Northampton Town Football club has missed deadline to repay £10.25 million loan

Northampton Town has missed the deadline to repay the �10.25 million loan to the borough council

Northampton Town has missed the deadline to repay the �10.25 million loan to the borough council

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Northampton Town Football Club has missed the deadline to pay back the £10.25 million loan to the borough council.

The Cobblers had been given 21 days to repay the money it borrowed from the authority to complete a stadium redevelopment.

That deadline expired yesterday and as of 5.15pm, a borough council spokeswoman said no payment had been received.

It is also understood the debt has not been cleared this morning either - though club chairman David Cardoza yesterday claimed to be “putting proposals to Northampton Borough Council regarding the repayment of the loan”.

It is not yet known whether this has happened.

Ever since Northampton Borough Council issued the 21-day ultimatum on September 25 - it has maintained it would launch legal proceedings to recover the debt in the event of non-payment.

However, in another difficult 24 hours for fans yesterday, it was revealed the HMRC had issued a winding-up petition against Northampton Town Football Club Limited to cease the club trading.

The League Two side owes a five-figure sum in unpaid taxes, it is understood, and the petition will be heard at the High Court on November 16.

In what could be a late game-changer, the council says it will meet with the HMRC to discuss the winding up petition and will then consult its legal advisors about the next appropriate steps in recovering the £10.25 million from the club.

Insolvency expert warns Northampton Town fans of challenges faced by club

{Borough council requests urgent meeting with HMRC over Northampton Town’s unpaid taxes|http://www.northamptonchron.co.uk/news/local/breaking-news-borough-council-requests-urgent-meeting-with-hmrc-over-northampton-town-s-unpaid-taxes-1-7013142|}

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