Exeter City have confirmed they are exploring options for utilising shares to raise funding, perhaps via a rights issue, while maintaining Supporters’ Trust majority ownership. Amid ongoing financial struggles, following their appointment of a new Club board director.
Exeter City has confirmed that Chief Executive Joe Gorman has left the club after being placed on gardening leave in June 2025 amid concerns over “certain operational matters.”
An independent review later revealed that the club’s financial forecasts had been overstated, and identified a breach of an agreement relating to annual contracts worth £50,000 or more. The breach applied to management staff but excluded players.
A third issue, which remains the subject of ongoing legal proceedings, will be outlined to supporters “in detail” over the coming weeks.
At a meeting this week, the Exeter City Supporters’ Trust board approved the appointment of Richard Pym as a new club board director.
Mr Pym said fans were “entitled to be very angry” about recent developments and confirmed that supporters would have the chance to raise questions at the Trust’s AGM in November.
“The Club and Trust boards are determined to make sure all the issues that emerged this summer are resolved and not repeated,” he said.
“Supporters will be very angry, and they are entitled to be — they’ve been let down badly. I’m sorry. I wasn’t here, but I can still say sorry, and I’m here to help put it right. There are some excellent people around Exeter City, and we’ll be working as one team to fix this as soon as possible. Let’s crack on!”
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