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Bury involved in high interest loan

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Journalist David Conn is a past master at ferreting out worrying financial developments and in football and has written an interesting in depth article about developments at Bury FC.

Bury have always struggled in the shadow of the two big Manchester clubs and their last set of accounts showed a £724,688 loss on income of £2.7m.    Property developer Stewart Day had to step in to settle their latest financial crisis.

However, he has now taken out a high interest loan secured on the Gigg Lane ground.  When it is repaid after a year, the amount due will be £2.38m on a loan of £1m.