NEWPORT County AFC director Howard Greenhaf admits that the club’s search for investors is proving more difficult than expected but says fans should not be worried after chairman Les Scadding’s departure.

Greenhaf is the main man on the County board after Scadding announced that he had stepped down from his role as director and chairman.

But he says that the board, which includes several non-executive directors, will have to "cut their cloth" until fresh investment can be found to replace Euromillions winner Scadding.

"There aren't that many people out there willing to take on a football club or the liabilities of a football club,” said Greenhaf.

"We had known for quite a while that he [Les] had been looking to retire.

"We've been trying to find investment for several months, someone who could take the club to the next stage. We've been unsuccessful so far, but we're still looking.

"It is difficult to find someone to come on board. It's not as if we own a big stadium or multi-million pound players.

"Hopefully someone will come on board and help us. We've certainly never turned anyone down."

Scadding, who will retire to Barbados aged 58, has pumped at least £1.2m into the club since he took over as chairman in August 2012.

But the Argus understands that the full amount of money he invested to help the Exiles into the Football League and establish themselves in League Two may be much higher.

Scadding reportedly regularly dipped into his fortune to ease cash flow problems and Greenhaf says the club will now have to find other ways of dealing with similar situations.

"We had great support from Les, and had an increased budget because of him,” he told BBC Sport.

"It's obviously a blow to lose that, but we've just got to cut our cloth accordingly.

"We would hope to have a slush fund [to cover any shortfalls], or we would go to the bank.

"There will be clubs in League Two with bigger budgets than us, but there will be clubs with smaller budgets.

"Terry [Butcher] knew what the budget was when he came in, and it's down to him to deliver on the field.

"The fans shouldn't worry at all."