GrangeParkCobbler
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Look, does it matter where the 10.25m came from?? Whether it be Borough Council money, EU Money or a loan from the Queen.....it needs to be paid back!!
Having had a good read of a document I have come to be in posession of it appears that the Council are paying the interest on the loan....and it was the club who were meant to be paying the council so they could pay that interest until the loan matured in 2020.
Obviously the club are not paying the council, so the council is/will be paying a total of £1.2 million in interest on this loan....until 2020. Then the capital is due to be repaid.
The loan principle outstanding is 10.219 million as the club did in fact make £31,000 or repayments before defaulting three monthly payments in a row. Interest amounts to circa £275k per annum....so that meant that the club....and now the council are paying £23,000 a month.
Interesting too that the report states that the conditional land contract between NBC and CDNL was cancelled , the Council is no longer subject to the conditions in the contract and remains the freeholder of the land subject to 2 very restricted leases currently held by CDNL (in liquidation)
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The Hotel End GTA Champion 2006/07, 2007/08, 2011/12, 2012/13, 2018/19 and 2023/24
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