The Exeter Express & Echo kick-started a campaign to bring the city’s debt-ridden football club from the brink of closure – by donating £1,000 to a new fund and encouraging other local businesses to follow suit.

More than half the £100,000 target was reached in less than a week, with more cash coming in all the time.

The money won’t pay the club’s debt – but will buy time for financial experts to work out the best way forward by allowing day-to-day expenses, including players’ wages, to be paid.

Relegated Exeter City FC is now run by a group of diehard fans who need a rescue package to stave off the estimated £3m of debts surrounding the club.

Express & Echo editor Steve Hall said the newspaper was determined to do what it could to ensure the club’s survival, and was prepared to lead the way by example, showing how local businesses could help.

He said: “They are allowing the team of financial experts time to have meetings and prepare reports on what is happening in terms of the future of the club.

“They could walk away and decide nothing can be done – but hopefully they will secure a deal to lay off debts or put them over to long term payments for the club to continue as a going concern.”

He said the crisis was not at the stage where everyone would be asked to raid their savings to keep the club afloat – but a plea to local businesses would be more appropriate and had already won interest in the community.

One bonus to firms would be that one contributor may get a stand at the football ground named after it, and all the others would be included on a roll of honour at St James’ Park.

Financial reports should be produced in the next two weeks.

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