Date:Thursday January 10 2013
Burnley have announced plans to buy back Turf Moor and their training facility at Gawthorpe with the help of private investors.
The two sites have been owned by Longside Properties Ltd since 2006 but are set to be back in the hands of the club which will be a great relief to all concerned.
Burnley FC Co-Chairmen John Banaszkiewicz and Mike Garlick have confirmed that the board believes it can now obtain sufficient funds to progress the 'buy back'.
The Official Site explains the restructuring and how the 'buy-back' will be achieved stating:
'After completing a proposed restructuring, it is proposed to repurchase these assets from the current owner via a new property company, Turf Moor Properties Ltd.
'This new property company will be owned by a new holding company named Burnley FC Holdings Ltd (BFCH), which is also making a recommended offer to acquire all of the issued shares in The Burnley Football & Athletic Co. Ltd (BFAC).
'Shareholders in BFAC will be invited to exchange their share(s) in BFAC for the same number of shares in BFCH.
'Once the bond issue is completed, shareholders who accept the offer will then own shares in the company which owns both the football company and the property company.'
Talking about the initiative, John B who has been the main driver of the project said:
"We are delighted to be announcing this first step in the repurchase of Turf Moor and Gawthorpe, which marks the start of a new era in our illustrious history.
"This arrangement enables us to protect Turf Moor and Gawthorpe from the uncertainties of the football industry and its finances, which we have all seen hit other clubs very hard in recent years.
"Having examined all the options, the board is confident that a bond issue represents the most cost effective finance option and enables a section of our fans to play a part in bringing our spiritual home back under the control of the club.
"In football today, it is important to maintain a progressive approach to training and development of players.
"This includes having a quality infrastructure and by re-acquiring the stadium and the training ground, we can ensure that we continue on the path to constant improvement.
"Additionally, buying both Turf Moor and Gawthorpe back makes sense financially and operationally for our long-term future plans.
"It will eventually see an end to rental payments and put the club on a firmer financial footing"
Date:Thursday January 10 2013
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