Council renews Chesterfield loan

The League One club has managed to renew a loan totaling GBP 566,000 from the Chesterfield Borough Council. The Council lent the club GBP 200,000 in June 2001 to help the administrators avoid putting the club into liquidation. Further loans of GBP 183,000 were made in 2003 and 2004, at a commercial rate of interest, to help the club pay off its creditors under the Creditors' Voluntary Arrangement set up to allow it to exit administration.

The total loan was due for repayment this month but the Cabinet agreed to a club request to renew the loan to cover capital and interest repayments. It will now be repaid over 25 years and will continue to be secured as first priority on the football ground at Saltergate.