Drogheda United to settle bank loan
Drogheda United has come to an agreement with the Bank of Ireland in relation to an outstanding loan.
Wednesday March 17 2010
DROGHEDA United has moved swiftly to settle an outstanding loan to Bank of Ireland following demands made against directors and former directors inside the past two weeks.
A club spokesman confirmed on Tuesday that the matter had been sorted out with the bank.
A number of former stakeholders in Drogheda United were facing bills of almost € 70,000 after Bank of Ireland issued them with letters, demanding payment of outstanding loans by Tuesday of this week.
'When we got the letters negotiations began immediately with the bank and we came to an agreement on Monday of this week,' the spokesman added. 'It is something we wanted settled and that's been done.'
One of the former directors confirmed that he'd been shocked to get the letter, demanding payment of outstanding monies.
He told the Drogheda Independent that a loan was taken out in 2004 following a meeting in the Westcourt Hotel and the then directors signed as guarantors. A second loan was taken out a year later in June 2005.
The bank was looking for payment amounting to a total of € 66,754 from each guarantor.
'I left the board some years ago so you can imagine my surprise at getting the letter,' the former director added.
