Burnley in move to buy back Turf Moor and Gawthorpe
Published : 10 Jan 2013 13:11:48
Burnley Football Club have been tenants at both Turf Moor and the training ground at Gawthorpe since 2006 but have today revealed plans to buy them both back in the near future.
The two were sold in 2006 to raise capital and purchased by Longside Properties, then owned by sitting directors at Turf Moor, but it was always a decision that left a lot of supporters feeling uneasy no matter how key it was in providing funds at the time.
That, therefore, will mean today's news is good news with the club undertaking a restructure with the creation of a new holding company and also a property company. Current shareholders of Burnley Football & Athletic Company Limited will be invited to transfer their shares to the holding company which will own both the current company and the property company which will purchase Longside Properties Limited.
When that restructure is complete, the property company will issue a bond to finance the repurchase of the two properties. The bond has targeted investors with a minimum investment of £250,000 and there has been enough interest to proceed with the repurchase.
Source: Clarets Mad