Stonewall
30-09-2005, 05:09 PM
Brentford's supporters' trust Bees United has agreed a deal with owner Ron Noades which will see the fans taking ownership of the club in January.
The agreement with Noades' company Altonwood enables the trust to exercise its option to acquire the 60% majority shareholding in the club.
The trust had two years to restructure the club's debts and release Altonwood and Noades from bank guarantees.
And they now have four months to finish the legal and financial arrangements.
A Trust fundraising campaign is well on the way to raising £1m to use as an interest-free loan to the club.
Altonwood have agreed to match this with their own £1m interest-free loan and to maintain a £1m bank guarantee against a reduced level of bank borrowing of £2.5m.
Hounslow Council have also agreed in principle to provide Bees United with a £500,000 interest-bearing loan.
Bees United chairman Brian Burgess said: "I must express my thanks to Ron Noades and his colleagues at Altonwood for the flexible approach they are taking in helping us to exercise the option and to make progress towards completing the acquisition of the club.
"The extra time gives us until January to complete our fundraising and sort out the legal details."
_________________Good Luck to Them! A step nearer to getting Noades out of Football:hi:
The agreement with Noades' company Altonwood enables the trust to exercise its option to acquire the 60% majority shareholding in the club.
The trust had two years to restructure the club's debts and release Altonwood and Noades from bank guarantees.
And they now have four months to finish the legal and financial arrangements.
A Trust fundraising campaign is well on the way to raising £1m to use as an interest-free loan to the club.
Altonwood have agreed to match this with their own £1m interest-free loan and to maintain a £1m bank guarantee against a reduced level of bank borrowing of £2.5m.
Hounslow Council have also agreed in principle to provide Bees United with a £500,000 interest-bearing loan.
Bees United chairman Brian Burgess said: "I must express my thanks to Ron Noades and his colleagues at Altonwood for the flexible approach they are taking in helping us to exercise the option and to make progress towards completing the acquisition of the club.
"The extra time gives us until January to complete our fundraising and sort out the legal details."
_________________Good Luck to Them! A step nearer to getting Noades out of Football:hi: