Trust Provides a Further Loan to the Club

The Exeter City Trust issued the following statement yesterday:-

In order to ensure the Club has sufficient cash flow through what is traditionally one of the most financially challenging periods of the season, the Trust Board has concluded that a further loan of up to £30,000 should be made to the Club, repayable at the end of the season.

The decision was made at the Trust Board meeting on 22nd January, after discussions with the financial team from the Club, who satisfied the Trust Board that everything possible is being done to progress the success of both the Youth and senior teams and our ongoing fortunes.

The Trust Board are confident the loan will help optimise the potential success of all activities at the Club this season, in an increasingly difficult environment.

The Trust Board recognises the hard work put in by the Club and is determined to work with it to ensure the Club’s financial stability.

The loan recognises that January has been a difficult month for Exeter City. The postponement on New Year’s Day of the match against Wycombe Wanderers when there would have been a good number of fans. This was then following up with a postponement of the home match against Morecambe. With few matches at home since November and therefore little income, the Club approached the Trust for financial assistance.

However, the Trust Board minutes for January says that the 2 postponements are not the root cause of the problem. Those minutes can be found here.

There has been a rumour from Plymouth Argyle that the Club has approached the PFA for a loan. Both the Club and the Trust have exclusively confirmed to that the PFA have not been asked for a loan.