Horton has told the Evening Telegraph he can no longer afford to pay star rider Hans Andersen's contract and has taken immediate measures to address the situation.

Andersen's wages have fallen into arrears and Horton claims he has been left with no choice other than to offer the Dane a drastically reduced contract for the remainder of the 2008 campaign.

And he is resigning himself to the fact that Andersen may well follow his manager - co-promoter Mick Bratley - out of the door.

And Horton insists he will not hide from making more difficult decisions to secure Panthers' survival.

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Bratley believes club has gone down the wrong road
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Horton said: "There is absolutely no way I am going to let the club go to the wall and that is why I am taking these measures.

"No one man is bigger than the club - not me, not Hans Andersen and not anyone. We all have to show strength in adversity and make sure we come through a difficult period.

"I have offered Hans a lesser contract and I hope he accepts because I want him at this club greatly.

"The deal I have put to him is the very best I can stretch to at the current time.

"It is a good offer based on money-per-point and is on a par with what a number of top riders in the league earn, but if Hans chooses not to remain at the club we can't blame him one little bit.

"He has to earn a living just like everyone else and whatever he chooses to do, I will wish him all the success in the world for the future.

"I will even go as far as saying I am desperate for him to stay but I have to balance the books to make sure the club is here in the future."

Horton insists Panthers are not the only side struggling to make ends meet in a difficult speedway climate, but believes his club's current problems are down to a number of factors all coming to a head.

A chronic shortage of home meetings in the opening two-thirds of the season (Panthers have only raced 10 times on their own shale since the campaign began in March) combined with falling attendances and poor performances are predictable and painful factors for Horton to swallow.

"You won't find a single club in the country that can survive on three home meetings in over two months and that is the position we are dealing with," added Horton.

"We are not the only club in this situation and it is a time of dire straits for speedway. Something has got to give because the outgoings are far greater than the revenue coming in.

"A lot of factors - such as crowds being down and team performances not being as good as expected - have escalated and now come to a head."

Despite going public on the obvious problems facing the club - plus the possible departure of Andersen and the exit of Bratley - Horton is not prepared merely to muddle through the rest of what has been a seriously disappointing season.

"Anyone who thinks we are writing off the rest of this season just to survive is very wrong," he continued.