|Brentford Football Club Repays Council|
Half a million back in council coffers
Brentford Football Club has repaid a £500,000 loan from Hounslow Council just under one year early to reduce the Club’s interest costs.
The loan was granted at a fixed rate of 5.25 per cent in January 2006 to help the Brentford Supporters’ Trust, Bees United, complete the acquisition of the majority shareholding in the Football Club and make Brentford the first Football League club in London to be owned by its supporters.
After the initial five year term of the loan it was extended until May 2014.
The loan from Hounslow Council was an essential part of a package of loans required to re-finance the Club’s bank overdraft at the time of the Bees United takeover.
This package also comprised loans from a number of Directors, including Greg Dyke, who was Chairman of the Club from January 2006 until recently, when he stepped down in order to take up the role of Independent Chairman of the FA, which necessitated the repayment of his loan.
Brentford FC owner Matthew Benham decided the loans from Hounslow Council and Club Directors Alan Bird, John Herting and Eddie Rogers would be repaid at the same time as the payment was made to Greg Dyke.
The repayments were made earlier this month.
Finance for these repayments has been provided by secured interest free loans from Matthew Benham.
Loans from the supporters’ trust, Bees United - which has a golden share in Brentford FC and two Directors on the Club Board - have been retained in the Club.
The Brentford Football Club Board of Directors will not be altered by these repayments.
Cliff Crown, Brentford FC Chairman, said: “Brentford Football Club is extremely grateful to Hounslow Council for its support and I am pleased that we have been able to repay the loan ahead of schedule.
“We look forward to continuing to work closely with the Council as we take the Club forward and continue to make a substantial economic and social contribution to the Borough.
“I said when I took over as Chairman that I could see the Club was being run incredibly well. The Board has a very good team of people; it is well run with proper processes in place. There is no need to alter that.
“The loans from Alan Bird, Greg Dyke, John Herting and Eddie Rogers were vital to the financial well-being of Brentford Football Club and I am sure all supporters will join me in thanking them for putting their money in at a time when it was most needed.
“I am very happy that the Club has been able to give them their money back and I look forward to continuing to work with Alan, John and Eddie on the Board as we move to a bright future for Brentford FC.”
July 31, 2013