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Club News

Additional information – PFA loan

4 June 2014

Following the release of the Club statement regarding the PFA loan the Club would like to add the following additional information.
The Club had budgeted for the summer months as usual, however, due to many reasons; with the postponement of the New Year’s Day fixture v Wycombe, quickly followed by the Morecambe postponement being major elements, along with a lower than expected Season Ticket income through March and April we realised that with limited working capital available, a number of outstanding debts and no ability to borrow from the bank the Club was left with no other option than to take a loan of £100k from the PFA in early June.
There will be no impact on the day to day running of the Club as the loan is required only to assist with cash-flow. The budget for the coming season has been set on the basis that we will establish a return to our more usual funding pattern for the year as a whole. The loan will be repaid to the PFA in early August.
Finally, none of the loan will be to assist with the historic return to Brazil in July, which is entirely self-funding, or any other out of the ordinary projects.

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