BASILDON United parted company with interim manager Kris Newby by mutual consent after the club’s main sponsor ended their backing of the Isthmian North club.

Newby’s reign lasted just four outings, with his last encounter at the helm being the goalless draw with Coggeshall Town on Saturday.

A change in the club’s financial situation resulted in alterations needing to be made but the Bees insist they are in advanced discussions with a potential new sponsor.

“We would like to place on record our thanks to Kris and his management team for their hard work during their time in charge and wish them the very best for the future,” read a club statement.

“This decision was taken by the club’s management committee as a result of the club’s main sponsor choosing to withdraw forthwith and with a view to the subsequent change in the financial position of the club.

“The management committee have always placed the continuation of the football club above all other considerations and this will continue to be the case.

“Notwithstanding the above, the club are pleased to announce that they are in advanced discussions with a new sponsor, which is a traffic management company linked to the development of the HS2 rail project.

“The proposed sponsorship comprises a four-year deal that will not only secure the club’s future, but enable an investment in the club’s facilities and infrastructure to help fulfil the management committee’s longstanding aim to take the club back to the heart of the Basildon community in this, the 70th year since the creation of Basildon New Town.”

And, with new sponsors on board, the Bees will be looking to improve their youth system.

The club statement added: “It is the club’s intention with our proposed new partners to improve and expand upon our already successful youth structure to create a talent pathway of local young players who we can help in what is hoped will become a well-established pathway to the first team.

“In addition, it also remains the management committee’s intention to provide a fully inclusive community asset which makes the town proud of both its heritage and its future.

“Further announcements regarding the proposed new sponsorship arrangements and the new management structure will be made in due course.”