Maidstone United is being put up for sale.

Chairman Paul Bowden-Brown made the shock announcement Wednesday that he is prepared to sell off his entire stake in the club.

It comes after the club's latest efforts to secure funding for a return to the County Town were hit by the credit crunch.

The decision to sell the club was ratified at a board meeting on Tuesday.

It is understood that any buyer would be asked to make commitments about the future of the first team, the club's youth development work, and the plan to build a new stadium in Maidstone.

Mr Bowden-Brown, who bought the club 16 years ago, will continue as chairman until a new buyer can be found.

Here is the club's statement in full:

"Maidstone United Football Club's Board of Directors met on Tuesday 2 December. Key items on the agenda were the funding of the new stadium, along with club budgets to the end of the season.

The present credit crunch has meant that some new funding options have not materialised and this has led the club to review the current position and consider the best way to go forward.

Chairman Paul Bowden-Brown bought the club 16 years ago and has spent a huge amount of personal time, effort and money in rebuilding the business to its present position. As it is widely known the chairman is not in the best of health.

At the meeting he expressed the view that it would be in the best interests of the club and its supporters, himself and his family to pass on ownership to the next generation in order to allow the club to achieve its ambitions.

The shareholders have therefore taken the decision to make 100% of the shares available for sale to serious interested parties, along with other enquiries that are also being considered.

It must be stressed that certain criteria will be attached to any sale of the club and that would involve a commitment to the building of the stadium, the continuing support of the semi professional team and the reserves. It would also include a commitment to the membership of the club, the community programme and the youth, ladies and disabled sections.

In the meantime the shareholders have agreed to fund the ongoing operations of the club based on revised budgets. The board also intends to continue working on plans to build the new stadium and progress its major fund raising initiatives."

Potential buyers should contact Paul Bowden-Brown at the club offices on 01732 222127.

Hear Paul Bowden-Brown explaining why he has put the Stones up for sale and talking about his time with the club to kmfm's Patrick Gearey.