Club's rescue loan placed on hold

A proposed £100,000 council loan to help Cheltenham Town Football Club out of cash difficulties has been deferred.

The borough council has agreed the loan to the League One side in principle. The club narrowly avoided going into administration in February.

The Robins has cut its wage bill by £8,000 by offloading players.

After a meeting on Monday night, chief executive Andrew North said he wanted to study the club's detailed business plan before making a decision.

I aim to make an early decision Andrew North, Chief Executive Cheltenham Borough Council

He said: "Following the feedback from councillors last night, I believe I have a broad mandate to carry on with the loan, subject to the council being satisfied on the financial stability of the club.

"I will need to see the club's business plan and based on the information I receive, I aim to make an early decision.''

The loan would be repaid over 10 years at £833.33 a month, plus daily interest equal to the Bank of England base rate.

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