The owner of Crawley Town has announced £500,000 profits for his shops and off-licence empire.

The news comes just days after players' wages at the football club were slashed by 50 per cent.

An investigation by The Argus into Azwar Majeed's business dealings revealed his involvement in two companies which have gone bust in the past two years.

And a search of company records shows Mr Majeed's two main firms, SA Leisure and SA Retail, are worth a fraction of the £50-million widely reported.

The Lamborghini-driving entrepreneur, 30, faced fans at a public meeting at Broadfield Stadium last night after putting the entire squad up for sale.

He claims unnamed "silent investors" have withdrawn financial backing.

Mr Majeed told fans the club's money problems could be sorted out within two weeks. Most seemed bouyed by his reassurances.

They applauded him after he said he had no plans to sell the club and would stay until it was promoted.

Lifelong supporter Jason Bates, from Crawley, said: "I applaud the chairman for his transparency. That is what supporters want to see and is why we gave him some respect, even though some fans were pretty angry."

Paul Pendergast, from Crawley said: "I thought he was honest and I believe he will turn this club around, given time.

"But we need more supporters to come out and get behind the club."

Earlier, Mr Majeed said: "I paid £560,000 for this club because I thought it represented a good business opportunity.

"I don't know if I've got the clout to run a football club at this level but I took on a commitment and I am here to stay."

Our investigation, assisted by accountant Paul Samrah, revealed a beer importing company owned by Mr Majeed was forced into liquidation in 2004.

At around the same time Mulberry Wines Ltd, which operated off-licences in Sussex, went bust.

The company was owned by Abdul Majeed, a relative.

Mr Majeed was not a director but admitted an involvement in the company.

He bought the firm's stock and assets and still runs SA Retail, valued at just £37,000 in its 2004 financial report to Companies House.

Mr Majeed said: "We are just about to announce £500,000 profits for SA Retail.

"The businesses I run are very healthy but I can't go on subsidising the football club.

"I am currently paying 95 per cent of the wage bill from my pocket."

SA Leisure has opened two new restaurants in Crawley, Cubana and Lusso, and also has four bars - Saqqare and Soixante Neuf, in Brighton, Barcena in Burgess Hill and Ja Ja Bar in Crawley.

The last set of accounts filed, to February 2004, showed the company had a turnover of £905,782 but assets of just £3,441.

Mr Samrah, the leading figure in the fight for Brighton and Hove Albion's Falmer Stadium, said: "It is incredible a man involved in two liquidated companies and with no significant demonstrable wealth can take over a football club.

"It is another example of non-football fans taking over at a club which has led to disaster, which is exactly what happened at the Albion under Bill Archer, Greg Stanley and David Bellotti."

Crawley Town Supporters Club's Kevin Giles said: "Majeed has taken on more than he can chew."