PHC legend Earl (Townsey) Russell has blamed the club’s current financial state on the present executive.The iconic club is currently in debt after suffering heavy losses in revenue in recent times and may now be forced to take drastic action to pay off creditors and sustain its various sporting and social programmes.To offset debt and enhance their financial status PHC management has presented various options to their members that include selling the club’s Hamilton building valued to be worth between $3.2 and $3.6 million.This particular option has been met by a backlash from many, including PHC legend Russell who has lashed out at Furbert’s administration.“The club’s leadership is out of touch and I don’t know what these young people are doing,” he said. “The president is running the club in debt and everybody seems to be afraid of him.“When Leroy Lewis gave up the presidency he had all the deeds in hand and we didn’t have any outstanding debt at the Warwick property so how could they get in so much debt? I just can’t understand how we got ourselves in this position.”After the BIU made the $1.2 million loan to PHC, the club successfully negotiated a 20-year lease agreement for $1 million with Esso for 20,000 square feet of land at their Warwick ground. Esso subsequently leased an additional 2,000 square feet of land for $125,000.00 to bring the total amount of the lease to $1,125.000.00.Monies for leasing the gas station property have been fully paid to PHC.It is alleged PHC have not had an audit in years, something which, if true, doesn’t sit well with Russell.“If we were to look into the books then we would exactly where the money has been used,” he said. “The first thing they taught us at PHC is whatever money comes into the club make sure it stays there or when it goes out we know exactly where it’s gone.”The Hall of Fame footballer is among those who strongly oppose to PHC selling their Hamilton building which currently houses one tenant (The Salon Store).“We definitely should not sell the town building because that’s what saves us because it’s a money making machine,” he said. “When Leroy was president the club in town was always taken care of and we didn’t have any kind of debt or overhead at the stadium. But we are in debt and we should not be in this position.”PHC are reeling from the $164,250.00 they were forced to write off after the tenants of their Reid Street building, Total Home Ltd, went into liquidation and the termination of their contract with cellular provider M3Wireless.Fears have also been raised that the Bermuda Industrial Union (BIU) are on the verge of calling in its loan to PHC. However, PHC president Chris Furbert, who is also president of the BIU, has rubbished this claim.In 2001 the Warwick club borrowed $1.2 million from the BIU to cover costs for the installation of a new lighting system and work done to their field with the loan to be paid back over a 17-year period via monthly payments of $10,075.93.PHC have yet to pay principal on the loan and for the past several years have only paid on the interest in monthly payments of $7,000.00It is alleged PHC used the deeds to their Hamilton building as collateral for the BIU loan.PHC president Furbert did not return calls yesterday.