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Football club loan investigated by police
A £10.25m loan granted to Northampton Town Football Club is being investigated by police over financial regularities.
Following a complaint from Northampton Borough Council, Northampton Police have served a warrant at the club’s stadium in order to seize any documents which may be relevant to the investigation.
Councillor Mary Markham, Leader of Northampton Borough Council, said: “We can confirm that after working with Northamptonshire Police for some time, we have now made a formal complaint about potential financial mismanagement of funds lent to Northampton Town Football Club.
“As there is now a live police investigation, it would be inappropriate to comment further at this stage.”
The police stated that the football club is being fully co-operative.
The news came at the same time club Chairman David Cardoza announced that he had agreed a deal to sell his controlling stake in the club to Kelvin Thomas.
David said: “We had to iron out some wrinkles today, but the deal has been done and is just subject to getting the paperwork sorted.
“I am delighted to be selling to Kelvin, he is a great owner for the club and I’m looking forward to seeing it progress under his stewardship.”
Northampton Town’s future has been uncertain during recent months, after the club was given three weeks to repay the £10.25m loan it had taken out.
In October, the construction firm hired to carry out the redevelopment of the club’s East Stand claimed it was still owed £3m from its client County Developments Northampton ltd.
When contacted by Loan Talk about the Northampton Police investigation, a Northampton Town FC spokesperson said: “We can confirm we are offering every assistance to the police in their investigation.”
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