PHIL Morgan has resigned as chairman of Chesham United after three years in The Meadow hotseat.

He quit at a board meeting on Tuesday citing business and family commitments as the reason behind his decision.

But he reassured fans that he has no plans to claw back £50,000 in a directors' loan he has given the Southern League Premier Division Club.

He has also ploughed in much more money than that often dipping into his own pocket to pay the club's wages or to meet a cash crisis during his three-year stint.

Last year's club accounts revealed that he is owed £125,960 by United.

It is not known how much of that he is prepared to write off but he made it clear that he could not continue giving money to the club.

United have struggled on crowds of around 300 100 below their break-even figure.

Morgan said: "You don't do it to get anything back, you do it because you want the club to survive."

Morgan will continue to stay on as a board member.

Vice chairman, Mike Dragisic, has taken over the temporary role of caretaker chairman until a new chairman is announced following consultation with the club's shareholders in the coming weeks.

Despite Morgan's investment in the club, Chesham are still in debt.

They have a £60,000 NatWest bank loan to pay back and they owe the taxman another £10,000.

On top of that there are also other loans to be paid back to other directors.

Former chairman David Pembroke fears the financial situation is much more serious than that.' He has called for an emergency EGM to discuss the situation Pembroke said: "I think the balance sheet debts are in excess of £200,000 and that's why I called an EGM."

And Morgan reckons United will have to cut their cloth or find another deep-pocketed chairman.

He said: "We cannot offer much in terms of entertainment or value when you've got Playstations and Real Madrid on the television in the Champions League every night when we are playing.

And he added: "If I can afford to continue to help with little bits I will but I can't afford to keep on doing what I have been doing.

"I have got no regrets about becoming chairman except that I wish I could have achieved more."

Club spokesman Alan Calder reckons Morgan's exit will force the club to become better housekeepers.

He said: "It means we are going to have to work for our money rather than relying on Phil every time."