Southend United chairman John Main on Tuesday promised to launch a full inquiry into the Seasiders' financial demise.

The Blues supremo has sold Roots Hall for £4 million to pay off the Third Division strugglers' crippling debts, but Shrimpers fans are still demanding to know where all the club's money has gone.

"Shareholders and fans are continuously asking me where all of our money has disappeared to," said Main.

"I will be seeking help and looking into this matter as I feel I have a responsibility to give these people some answers by finding out how this club has been allowed to slide towards the brink of extinction."

Over the last decade Southend have sold nearly £10 million worth of players, following the big money transfers of former stars such as Brett Angell, Stan Collymore, Chris Powell and Ricky Otto.

All of which has left Seasiders supporters staggered and angry after recently learning that their club was £3.87 million in the red.

"I don't think there is any question of skullduggery or misuse of club funds, but it is simply disbelief that we have lost so much money so quickly," added Main.

"This club has lost money through the expense of Ronnie Whelan's two year spell as manager at Roots Hall and the building, in my opinion, of unnecessary executive offices at the ground.

"However, there should still be plenty of cash left as this club has been very successful in the transfer market, not only with the millions gained through Stan Collymore's sale to Nottingham Forest, but also with many others.

"Because of this it amazes me that no financial provision has ever been made for this club to safeguard its future.

"But we will find out why we are in this mess as I have asked our auditors Deloitte & Touche to conduct an investigation into our financial affairs of the last few seasons."

Trevor Bashford, chairman of the Shrimpers' supporters club, welcomed Main's plans to look into the club's past financial affairs.

"This is fantastic news for the fans who want to know why we are suffering from our current financial difficulties," he said.

Ian Kemp, editor of Blues fanzine Shrimp Season, said: "There's an easy explanation behind our cash problems - we have simply gone skint!

"Small crowds, ground improvements and the millions spent by former managers Barry Fry and Ronnie Whelan on players, plus signing-on fees and big wages, have landed us where we are today."

Converted for the new archive on 19 November 2001. Some images and formatting may have been lost in the conversion.