Chairman’s company values club at £4.285m
Yeovil Town chairman Scott Priestnall has valued the club and its assets at £4.285 million in CV Leisure Ltd’s accounts for the 12-month period from September 1, 2019.
CV Leisure is the company owned by the chairman and former Yeovil Town FC director Errol Pope, which has the majority shareholding in the football club. The company lists its tangible assets as increasing from £0 to £4.285m in the 12-month period from September 1, 2019.
The accounts also show the company secured a loan facility of £1.35m from MSP Capital, a property finance firm based in Poole, Dorset, which will expire on December 17 this year.
In paperwork filed in September 2019, it was shown that these charges were secured against land at Huish Park, meaning MSP Capital would have the right to take control of the land should the club fail to repay any of the money it owes.
Speaking to Somerset Live at the time the charges were confirmed, Mr Priestnall said: “It was basically put in place as a facility to help us move forward with the land. When you take over something, you have an idea as to how much it’s going to cost and we’ve had to take on some of the debts and losses from last year.”
“You have to make sure that you’re going into it with your eyes open, and when we’ve got an asset there and we want to move that asset forward, you have to make sure you’ve got the tools to move that forward quickly should we need to and I think that’s the key, it’s about being able to react.
“Those charges may well change. They may well come off over the next couple of months depending on what we decide to do, depending on how those conversations go with covenant holders, we may well use that facility for that purpose or there might be another deal that we can do that means we don’t have to have another facility on that at all.”
Earlier this week, the Gloverscast revealed the club has taken a loan of £689,000 from Sport England “to replace the lost revenue from this season.”
Speaking to Southend’s website