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Football club loan decision is deferred
A proposal to loan £100,000 to Cheltenham Town Football Club was discussed at a full council meeting this week.
The final decision rests with chief executive Andrew North, who will need to study the club's detailed business plan before reaching a conclusion in the next couple of weeks.
During the meeting, Andrew North recommended further consultation with representatives of the council's three political groups on the club's business plan and the detailed documentation for the loan to ensure broad political support.
Andrew North said: "Following the feedback from councillors, I believe I have a broad mandate to carry on with the loan, subject to the council being satisfied on the financial stability of the club. I will need to see the club's business plan and based on the information I receive, I aim to make an early decision.'
The football club is in financial difficulties and the purpose of the loan would be to improve the club's cash flow in the current economic downturn. The loan would be repaid over ten years at £833.33 a month plus daily interest equal to the bank of England base rate.
: 01/04/2009 12:35:30
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