By Aston
February 22 2007

Media reports are suggesting that a consortium is hoping to by Town’s debt from its three major lenders.

Town currently owe £36million most of that is spilt between Norwich Union, Barclays and Bank of Scotland and the consortium hopes to buy the debt of them for a significantly less then it is currently worth and then charge Town interest on the money.

 

The consortium is believed to be made up of people who don’t already own shares in Town, are reportedly planning talks with all three lenders after an initial approach was rejected.

 

A major advantage of this if it were to happen would be it make Town a much more attractive proposition to new investment and free up money to be spent elsewhere.

 

None of the lenders would comment on this but a spokesperson for Town said: “We are in constant dialogue with our lenders and have commented many times, most recently at the club AGM last December, that we are continuing to explore possible solutions to the ongoing debt burden and indeed this remains the case.”

 

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