Date:Wednesday July 29 2009
One of Brendan Flood's companies Salford-based property firm Modus Ventures Ltd went into administration in May 2009 owing the bank £23.6m after being affected by the credit crunch and world wide recession.
Modus Ventures owned more than 40 subsidiary companies in the UK, many of which were involved in the retail property market a sector particularly hard hit by the global downturn.
Accountancy firm KPMG were appointed to oversee the administration of the company.
What has this to do with Burnley FC you might ask other than the fact that Brendan Flood is also Operational Director of Burnley FC?
Well it would appear that KPMG are claiming that the club now owe Modus £3.7m of loan repayments following the Clarets successful season and promotion to the Premier League.
The loans, plus interest, were due for repayment on July 1 but it would now appear Modus and the club via their solicitors have been arguing over the exact amount owed.
A recently filed administrators' report issued by KPMG read:
"Burnley Football Club's solicitors have advised us that an element of the debt is disputed'
It goes on to say that:
"Substantially all of the debt is due for payment following receipt of funding from the Football Association Premier League."
Burnley FC's most recent set of filed accounts also show that Brendan Flood provided a directors loan to the club of £2.7m although this is not related to the £3.7m.
It is anyone's guess what the final outcome of this will be and god only knows to what degree Brendan Flood is now involved with this unfortunate situation having as it were a foot in both camps. We may indeed have to wait for an official club statement on this and probably the sooner the better.
Vital Burnley wish to thank Burnley FC for the use of the photograph.
Date:Wednesday July 29 2009
Dyche & Heaton Talk Ahead Of Villa (Friday May 22 2015)
Heaton & Dyche On England Call Up (Friday May 22 2015)
Burnley's Season Finale Injury Table List (Friday May 22 2015)
Heaton Earns England Call Up (Thursday May 21 2015)
Hoos Leaves For QPR (Wednesday May 20 2015)
Supporters 2014-15 Award Winners (Wednesday May 20 2015)
Audio - Reid On Retirement (Tuesday May 19 2015)
Wallace Released (Tuesday May 19 2015)
Reid Announces Retirement (Monday May 18 2015)
Missed Opportunities For Trippier (Sunday May 17 2015)
|14. Leicester City||37||10||8||19||-13||38|
|16. Aston Villa||37||10||8||19||-25||38|
|18. Hull City||37||8||10||19||-18||34|
|Everton vs Tottenham Hotspur
» Spurs : 23/05/2015 09:40:01
|Could Hammers Send Newcastle Down?
» West Ham : 23/05/2015 09:38:01
|Changing The Game
» Spurs : 23/05/2015 09:37:01
|Bilic a Free-Agent!
» West Ham : 23/05/2015 09:28:00
|Villa In The 90s
» Aston Villa : 23/05/2015 07:57:01