Further club statement

March 26, 2020

Following the release of part of an e  mail conversation between club chairman Stephen Cleeve and the Blue & Gold Trust on Wednesday evening it was felt that the chairman's response along with the that of the trust's should be published for clarity.

 

Thanks for your email - have no idea how the charge idea would work, if we defaulted the club only owns a long term lease on the stadium so what use would that be to the Trust?

Thanks

Steve

 

Like any secured loan if the loanee defaults the lender goes to court and seeks possession of the lease. Effectively the Trust end up owning the lease whilst you still own the football club. The Trust then are liable under the terms of the lease or could sell if the council agree, whilst you would need to come to an arrangement with the Trust to use the ground. However, I,m not a solicitor just had 19 years in financial institutions lending people money and in some circumstances take possession when the borrower hasn't met the the terms of the loan agreement.

I understand your point about its worth in money terms however, it has a huge value to the football community of Kings Lynn. If you've got in mind any other security you could offer then of course we would try to make it work.

 

This will be the final communication from the club on this matter

 

 

 

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