Bury financial crisis deepens amid pressure over £4.2m loan

• Loan is from former owner Stewart Day’s property company
• Club face winding-up petition and owner says debt is £8m

Bury, already in the grip of a financial crisis, are facing further pressure for the repayment of £4.2m in loans from their former owner’s property company, which has collapsed into administration owing a similar sum to creditors.

The loan was recorded in Bury’s last published accounts, for the year to 31 May 2017, from Mederco Ltd, a company that built student accommodation in Bradford and is owned by Stewart Day. An investor in Mederco, Warren Harding, who bought one of the 160 units in the Bradford block that was sold with a five-year guarantee of rent, has told the Guardian that he and other leaseholders are owed more than £7,000 each. He said that a large group of creditors had instructed a solicitor to inquire into whether the investors’ money was in effect loaned on to Bury, and to seek repayment of it.

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from Football | The Guardian http://bit.ly/30U9m4X