GILLINGHAM FC chairman Paul Scally is planning to raise up to £4 million for the club through a new rights issue to shareholders.

The decision comes with the club saddled with £8 million debts and still suffering after the collapse of ITV Digital.

Mr Scally wrote in his programme notes on Saturday: "I shall be writing to all existing shareholders asking whether they would in principle support a new rights issue, the aim of which would be to raise up to £4 million.

"For some time now the club has been carrying too much debt, brought about by the collapse of ITV Digital. To assist our long-term aims and objectives, we need to reduce that debt one way or another.

"Our financial situation would improve even more rapidly if we were able to reduce our bank borrowing."

Mr Scally added that he had not ruled out finding potential partners or financial backers to invest in Gillingham but said he preferred the rights issue scheme.