Salford handed further three-year loan holiday

Matthew Shaw
By Matthew Shaw November 9, 2017 13:31

Salford handed further three-year loan holiday

Salford Red Devils have received a further three-year extension on holiday and loan repayments from Salford City Council.

The club was due to pay back the debt, which is understood to be around £1.5 million, at the start of next year. However, the council has approved the suspension of contributions for a further 36 months, subject to annual review.

As part of the deal, the club must retain its name and honour a previous agreement that will see them play their home games at the AJ Bell Stadium.

Salford City Mayor Paul Dennett said: “Salford Red Devils is an institution in our city and a huge part of the Salford identity. I believe this decision is in the best interests of the taxpayer of Salford.

“It is concerning to hear about the continued financial difficulties faced by the club, especially in light of the important role that the club has for our city.

“We have agreed to extend the CVA on the club for three years, on annual review. Our accountants will have full access to the club’s accounts and finances and we are determined to turn things around.

“I have met with fans and hope to meet with them regularly until we turn this situation around and help the club stand on its own two feet again.”

 

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Matthew Shaw
By Matthew Shaw November 9, 2017 13:31
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