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Gloucester City Now Debt Free

Fri 12th Jul 2013 | Money & Finance

Amid all the news of clubs in financial meltdown, one club has bucked the trend announcing it is now debt free.

Gloucester City AFC have announced they are now debt free after securing a series of new sponsorship deals.

“The hard work behind the scenes over the past few months have borne fruit with the announcement that Gloucester City Football Club are now debt free,” read a statement released by the club. 

“The club has managed the feat via a series a new sponsorship deals from Prospect Training Services, Burger Star, and recently sealed packages with Gardner Garages (owner of Westgate Street Services) and leading local hoteliers, the Hatton Court Hotel Group.”

With the news, the club will be holding an internal meeting on Sunday to finally agree on the restructure package that was outlined at the open meeting that took place in March.

Tigers chairman Nigel Hughes explained: “It has been remarkable to get to this point ahead of the new season fast approaching.”

“Alongside this has been a desire to secure new sponsors, with their investment ring fenced for the season and more detail is still to be progressed with club personnel and lines of management drawn up.”

“Seeking further local businesses to add to the club portfolio is a major target and we are grateful to those who have stepped up to the challenges in front of us, while we await positive outcomes on the new stadium.

“Rightly under the restructure the stadium must be the responsibility of the Ltd Company, so myself and my colleagues can concentrate on delivery around the pitch in unison with David Mehew, his back room staff and the players, with the support of the Trust committee.”

Pivotal to the work behind this disclosure has been the involvement of club consultant Colin Peake, having brokered many of the deals that see the club debt free.

Peake is very pleased that the club is moving forward in the right direction, despite recent headlines not being pleasant reading for supporters, and remains upbeat ahead of the club’s sixth anniversary of being away from Gloucester fast approaching.

“I am pleased that we have worked to clear the debt and for any club in the game, let alone the Football Conference, to be able to say that is a proud statement,” Peake explained.

“All the new sponsorship and partnership deals which have been concluded is new money and none of it has been used to clear debt.”

“I am talking to a number of other potential investors in the next few weeks and I need to make it clear to them and anyone taking advertising or hospitality your money is secured to be used to protect the level at which the club is currently playing.”

Posted by: Aaron Gourley

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