EXCLUSIVE: Wirral Council “considered lending” £1.5 million to Tranmere Rovers Football Club!
An invoice (which you can read for yourself above) from GVA Financial Consulting Limited to Wirral Council dated 30th January 2019 was for financial advice costing £6,000 on whether to lend £1.5 million to Tranmere Rovers Football Club.
The invoice stated (m stands for million):
“The council have considered lending a facility of 1.5m to Tranmere Rovers FC. 1m was intended to be used to refinance an existing loan and the remaining 0.5m was to be used as working capital. The purpose of this report is to assess whether the interest rate of the loan to be agreed could be below the existing rate of the current lender while still providing the council with sufficient return and was not a full counter party due diligence report.”
Wirral Council’s Cabinet last week agreed a partnership agreement with Tranmere Rovers Football Club that stated:-
“However, there are occasions when the Council can support the club by providing funding in the way of a grant or loan. This will ultimately be of benefit to the Council as well as to the club i.e. a grant will include relevant KPI’s (sic) to support the Council’s objectives. A loan will be on a commercial basis and generate a rate of return for the Council.”
If you click on any of the buttons below, you’ll be doing me a favour by sharing this article with other people.