Elland Road

Next Game

Leeds v Burnley

Saturday, 08 August 2015, 12:30

Sky Bet Ch'ship

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

Y

ou can't blame De Gea for wanting to leave, he has enough to do in front of goal as it is as well as taking on the role of Man Utd's version of Derek Acorah in trying to contact and organise a defence that isn't there.

rodger's gusset
Van Gaal downbeat on De Gea

I

f you want to take six points off Arsenal, then that's a great strike force. Can't imagine either of them showing much for the rest of the season though...

foot in mouth
Adebayor & Berbatov: You Have To Admire The Balls

L

ooks like Real get their man, most likely at their own valuation, yet again. Resistance is futile.

paul7702
Van Gaal downbeat on De Gea

Footer 365

Digne agent denies Liverpool talks

Lucas Digne's agent has denied reports he has held talks with Liverpool regarding a move to Anfield for the Paris Saint-Germain left-back.

Mourinho scuppered Reds' Costa move

A new biography has revealed how Jose Mourinho scuppered Liverpool's bid to sign Diego Costa - a year before he arrived in west London.

Ramos 'extends' Real Madrid contract

Manchester United's pursuit of Sergio Ramos is over after the centre-back agreed a new contract extension at Real Madrid.

Mail Box

De Gea Disrespectful? Remember RVP...

We got dozens of mails from people pointing and laughing at Brian D for suggesting David de Gea has acted disrespectfully; we printed some. And there's more...

Getting Tired Of De Gea's Disrespect

One Manchester United fan is growing weary of David de Gea's disrespect. Plus thoughts on Southampton's summer, Balotelli loan, and Depay in the centre. Why?

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