Debt Restructure

By Aston
December 2 2005

Town chairman David Sheepshanks last night revealed that Town are trying to restructure a large part of their debt.

Town are currently talking to Norwich Union, Barclays and the Bank Of Scotland about cutting interested owed on £29 million in the short term so Town have no need to sell any one in the January transfer window or the summer.  

 

Mr Sheepshanks: “Our objective for such an arrangement is to be able to tell you that, all things being equal, we will have no financial pressure to sell players, now, next summer or hopefully beyond that.

 

“This is a very important development and would mean that we can build a three-year strategy on maximizing the fantastic talent emerging from the Academy.

 

“Nothing is concluded but we are far enough advanced for me to tell you about it and I hope that it will be concluded by the beginning of January.

 

“The most dispiriting thing for us, as directors, as much as for you the shareholders and the fans, has been the prospect of selling our best players and, in so doing, shooting ourselves in the foot and diminishing our chances of promotion and full recovery.

 

“We had to do something about it and we are. Our three lenders have reaffirmed their support for your board and management.”

 

Source: EADT

 

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