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Club Responds to Modus Administration Loan Issue

Club Responds to Modus Administration Loan Issue

Vital Burnley reported recently that Administrators of Brendan Flood's property firm Modus Ventures Ltd were trying to recover £3.7m of loans they claim are owed to the company by Burnley FC.

You can read the background again by linking to this article:

Administrators' Modus Operandi Affects Burnley FC

The local Lancashire Telegraph today reports a response from the Club about the situation.

A spokesman for Burnley FC has reassured fans that the repayment will not affect the club`s financial plans for the future and that any money paid back would have no impact on transfer policy or funds available to manager Owen Coyle.

The spokesman went on to say:

"A formal loan agreement is in place between Modus Ventures Limited and the football club. This was only repayable if the club gained promotion to the Premier League and the club has made financial planning for the repayment of the loan."

The administrators, KMPG have said the monies are expected to be received on August 5, 2009 but the club will not make any comment on the amount of the loan to be repaid nor in what context the loan was made and when it was taken out.

Vital Burnley wish to thank Burnley Football Club for the use of the photograph

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Click here to join in the debate on the club forum.

Writer:turfmanphil
Date:Friday July 31 2009
Time: 10:01AM

Comments

0
I sense we will be OK on this to be honest. Guess we can speculate all day what the loan was intended for and when it was taken out but in the end it's all water under the bridge and I guess the amount compared to the £60 million we stand to get due to promotion is essentially peanuts. Best left to the solicitors to sort it out!
turfmanphil
31/07/2009 10:10:00
0
Agree with tmp, but no harm in things like this being debated.
Couch Potato
31/07/2009 10:18:00
0
Bit of a shock at first hearing, but surley we can trust Brendan Flood not to damage BFC In any way can't we ???
Grimsby Claret
31/07/2009 14:45:00
0
I would think so GC, he is a local lad and loves the club as a fan.
turfmanphil
31/07/2009 19:28:00
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