Struggling Margate look set to be forced to enter a Company Voluntary Arrangement next week in a bid to pay the taxman.

Directors of the club told fans at an open meeting at Hartsdown Park last night there "seems to be no alternative" - but also warned there's "no certainty it'll be accepted".

Under league rules, Margate would be stripped of 10 points.

The club says the money would be paid back once re-development of the stadium gets underway next year.

Chairman Keith Piper speaking to kmfm today said:" I told the fans about the club's position and unfortunately we haven't been able to secure funding to pay off our HM Revenue and Customs debt.

"At this stage, a CVA seems to be the only way of securing the future of the club.

"A few years ago, when we travelled away under our ground share arrangement,we racked up a £200,000 debt. £120,000 of that was paid off last year and a further £85,000 that was paid in April was secured under another CVA.

"Unfortunately the courts decided not to reinstate that CVA but HMRC were happy with assurances given by our development company that the money would be paid when work started on the new ground.

"When HMRC were told that the work was running behind schedule, they requested their money immediately.

"We've appointed Langleys who have already prepared a document which will take us into a CVA. But there's no certainty it will be accepted. We're hoping that HMRC will agree to the CVA but if they don't then it will go before a judge who will make the final decision."

"My family have agreed to pay £65,000 to help see the club through to March when development work is due to start. We have made this promise and it's something that we'll honour."

"We've always said that with the new stadium and all the extra revenue it will generate, the club will be able to pay its way.

"It remains our ambition to build a successful club at Margate and to return to the Conference where we belong."