Cambridge United today announced it was seeking shareholder approval to further strengthen the Club’s financial position by converting to shares all remaining loans from members of its shareholder base. This would leave the Club completely debt free.
Cambridge United Chairman Dave Doggett commented: “With the progress and promise the Club continues to show on and off the pitch, the Board believes this is the appropriate time to seek shareholder approval to further strengthen the Club’s financial position.”
“In particular, Paul Barry, who with other members of the Board has provided significant financial support to the Club over a number of years, has agreed to convert an outstanding loan to the Club into shares and make a further investment in the Club. This clears the Club of all its remaining borrowings.”
“The loan conversion, and potential further investment from Paul Barry and current members of the Board, will ensure the Club continues to have a solid and secure financial platform for our ambitions on and off the pitch.”
Materials are being circulated to Shareholders today and the necessary approvals are anticipated to be in place before the end of the Club’s financial year.