Northampton Town: Loan boost for Sixfields stadium development

A football club has received £1.1m cash injection to help restart a stalled stadium development, it has emerged.

A new stand had been due to be built at Northampton Town's Sixfields stadium, with plans initially including a hotel and conference centre.

Work stopped when a £10m Northampton Borough Council loan went missing and a police investigation began.

Cobblers chairman Kelvin Thomas said the club was in a "strong" financial position and ready to invest.

The £1.1m loan was revealed in papers submitted to Companies House by Northampton Town Ventures Ltd, the parent company running the club.

Funds have come from Mr Thomas and Cobblers director David Bower via a company in the British Virgin Islands.

In June, it was revealed Chinese sports development and education firm 5USport had agreed to purchase a 60% stake in the club.

"This charge is just normal business procedure between the club's financial partners David Bower, 5USport and myself," Mr Thomas said.

"The directors want to ensure we are prepared to move forward.

"In any business, especially during investment phases, partners will invest and provide funds.

"The financial position of the club continues to be strong as evidenced by investment in to the playing side."

In September 2016, the club's owners expressed frustration over delays sorting out leases with the council for development at the Sixfields.

The exact nature of the planned development is unclear.

A spokesman for Northampton Borough Council said: "We will continue to work privately with the football Club on these matters.

"We believe Northampton Town Football Club are in a position that enables them to proceed with the completion of the East Stand."