UK time is: 23:58:18
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

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




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: turfmanphil Mail feedback, articles or suggestions

Date:Friday July 31 2009

Time: 10:01AM

Your Comments

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
Agree with tmp, but no harm in things like this being debated.
Couch Potato
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
I would think so GC, he is a local lad and loves the club as a fan.
turfmanphil
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Burnley Articles

Burnley Stoke Fire And Get Warm Glow! (Sunday November 23 2014)

Can Burnley Rule Britannia? (Wednesday November 19 2014)

Rumour Mill-Mowatt What? (Tuesday November 18 2014)

Burnley X-Files: Pato Back With Grezza! (Saturday November 15 2014)

Rumour Mill-Are Burnley Minging? (Monday November 10 2014)

Archived Burnley Articles

List All Vital Burnley Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

League Results (view all)

Latest Results
Stoke 1 - 2 Burnley
Burnley 1 - 0 Hull City
Arsenal 3 - 0 Burnley
Burnley 1 - 3 Everton
Burnley 1 - 3 West Ham
Leicester City 2 - 2 Burnley

League Table (view table)

Team P W D L GD Pts
14. Sunderland 12 2 7 3 -7 13
15. Crystal Palace 12 3 3 6 -4 12
16. Hull City 12 2 5 5 -3 11
17. Aston Villa 11 3 2 6 -11 11
18. Leicester City 12 2 4 6 -7 10
19. Burnley 12 2 4 6 -12 10
20. Q.P.R. 12 2 2 8 -12 8

Breaking League News

Pearson Happy With Goalless Draw.
Sunderland : 23/11/2014 23:56:00
Ings Brings First Away Win
Stoke : 23/11/2014 22:35:00
Does Michu Require Ankle Surgery?
Swansea : 23/11/2014 22:17:00
Newcastle : 23/11/2014 20:36:00
Villa Aren't Carrying The Can For Vlaar Contract
Aston Villa : 23/11/2014 19:22:00

Current Site Poll (view all polls)

Our first win at last. How many more before Xmas?
Suggested By:  Vital Burnley Admin
6 2%
5 0%
4 16%
3 38%
2 19%
1 16%
0 9%