HORNETS' board of directors have offered to resign after receiving criticism over the employment of family members in key positions.

Chairman Martin Shenton, his wife Karen Reynolds – the vice chairman – and chief executive Ken Oldham tendered their resignations through the Observer in light of claims made in this week’s League Weekly publication. Columnist Dave ‘Nosey’ Parker suggested both Mark Reynolds – brother of Karen – and his son Gavin had been made club directors. The article said Gavin had been made financial director.

However, a spokesman on behalf of the Hornets board said: "Gavin Reynolds has not been given the role of financial director – he is not a director of the club. Steve Williams of the Rugby Football League is working with the club on a daily basis and has requested Hornets provide monthly management accounts and cashflow forecasts. Gavin has volunteered to supply this information to Steve.

"They have been working together for the last two weeks and Steve is very happy with the quality and detail of information Gavin is providing.

"Mark Reynolds has been co-opted onto the board in order to take over from Martin Shenton as director of rugby. This was necessary due to the resignation of one director and David Vining stepping down as chairman.

"We did appoint Mark and Gavin to assist with the running of Rochdale Hornets without referring to the shareholders.

"We acted in good faith having been instructed to comply with the RFL – until we complied with their instructions they would not allow us to sign players for 2009. We did not, in our opinion, have the time to consult with the shareholders and do not believe we acted with anything other than in the best interests of the club.

"We were aware we needed to call an annual general meeting and consult with shareholders. However, we felt that, for the survival of the club, we had to prioritise and comply with the RFL requests to lift the salary cap and submit our business plan – which will secure RFL funding of up to £100,000 for the 2009 season."

The Observer was contacted earlier this week by a Hornets supporter who had read the League Weekly piece, expressing concerns over the make up of the board and the predominance of one family taking up key roles at the club.

The implications brought about an emotional response from the board, who issued a statement on Thursday.

"There comes a point when you have to say no more, and we have reached that point. We cannot continue wheeling bucket-loads of money into the club only to be accused of underhand dealings. There seems to be some bizarre misconception that Hornets has been ring-fenced by the Reynolds family presumably as it is such a profitable organisation – do the accusers know how to read a balance sheet?

"We will step down and invite anybody out there who is able to replace us to come forward as soon as possible. We are more than willing to play our part in a smooth handover of the club. If any interested parties wish any of us to remain temporarily to help out with the handover, we will do so. By the same token, we are quite prepared to walk away and leave someone else to it if that is their wish."