Burnley to buy back Turf Moor
12:31pm Thursday 10th January 2013 in Sport
Burnley Football club is bidding to reclaim ownership of Turf Moor
BURNLEY are bidding to reclaim ownership of Turf Moor and Gawthorpe, by setting up a holding company.
Clarets co-chairmen John Banaszkiewicz and Mike Garlick have enlisted the support from private investors in an effort to buy back their 130-year-old ground, and training base, which have been owned by Longside Properties Ltd since 2004.
As a result, shareholders are set to be invited to transfer their shares from Burnley Football & Athletic Company Ltd (BFAC) to the new parent company, Burnley FC Holdings Ltd (BFCH), on a one-for-one swap basis as part of a restructure required under the terms of the financial regulatory authority.
Once the bond issue is completed, shareholders who accept the offer will then own shares in the company which owns both the football company and the property company.
Banaszkiewicz, who has been the driving force behind the plan, said: “We are delighted to be announcing this first step in the repurchase of Turf Moor and Gawthorpe, which marks the start of a new era in our illustrious history.
“This arrangement enables us to protect Turf Moor and Gawthorpe from the uncertainties of the football industry and its finances, which we have all seen hit other clubs very hard in recent years.”
Turf Moor was rented on a 99-year lease following a sale in 2004 to Longside Properties, of which then chairman Barry Kilby was a founding director. That deal was said to be worth close to £4m.
Longside Properties is now owned by Lionbridge, a company which is registered in the British Virgin Islands.
In order to protect the long-term security of the club and its assets, Burnley now plan to issue a bond – fully secured against the properties and paid back over seven years with interest – to bring the assets back under the umbrella of the club's new group.
A number of supporters have already pledged significant six-figure sums to this bond, in order to meet the asking price for Turf Moor and Gawthorpe, which is thought to be only a fraction over the fee it was originally sold for nine years ago.
Banaszkiewicz added: “Having examined all the options, the board is confident that a bond issue represents the most cost effective finance option and enables a section of our fans to play a part in bringing our spiritual home back under the control of the club.
“In football today, it is important to maintain a progressive approach to training and development of players.
“This includes having a quality infrastructure and by re-acquiring the stadium and the training ground, we can ensure that we continue on the path to constant improvement. “Additionally, buying both Turf Moor and Gawthorpe back makes sense financially and operationally for our long-term future plans.
“It will eventually see an end to rental payments and put the club on a firmer financial footing.”
The planning and development of the bond issue has been undertaken with support from FIS Chief Financial Officer Paul Smith and Burnley Football Club employees Ken Stout and Anthony Fairclough.
- See tomorrow's LT for more on this story.
Comments(28)
Keen O to Get Kean Out
says...
12:38pm Thu 10 Jan 13
ChiRho
says...
12:54pm Thu 10 Jan 13
burnleyglentoran
says...
1:14pm Thu 10 Jan 13
ChiRho wrote:FA cup winners
I suppose this is good news for Burnley FC, but what exactly does he mean when he says illustrious history ?
Champions of England.
You know, stuff like that mate.
Very good to see the British flag flying over the Turf in the picture.
Which country's flag is over Bol-Ewood!!!!?????
BFC - TOP DOGS IN EAST LANCASHIRE
merlinrabbit
says...
1:35pm Thu 10 Jan 13
jack01
says...
1:53pm Thu 10 Jan 13
burnleyglentoran
says...
1:57pm Thu 10 Jan 13
jack01 wrote:"Where did all the parachute money go?"
All sounds very dodgy to me. Who are these people who have control of Turf Moor via a British Virgin Islands company? At least at Ewood we know who ultimately controls everything at the club. Methinks there have been some very suspicious 'deals' going on at Burnley in recent years that may never become public knowledge. Where did all the parachute money go?
On Shebby Singh's salary!!!!!!!!!!!!!!
NO NAY NEVER
Blackburn fans love horses
says...
2:05pm Thu 10 Jan 13
merlinrabbit wrote:Signing on were you?
I wondered what those guys were doing outside Jobcentre Plus in Burnley this morning, walking round with their flat caps begging
Facecombing Blackburn hovel-dweller.
TodClaret
says...
2:17pm Thu 10 Jan 13
burnleyglentoran wrote:Ha ha, brilliant. So you're now saying that Venkys are a shining example of how to conduct business just to have a dig at us are you? It's common practice for firms to be owned by offshore holding companies. Still we wouldn't expect you to understand international finance or joined up writing, for that matter. UTC!
jack01 wrote:"Where did all the parachute money go?"
All sounds very dodgy to me. Who are these people who have control of Turf Moor via a British Virgin Islands company? At least at Ewood we know who ultimately controls everything at the club. Methinks there have been some very suspicious 'deals' going on at Burnley in recent years that may never become public knowledge. Where did all the parachute money go?
