AFC Wimbledon have agreed a £4million loan that will ensure they can complete building their new Plough Lane stadium.
The Dons have struck a deal with Dorset-based MSP Capital for an 18-month bridging loan.
Wimbledon chief executive Joe Palmer is hoping to still raise more funds through the Plough Lane Bond, which would enable the League One club to borrow less.
“I must stress the loan is solely for stadium work,” Palmer (pictured below) told the club’s website. “Money will only be released against invoices clearly relevant to the construction project. Under no circumstances can any funds be transferred to other areas – like, for example, the playing budget.
“There’s no doubt this has removed a major headache for the club. We can now divert our attentions back to the forthcoming season and preparing for the intensely uncertain, post-Covid world we are all facing. This unquestionably presents a whole new series of challenges but we can take comfort from knowing the stadium project has the funding it needs to reach completion.
“To say I am proud of what we have achieved is almost an understatement. This is a triumph for absolutely everybody at our club, and – of course – for the thousands of our fans who raised over £7.5m via the Plough Lane Bond and crowdfunding campaign.
“I’m also immensely grateful to MSP Capital, who listened to our story – stayed at the table in an uncertain economic climate – and were then prepared to help turn our dream into a reality. They have experience of supporting football clubs, and I am certain they were impressed by the sheer professionalism of our team. Equally, I would also like to place on record my appreciation of our loan broker, CreditSquare, and our lawyers, Browne Jacobson LLP, for their continued assistance throughout this process.
“The words ‘thank you’ barely seem adequate. Once again, I am reminded just how special our club is – from the backroom team which has secured this loan, to all the extraordinary supporters who invest not just their money, but their hearts and souls, into everything we do and believe in.
“Further, I am able to confirm that, following the general meeting held on Monday June 29, all resolutions were passed to approve Nick Robertson’s £2.5million investment in AFCW PLC.
“You all richly deserve this special moment and I cannot wait for the day when we are back together – side by side – at our spiritual home.”
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