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Buy back Turf plan a step closer for Burnley
BURNLEY’S plan to buy back Turf Moor has been given the go-ahead by the club’s shareholders.
But a deal was dependent on club shareholders agreeing to transfer their shares from Burnley Football & Athletic Company Ltd to a new parent company, Burnley FC Holdings Ltd.
The Clarets required agreement from 90 per cent of shareholders but only had direct contact with around 87 per cent before a recent appeal for others to get in touch.
The club have now received agreement from 90 per cent and all shares will now be transferred to Burnley FC Holdings.
The plan is for the Clarets to then buy back Turf Moor and Gawthorpe via a bond issue, with a select number of supporters already expressing an interest in contributing a six-figure sum.
Formal bond documents will be issued shortly and the club are hopeful that the deal will be completed next month.
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