Published on 31 July 2017
Archived on 31 August 2017
Stratford-on-Avon District Council's Cabinet has today, Monday 31 July agreed a repayment plan for Stratford Town Football Club on an outstanding loan granted to the club in 2005.
The loan of £250,000 was given to Stratford Town Football Club at the time of its relocation to Knights Lane, Tiddington, because the club did not receive sufficient grant income that they were expecting, to enable their plans for the Knights Lane site to proceed.
The club has been unable to meet their loan repayments since 2009 due to a number of factors including additional costs attributed to their promotion in the league - a splendid achievement and testament to the skills developed by the club at their Knights Lane location.
Today, The Cabinet has agreed to accept the offer of £200 per calendar month in relation to the outstanding loan and for the duration of the next 12 months reduce to zero the interest on the loan. This would result in the principal sum reducing by £2,400 over the 12 month period to leave an outstanding balance of £236,680.
The position would be further reviewed in 12 months.
Cllr Lynda Organ, Finance and Physical Resources Portfolio says: "There is no question that the Football Club is an extremely valuable community facility and we are delighted that a way forward has been found that fulfils the requirement for loan repayments that the club can afford."
In July 2011 Council resolved to 'write off all outstanding interest, as at June 2011' and 'hold the current principal debt of £239,080, reducing the interest rate for the next five years to zero, with interest recommencing after five years at a rate to be negotiated'.
Stratford-on-Avon District Council
Elizabeth House, Church Street,
Tel: 01789 267575