Lib Dems on Stockport Council have agreed to continue their campaign to get behind local football club Stockport County by agreeing to a loan of £182,125 for the club.
The loan, which is underwritten by the Football League, would be repaid at the end of August at an interest rate of 3% above Bank Rate to ensure taxpayers funds are protected.
The loan is required because of what a Council report described as “an immediate cash flow issue” which has forced County to ask for the Council’s assistance with access to short term funds.
The report said:
“Over recent years, SCFC has faced a number of issues which have caused it difficulties in operating as a going concern. A considerable amount of work has been undertaken in stabilising the Club and in making changes to the management structure since it came out of administration.”
“The presence of a professional football club within the Borough is considered to be of significant importance by the Council. There are benefits to the locality in terms of business generated and local pride in SCFC continuing to be a viable club.”
Ann Smith welcomed the decision and said: “This decision helps protect an institution which is not only an important community asset to people all over Stockport, especially in the area I represent, but also reportedly brings in £1.7m a year into Stockport’s economy. This is too much to ignore.”
“Stockport cannot afford to lose County so it is in the interest of us all to get behind the club as best we can whilst ensuring taxpayers money is protected.”