CEO Kinnersley insists Hale had no option but to resign as he “made a small error of judgement” which could have “been perceived as a conflict of interest”.
He continued, “Because of his status as football chairman, there could be a perception that he could use it for the advantage of that business, and the board agreed there was a conflict. Jon then took the decision to stand down.
“I have the upmost respect for him, I just think he made a small error of judgement on his part and agreed that, potentially, there could be a conflict of interest.
“Right from the formation of the club, the people involved agreed that it was a club for the fans and nobody would gain anything and there would be no freebies.
“The key thing is that Jon recognises that was could be a perceived conflict, especially because of what has gone before.
“The directors are determined that everything is done correctly.
“People may not always agree with some of the decisions, but the board make honest decisions and ensure there are no personal interests.”