Jersey Reds own their home again
JERSEY REDS have taken a giant step towards financial stability, after securing a £1.5 million loan to re-purchase club assets.
The Championship outfit were forced into a sale-and-leaseback agreement in 2016 as they struggled to remain buoyant in the second tier of English rugby, but ownership of the St Peter clubhouse, pavilion, stands, car park and main pitches is now back in their hands thanks to a ten-year cash deal.
The loan has been used to pay off the previous tenancy arrangement, which would have required the club to find over £1 million by 2019.
‘This is outstanding news for us,’ said Reds chairman Mark Morgan.
‘During the project to review our finances, cut expenditure and maximise income, we have been approached by a group of sympathetic individuals willing to provide this long-term loan at very favourable terms.
‘This ten-year period makes it [finding £1.5 million] more achievable – we would have got there somehow but this gives us more breathing space.'
Full story in Wednesday's JEP.