WREXHAM are teetering on the brink of financial meltdown after being rocked by a series of fresh crises in the past week.
But in an official statement issued to the Daily Post on Friday, the club denied they were in meltdown while admitting they are negotiating a re-financing package.
The Second Division club's staff were not paid on time at the end of last month for the third occasion this season
And I understand managing director David Rhodes, besieged on all sides by creditors, considered resigning at the beginning of the week, although this has also been denied in the statement.
Rhodes subsequently had second thoughts and Guterman, the Cheshire-based property developer who acquired the majority shareholding at the Racecourse from former supremo Pryce Griffiths in the summer of 2002, can ill-afford to lose the services of the man responsible for the day-to-day running of the club at such a critical time.
But the reality is that Wrexham, despite a current league position that offers the prospect of a second successive promotion campaign, are one of the worst-supported teams in the Second Division, which means they are operating at a loss every week.
And there are no firm indications of an immediate improve-ment in Wrexham's financial position, as demonstated by the club's application to the PFA for a loan.
Unpaid bills resulted in Racecourse director Dave Bennett personally meeting the cost of providing catering facilities for the players at the club's training ground for several weeks.
Since his takeover, Guterman has been working on redevelo pment plans for the land surrounding the stadium, claiming that future commercial income would put Wrexham in a stronger financial position, but sources close to the club suggest his boardroom colleagues, Bennett, Rhodes and Dave Griffiths are helping to meet day-to-day costs.
But their resources are limited and without an immediate and substantial cash injection, a real possibility is that the club could be forced to consider administration before the end of the season.
Last year the Football League agreed that with effect from next season, clubs going into administration would be docked 10 points.
During Guterman's tenure at the club the freehold of the Racecourse site, formerly owned by Wolverhampton & Dudley Breweries, has been sold for £300,000 to Manchester-based holding company Damens Ltd.
The club, which has a 125-year lease secured for it by former chairman Griffiths in 1998, is owned by Memorvale Ltd, based at the same registered offices in Manchester.
This week former Lincoln City chairman John Reames was seen with Guterman at the training ground, leading to speculation he might be considering an invitation to join Wrexham in either an advisory or supervisory role, or even as a new director.
Reames, who masterminded Lincoln's return to the Football League after their relegation to the Conference, was a controversial figure at Sincil Bank, never more so than when in 1998 he sacked boss Shane Westley, who had won promotion to the Second Division, and managed the team himself.
But his only reward was relegation back to the Third Division and he later bowed out, easing the path for a supporters' trust to take control of the club.
Reames is a self-made millionaire and, apart from a brief flirtation with Gainsborough Town, has not been involved in football for the past few years.