Burnley to buy back Turf Moor

Burnley are progressing with plans to regain ownership of Turf Moor and the club's Gawthorpe training ground.

Last Updated: 10/01/13 at 14:28 Post Comment

Turf Moor: Set to be repurchased by Burnley

Turf Moor: Set to be repurchased by Burnley

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Co-chairmen John Banaszkiewicz and Mike Garlick have confirmed the board are set to complete the repurchase from current owners Longside Properties Ltd, who took up ownership in 2006.

The assets will be transferred to a new property company, Turf Moor Properties Ltd, which will be owned by new holding company Burnley FC Holdings Ltd (BFCH).

BFCH will make an offer to reacquire all of the issued shares in the Burnley Football & Athletic Co. Ltd, whose shareholders will be invited to exchange their shares for ones in the new company.

Banaszkiewicz said: "We are delighted to be announcing this first step in the repurchase of Turf Moor and Gawthorpe, which marks the start of a new era in our illustrious history.

"This arrangement enables us to protect Turf Moor and Gawthorpe from the uncertainties of the football industry and its finances, which we have all seen hit other clubs very hard in recent years."

The club plans to issue a bond - fully secured against the properties and paid back over seven years with interest - to bring the assets back under the umbrella of the club's new group.

Indicative interest in the bond issue has been received from number of the club's supporters, who will each contribute a six-figure sum.

Banaszkiewicz added: "Having examined all the options, the board is confident that a bond issue represents the most cost effective finance option and enables a section of our fans to play a part in bringing our spiritual home back under the control of the club.

"Buying both Turf Moor and Gawthorpe back makes sense financially and operationally for our long-term future plans. It will eventually see an end to rental payments and put the club on a firmer financial footing."

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

W

hy is the dinosaur trying to hold on to this.... Just leave... No one wants you in this position you corrupt loser. Let someone else take over....

arsenal121
Defiant Sepp blames minority

N

ow is the time for Allardyce to finally get a chance at a big club please. He is likely to have a number of great offers for his services this summer, but who will he choose? Will it be Liverpool, Real Madrid, Dortmund or Man City?

medina_sod
Allardyce leaves West Ham

I

thought exactly this when the Match of the Day pundits were peddling this line. Is it really not okay for fans of a club to have some ambition these days then?

damoceltic
Bored Of Big Sam? It's Your Right...

Footer 365

D-day for FIFA as Sepp Blatter opens 65th congress

Sepp Blatter has formally opened FIFA's congress on a day his critics hope could signal a new start for football.

FA chairman Greg Dyke calls for possible Russia 2018 boycott

FA chairman Greg Dyke wants UEFA nations to consider pulling out of the World Cup finals in Russia in three years' time.

Sepp Blatter vs Prince Ali: FIFA election explained

Will Sepp Blatter see off Prince Ali Bin Al Hussein? We explain how Friday's presidential vote works...

Mail Box

What Would You Do If You Were Blatter?

Step into Sepp's shoes, is the invitation from one mailboxer. Also: United already have their new number one, Rodgers deserves time, and the best Budget XI so far...

What Is It That FIFA Actually Do?

That's the question raised timidly by someone sat at the back of the room, whilst others remind that UEFA aren't perfect either. Plus a few more gone on to better XIs...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company