Northants in line for £250K loan

Connect FM
Northants in line for £250K loan

Councillors in Northampton will discuss plans to offer a secured loan to Northamptonshire County Cricket Club.

If agreed, the Borough Council would look to offer the Cricket Club a secured loan of up to £250,000 to help get Club back to a financially sustainable position. This would be part of a wider package of measures the Club is organising as part of their changing business plan.

The Cricket Club s business plan shows that the loan would be repaid within five years. The Council would initially only loan the Club up to £100,000, with an additional £150,000 available if more support is needed.

Councillor Mary Markham, Leader of Northampton Borough Council told Connect FM: “Later this month we will look at providing financial support to help the Cricket Club get back onto a stable footing. With over a century of tradition the Cricket Club is one of the oldest still playing in the County Championship, and a big part of life in Northampton.

“However, cricket is changing and that means the Club must restructure off the pitch if they are to have a future on it. A secured loan, as part of a larger financial package, would help the Club to make the changes it needs to. They have set out a strong business case that shows how they know what changes are needed and how they could quickly repay the loan.”

Northampton Borough Council s Cabinet will discuss the proposed secure loan on Wednesday 21 October, and more information is available HERE as part of the reports pack.

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