Vital Football

Latest Burnley FC News

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



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
Page 1/1
  1. 1

Login to post a comment

Recent Burnley Articles

Vital Report - Burnley 1-0 Hull

A late Vokes goal proved the difference between the sides as we closed to within a point of Hull at the top and also second placed Middlesbrough, who drew with rivals Blackburn.

Stats: Burnley v Hull City

All the stats from Burnley (1) vs (0) Hull City, Turf Moor, 6/2/16 Att: 17,667

Vital Preview - Burnley v Hull City

A big battle at the top sees Burnley play host to league leaders Hull tomorrow with the Clarets probably knowing avoiding defeat is a must with a win potentially priceless.

Match Day Officials v Hull

The Football League have now announced the Match Day officials that will take charge of the game against Hull this weekend.

Archived Vital Burnley Articles

Vital Burnley articles from

Site Journalists

turfmanphil
Profile
Paul 8c8
Profile

Current Poll (see more polls)

Hull MotM
Suggested By: Site Staff
Heaton30%
Lowton0%
Keane0%
Mee0%
Ward14%
Boyd0%
Barton42%
Jones0%
Arfield0%
Vokes14%
Gray0%
Sub - Hennings0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Hull City 29 17 5 7 56 26
2 Middlesbrough 28 17 5 6 56 23
3 Burnley 30 15 10 5 55 22
4 Brighton 29 14 11 4 53 9
5 Derby County 30 13 12 5 51 14
6 Sheff Wed 30 13 11 6 50 12
7 Ipswich 30 13 9 8 48 2
8 Birmingham 30 13 8 9 47 8
9 Cardiff 30 11 12 7 45 5
10 Forest 30 10 12 8 42 6
11 Wolves 30 10 10 10 40 -1
12 Brentford 30 11 7 12 40 -2
13 Q.P.R. 30 9 12 9 39 1
14 Preston 30 9 12 9 39 -1
15 Reading 30 9 9 12 36 0
16 Leeds Utd 30 8 12 10 36 -5
17 Huddersfield 30 8 8 14 32 -4
18 Blackburn 28 6 13 9 31 0
19 Fulham 29 6 11 12 29 -5
20 Bristol City 30 6 10 14 28 -22
21 MK Dons 29 7 6 16 27 -18
22 Rotherham 30 7 4 19 25 -19
23 Bolton 30 4 12 14 24 -21
24 Charlton 30 5 9 16 24 -30
Latest F1 News
Latest Vital Boxing News

Burnley Fixtures (view all)

Feb 13 2016 3:00PM : Reading (a)
Sky Bet Championship
Feb 20 2016 3:00PM : Rotherham United (H)
Sky Bet Championship
Feb 23 2016 7:45PM : Nottingham Forest (H)
Sky Bet Championship
Feb 27 2016 3:00PM : Bolton Wanderers (a)
Sky Bet Championship
Mar 5 2016 12:30PM : Blackburn Rovers (H)
Sky Bet Championship
Mar 8 2016 7:45PM : Fulham (a)
Sky Bet Championship

Recent Burnley Results (view all)

Vital Members League Table

RankNamePoints
1.WelshClaret9
2.Grimsby Claret3
3.cornwallclaret3
4.stevewright702
5.Mike Mada1