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Statement: Press Story re Finance

12 November 2014

Statement from the board of directors with regards to newspaper article

The Board of Bury FC feel it very inappropriate that news stories have been released about its business that has in effect painted a totally inaccurate position of the Club.


The Club has been forced to explain itself on matters that they felt were private to the Club and not a public point of interest or indeed concern. Hence no public comments.


At all times, the Board has put the Club priorities first and will always carry on to do so.


The “loan” that has created all the issues has not been guaranteed by the Club and/or any associated costs paid for by the Club. This is a fact as there is separate private agreements in place between the funders representatives and Mr Day.


Mr Day has personally guaranteed the interest as this forms part of an agreement between the parties involved.


The Club needs third party income at all times to survive and after initial meetings with the Football League the Board determined that the Club can create third party income by carrying out NON FOOTBALL related transactions. This is key to the Club moving forward.


The “loan” was part of a property transaction that allowed BFC to earn revenue streams over a period of 6 months secured on another asset. The deal has completed and in turn the “loan” will be repaid at no cost to BFC PLUS the Club will earn a significant sum over the next 18 months.


In any business you must justify a legal transaction to warrant earned income and as such at times some calculated risk needs to take place.


At no time has any funds been used for players – despite the fact we have been offered player finance in the past, it has always been declined.


The Club will always try to conduct its business in a private and professional manner as in many instances the NON FOOTBALL income will be generated by creating new partnerships and allow the Club to eventually develop new facilities and as such increase its independent revenue streams.


The “loan” will be repaid within the next few weeks.


We want to assure any concerned fan that the Club is not spiralling into debt and only acting as an investor to create income that in turn will makes the Club self sufficient.


The Board know that changes can be unnerving at times, but historically the Club has gone close to receivership every 4/5 years and that is something we are determined will not happen again.


At times, due to very strict privacy agreements or wanting to be ahead of the game we do not think its appropriate to publicize some of the activities as that could stop the investment strategy from maximizing its potential.


We want to apologize for any concern this may have caused, BUT at the same time ask that support is given to allow time for such investments to show dividend.

 

The Board


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