Jim Fallon has threatened the Hawks with a winding-up order.
Reports emerged yesterday of the Westleigh Park club’s former vice-chairman claiming the club owe him in the region of £84,000.
He is also believed to be demanding an apology – otherwise he will pursue a winding-up order.
The Hawks have rubbished Fallon’s claims.
And they intend to take legal advice after allaying the fears of their fans.
A statement said: ‘The board of directors totally refute the allegations made by Jim Fallon.
‘The only part of the article that supporters are advised to take seriously are the comments made by director Adrian Hewitt which are completely truthful.
‘The club regret ever appointing Mr Fallon to the board as he has caused us nothing but problems since his arrival and still has an FA investigation hanging over him.
‘We are not frightened by his actions and will be taking legal advice to deal with them.’
The Hawks invited Fallon to join the board in March – following his departure from Southern League outfit AFC Totton.
Fallon was the leading figure in bringing Stuart Ritchie to the club.
Ritchie lasted less than three months as boss as a disastrous start to the season ended his tenure.
Soon after his appointment, Fallon was involved in controversy when he was accused of offering illegal payments to entice midfielder Tom Davis to join the Hawks.
The FA investigation into those accusations is ongoing, while Fallon denies any wrongdoing.
Club finance director Hewitt claims the amount Fallon put into the club was £10,500 and that he still owes them £20,000 in sponsorship.
Hewitt said: ‘We received £7,000 towards a VAT bill and that was a personal cheque from his own account which was considered a donation to the club and not a loan.
‘There were also cheques for £2,500 and £1,000 and that is it.
‘We are still waiting for the first sponsorship payment from June.
‘We asked him for it again and that’s when he resigned.’