On Shebby Singh's salary!!!!!!!!!!!!!!
NO NAY NEVER
8 Ball Deluxe
says...
2:28pm Thu 10 Jan 13
TodClaret
says...
2:49pm Thu 10 Jan 13
8 Ball Deluxe
says...
2:55pm Thu 10 Jan 13
TodClaret wrote:Save on LANDFILL use your club, brilliant idea.
Wouldn't shebby say " landfill, you know"? I heard his interview on radio Blackburn last week, priceless! You lot must think your club is really well run you know, if you have to come on here passing on your words of wisdom, you know
Its about time your fantastic polish owner ploididacakakowski actually owned the club you keep going on about instead of coming on here and owning nothing but the name PMSL
Dick Van Dyke will be pleased to have a old bamboo venue for next years christmas panto
TodClaret
says...
2:59pm Thu 10 Jan 13
Blackburn fans love horses
says...
3:18pm Thu 10 Jan 13
8 Ball Deluxe wrote:Ha ha - yeah you keep coming on here with your pathetic posts, we all know that you and your fellow inbred goons are dead behind the eyes after the shambles that is going on at your beloved Blackburn.
TodClaret wrote:Save on LANDFILL use your club, brilliant idea.
Wouldn't shebby say " landfill, you know"? I heard his interview on radio Blackburn last week, priceless! You lot must think your club is really well run you know, if you have to come on here passing on your words of wisdom, you know
Its about time your fantastic polish owner ploididacakakowski actually owned the club you keep going on about instead of coming on here and owning nothing but the name PMSL
Dick Van Dyke will be pleased to have a old bamboo venue for next years christmas panto
Turf Moor to be owned by Burnley supporters whereas Blackburn is owned by the biggest set of numpties EVER to get involved in football.
Venkys are **** brilliant
8 Ball Deluxe
says...
3:46pm Thu 10 Jan 13
TodClaret
says...
4:01pm Thu 10 Jan 13
leonm987
says...
4:21pm Thu 10 Jan 13
Blackburn fans love horses
says...
4:23pm Thu 10 Jan 13
leonm987
says...
4:23pm Thu 10 Jan 13
Blackburn fans love horses
says...
4:36pm Thu 10 Jan 13
owd nick
says...
5:16pm Thu 10 Jan 13
TodClaret
says...
5:25pm Thu 10 Jan 13
jack01
says...
6:38pm Thu 10 Jan 13
TodClaret wrote:Tell me how many other football league grounds are owned by shady, anonymous offshore tax haven based companies?
burnleyglentoran wrote:Ha ha, brilliant. So you're now saying that Venkys are a shining example of how to conduct business just to have a dig at us are you? It's common practice for firms to be owned by offshore holding companies. Still we wouldn't expect you to understand international finance or joined up writing, for that matter. UTC!
jack01 wrote:"Where did all the parachute money go?"
All sounds very dodgy to me. Who are these people who have control of Turf Moor via a British Virgin Islands company? At least at Ewood we know who ultimately controls everything at the club. Methinks there have been some very suspicious 'deals' going on at Burnley in recent years that may never become public knowledge. Where did all the parachute money go?
On Shebby Singh's salary!!!!!!!!!!!!!!
NO NAY NEVER
claret pheonix
says...
8:30pm Thu 10 Jan 13
jack01 wrote:Didn't your uncle jack walker live on a offshore tax haven . Pot , kettle , black .
TodClaret wrote:Tell me how many other football league grounds are owned by shady, anonymous offshore tax haven based companies?
burnleyglentoran wrote:Ha ha, brilliant. So you're now saying that Venkys are a shining example of how to conduct business just to have a dig at us are you? It's common practice for firms to be owned by offshore holding companies. Still we wouldn't expect you to understand international finance or joined up writing, for that matter. UTC!
jack01 wrote:"Where did all the parachute money go?"
All sounds very dodgy to me. Who are these people who have control of Turf Moor via a British Virgin Islands company? At least at Ewood we know who ultimately controls everything at the club. Methinks there have been some very suspicious 'deals' going on at Burnley in recent years that may never become public knowledge. Where did all the parachute money go?
On Shebby Singh's salary!!!!!!!!!!!!!!
NO NAY NEVER
Howe2win
says...
8:41pm Thu 10 Jan 13
TodClaret
says...
10:09pm Thu 10 Jan 13
8 Ball Deluxe
says...
10:19pm Thu 10 Jan 13
claret pheonix
says...
9:08am Fri 11 Jan 13
8 Ball Deluxe wrote:Blah blah blah sure bores up stiff 8 ball.
At least the ground will only cost £13.80 and a packet of pork scratchings
steralc says...
12:36pm Thu 10 Jan 13
Can only be good news
The club being run and owned by true Burnley fans
Not like somewhere close I could write
UTC