Decision details

1.    Cabinet considered the request for a loan facility from Northampton Rugby Football Club Ltd and how the funds will assist with capital investment improvements to the ground facilities.

2.    Cabinet approved the request for a £1.500M loan to the Northampton Rugby Football Club Ltd, in doing so also delegated to the Chief Executive, in conjunction with the Chief Finance Officer authority and powers to recover assets and funds to the appropriate value, should the Northampton Rugby Football Club Ltd default by more than two payments on either the existing loan or this new loan.     

3.    Cabinet delegated to the Chief Executive, Borough Secretary and Chief Finance Officer in consultation with the Cabinet member for Finance to agree terms and enter into a facility agreement and appropriate security with Northampton Rugby Football Club Ltd (the Club) subject to

§  them being satisfied that full due diligence has been conducted and the risk issues identified in the Link Report have been adequately addressed and mitigated

§  sufficient security has been provided to protect the loan of public funds.

4.    Cabinet approved the appointment of external legal advisors to assist as necessary.