|
|
Post by Gas-Ed on Sept 25, 2015 10:55:34 GMT
Northampton Borough Council has given Northampton Town three weeks to pay back £10.25 million that has been loaned to the club or face legal proceedings, the Chronicle & Echo can reveal.
Following investigations by the Chron into negotiations between the club and the borough council, the council issued a statement to confirm that the club had missed the last two repayments and that the council “does not have confidence in the club’s ability to pay these and later repayments”.
A spokesperson for the council told the Chron: “We can confirm that Northampton Borough Council has issued legal notices to Northampton Town Football Club requiring the repayment of the £10.25 million pounds that has been loaned to the club.
“The notices give the club three weeks to repay the loan in full. If the sum is not repaid, then the council will begin legal proceedings to recover the debt. The chairman has repeatedly informed us that the council will be repaid in full when the club is sold, but the sale does not seem to be proceeding at this point.
“The last two repayments have been missed and the club has not given the borough council confidence in their ability to pay these and later repayments.
“The council is also aware that there is a petition to wind up County Developments Northampton Limited, the company working on the development around the club, in the High Court.
“This step was not taken lightly but is the proper process to protect the public purse and collect the debt in these circumstances.
“We continue to support the club and remain open to discussion on ways to deal with the debt owing to the council,” the spokesperson said.
|
|
|
|
Post by BishopstonBRFC on Sept 25, 2015 10:58:00 GMT
Don't their owners have a fair few quid? They're in the middle of a stadium redevelopment too so seems odd.
|
|
|
|
Post by Gas-Ed on Sept 25, 2015 11:02:23 GMT
Don't their owners have a fair few quid? They're in the middle of a stadium redevelopment too so seems odd. According to the Northampton forum, they can't get a word from the owners. www.thehotelend.co.uk/ |
|
|
|
Post by BishopstonBRFC on Sept 25, 2015 11:05:29 GMT
Don't their owners have a fair few quid? They're in the middle of a stadium redevelopment too so seems odd. According to the Northampton forum, they can't get a word from the owners. www.thehotelend.co.uk/Sounds familiar. |
|
|
|
Post by justin blue on Sept 25, 2015 11:08:00 GMT
Are their owners midlands based ?
|
|
|
|
Post by Gas-Ed on Sept 25, 2015 11:14:40 GMT
Sounds like there could only be 1 relegation spot up for grabs this season.
|
|
|
|
Post by CornishPasty_Gas on Sept 25, 2015 11:16:01 GMT
Here's hoping! Never liked that lot!
They'll be ok, nothing to worry about.
|
|
|
|
Post by cagastrophy on Sept 25, 2015 11:22:18 GMT
I expect the repayments will be restructured and they'll pay it back in more installments.
|
|
|
|
Post by kabatiti on Sept 25, 2015 11:29:51 GMT
Don't they have a midfielder who lowers himself to play in League 2 cos he's at least Championship class if not Premier. Couldn't they sell him? Oh wait..............
|
|
|
|
Post by wrongsideoftheriver on Sept 25, 2015 13:15:26 GMT
Think some of the comments are harsh here.
Another case of feeling sorry for there fans because the owners are a pile of poo.
|
|
|
|
Post by banjoflyer on Sept 25, 2015 14:09:14 GMT
Question for me is how did the club get £10m into debt with the council. Could you imagine Bristol council agreeing to lend us £10 yet alone £10m
|
|
|
|
Post by tommym9 on Sept 25, 2015 14:10:55 GMT
The chairman has come out on the BBC and said he will personally cover the bill. I'm assuming he will then add it to the cost for the people who are taking over the club?
|
|
|
|
Post by Antonio Fargas on Sept 25, 2015 14:36:08 GMT
Are their owners midlands based ? They're in the middle of supposedly being bought by an Indian consortium. Maybe that consortium has found a L2 club with more potential?! |
|
|
|
Post by axegas on Sept 25, 2015 15:25:58 GMT
Don't their owners have a fair few quid? They're in the middle of a stadium redevelopment too so seems odd. The work has been cancelled for the time being, so got to feel sorry for them. |
|
|
|
Post by ineedgas on Sept 25, 2015 15:26:27 GMT
John jo could help pay a bit back to the council by doing a few rounds with the bin men
Sorry
Maybe not he's to far above that
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Sept 25, 2015 15:28:03 GMT
Don't their owners have a fair few quid? They're in the middle of a stadium redevelopment too so seems odd. The work has been cancelled for the time being, so got to feel sorry for them. Sounds familiar. |
|
|
|
Post by Topper Gas on Sept 25, 2015 17:46:03 GMT
Question for me is how did the club get £10m into debt with the council. Could you imagine Bristol council agreeing to lend us £10 yet alone £10m Where did the £10m go, seemingly not on paying the construction company for the new stand? I wonder what their total debts are if they owe £10m to just the local council? |
|
|
|
Post by Antonio Fargas on Sept 25, 2015 17:56:54 GMT
Question for me is how did the club get £10m into debt with the council. Could you imagine Bristol council agreeing to lend us £10 yet alone £10m Where did the £10m go, seemingly not on paying the construction company for the new stand? I wonder what their total debts are if they owe £10m to just the local council? Iirc I heard an interview with their chairman a few months ago and he said 100% of the money is accounted for and he can access it any time he needs to, so presumably, if he's telling the truth, he can just pay them back tomorrow if necessary. Istm, this is just a friendly council trying to help the club by making the consortium shift their arse. |
|
|
|
Post by Gas4life!!! on Sept 25, 2015 18:41:50 GMT
Where did the £10m go, seemingly not on paying the construction company for the new stand? I wonder what their total debts are if they owe £10m to just the local council? Iirc I heard an interview with their chairman a few months ago and he said 100% of the money is accounted for and he can access it any time he needs to, so presumably, if he's telling the truth, he can just pay them back tomorrow if necessary. Istm, this is just a friendly council trying to help the club by making the consortium shift their arse. If thats the case then why have they missed the last two installments? |
|
|
|
Post by Topper Gas on Sept 25, 2015 19:31:43 GMT
And also getting letters threatening legal action? Plus why has worked stopped on the construction of the new stand? You do have to wonder if the investors actually exist or, if they do, whether they still intend completing the deal.
|
|
