Gateshead's interim chairman Graham Wood has told fans and staff that outstanding wages are expected to finally land in bank accounts on Tuesday, following weeks of financial uncertainty at the National League club.
The Tyneside outfit has been grappling with a difficult period off the pitch, with players and backroom staff left unpaid for the month of September as the club waits on fresh investment to arrive. The situation has added to a turbulent few months for Gateshead, who are also searching for a new manager after parting ways with Lee Cattermole earlier this month.
Relief appears to be on the horizon, however, after an agreement in principle was reached with Flacks Group, an American investment company, to take control of the club's operations. Wood released a statement explaining the sequence of events that led to the delay and reassuring supporters that funds were on their way.
According to Wood, a deal was agreed last Thursday under which the prospective new owners would provide an immediate loan to cover the overdue wages, while simultaneously allowing due diligence to be completed and an exclusivity agreement to be signed between the parties. Both of those conditions were satisfied, and the funding was subsequently released on Friday.
The hold-up since then, Wood explained, has been down to the practicalities of moving money across international borders, with Flacks Group based in the United States. He said banking procedures meant the transfer could not be processed instantly, with the cash