Napster
09-12-2003, 12:52 PM
Fans fight to save football club
The club took out a £585,000 loan which must be paid this month
Cambridge United fans have just two weeks to help save the future of their club by raising a further £59,000.
United has until 22 December 2003 to repay a £585,000 loan it took out to cover the money it lost after the collapse of ITV Digital.
The club has turned to its fan base to try and bridge a £100,000 shortfall in its repayment.
Since 15 November Cambridge Fans United (CFU) has raised £41,000, but time is running out for the Third Division club.
Stadium at risk
Nick Pomery, chairman of CFU told the group's website: "If the loan is not repaid on 22 December then penalty interest and charges will become payable, charges club chairman Gary Harwood has confirmed the club cannot afford to pay.
"The lender will also be able to appoint an agent, at the club's expense, to make sure those charges are paid.
"If the money can't be found then the agent can look to sell the club's main asset, the ground, to recover the funds.
"If this happens, the city will lose its league football club and that would be a disaster and a scandal for a city like Cambridge."
The fans have arranged a number of fundraising events to help the situation and have set up its own appeal website.
A sponsor-a-seat scheme has also attracted support from as far afield as the United States of America and Australia.
The club took out a £585,000 loan which must be paid this month
Cambridge United fans have just two weeks to help save the future of their club by raising a further £59,000.
United has until 22 December 2003 to repay a £585,000 loan it took out to cover the money it lost after the collapse of ITV Digital.
The club has turned to its fan base to try and bridge a £100,000 shortfall in its repayment.
Since 15 November Cambridge Fans United (CFU) has raised £41,000, but time is running out for the Third Division club.
Stadium at risk
Nick Pomery, chairman of CFU told the group's website: "If the loan is not repaid on 22 December then penalty interest and charges will become payable, charges club chairman Gary Harwood has confirmed the club cannot afford to pay.
"The lender will also be able to appoint an agent, at the club's expense, to make sure those charges are paid.
"If the money can't be found then the agent can look to sell the club's main asset, the ground, to recover the funds.
"If this happens, the city will lose its league football club and that would be a disaster and a scandal for a city like Cambridge."
The fans have arranged a number of fundraising events to help the situation and have set up its own appeal website.
A sponsor-a-seat scheme has also attracted support from as far afield as the United States of America and Australia.