By May 1997 the club had severe financial problems with debts of over £1 million, and a sizeable list of creditors. Chairman Peter Hill and the board secured two loans of £500,000 from a developing company to pay off some but not all of the creditors. As part of the arrangement control of the two leases on the Edgar Street stadium was also passed to the developers. By November 1997 matters off the field overshadowed the team's performances with the club in crisis with running costs mounting up and wages unpaid. Eventually a Company Voluntary Agreement was proposed to avoid the club being wound up by creditors, including the Inland Revenue to whom over £140,000 was owed alone. When Hill walked away from the club at the end of the 1997–98 season, Graham Turner bought the majority shareholding and took on the burden of the debt, along with Joan Fennessy. Had he not bought the shares it is likely the club would have gone under as nobody else came forward to take control of the club. On the pitch Hereford could only finish sixth in their first Conference season with the highlights being double wins over rivals Kidderminster Harriers and Cheltenham Town. Most notably a run to the FA Cup Third Round saw a memorable triumph over Brighton at Edgar Street which was featured on Match of the Day.