Burnley Complete Turf Moor Buy-Back
Fri 5th Jul 2013 | Football Stadiums & Facilities
Burnley Football Club have taken Turf Moor and Gawthorpe back under the club’s ownership following the completion of a buy-back campaign developed by co-chairmen John Banaszkiewicz and Mike Garlick.
With the welcome involvement of a number of key supporters, and further investment from the club, both facilities come back under the umbrella of Burnley FC with immediate effect.
Turf Moor, the Clarets’ home for over 130 years, and the Gawthorpe training ground were sold in 2006 to Longside Properties to resolve financial problems following the ITV Digital crisis.
John Banaszkiewicz said: “As directors and fans, we feel passionately about the club and bringing Turf Moor and Gawthorpe back home is the right thing to do for Burnley.
“It was vitally important for the club to come up with a scheme that would enable it to regain control of the properties.
“Despite concerns that it would be tough to raise the funds we needed, this innovative scheme has been very successful, bringing us £3.5 million.
“In the long term this will save the club money in rent and charges that can be used to invest in the squad and help to build for the future.
“This is our town and now it’s our Turf!”
Burnley Football Club Director Clive Holt added: “What is good for the town is good for the club and vice versa.
“Regaining control of Turf Moor and Gawthorpe has been a massive achievement and we are tremendously grateful for the generous support of the individuals who have helped the club to achieve our vision.”
Building on the successful buy-back scheme, the club is now in the process of creating an advisory group that will complement the Board of Directors and offer input from across the whole club spectrum, including fans, the manager and staff.
In addition to placing on record its sincere appreciation to the bondholders who made the buy-back possible, Burnley Football Club would like to thank key people involved in the scheme, including Burnley FC Director of Commercial Affairs Anthony Fairclough, Financial Controller Ken Stout, Clive Holt and Paul Smith from Freight Investor Services.
Posted by: Aaron Gourley
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