the USA, Wood said international banking procedures meant the money could not transfer immediately and was instead "expected to arrive by Tuesday at the latest".
On the pitch, Gateshead remain bottom of the National League and are without a manager following a 4-1 defeat at Halifax Town, their 11th loss in 13 league games this season. Lee Cattermole was sacked earlier this month after just four months in charge, recording one win and 11 defeats in 14 matches.
Source: BBC Sport Football · Summarized by HeadlinesBriefing