An instalment of the loan to Northampton Town was delayed while the borough council carried out checks on progress, it has been revealed.
Northampton Borough Council has defended its handling of the staggered payments to the club of the £10.25 million amid criticism from concerned fans.
At the supporters’ trust meeting on Monday, many questioned why the council carried on giving instalments even though the stadium development appeared to be stalling.
One member of the public asked: “How on earth could every further £1.5 million be drawn down by the football club to be given to 1st Land when there was no practical completion certificate? Who was responsible for that?”
The Chron put those questions to the borough council.
A spokesman responded: “The payment of the loan was by instalments, paid when certain trigger points were reached. This was set out in the loan agreement, which was closely monitored and the information we received from the football club each month was checked by our finance team and signed off at the most senior level. “One instalment was delayed to allow further checks to take place before we were satisfied that terms of the agreement were being met.
“All of our financial processes are reviewed and regularly audited by both internal and external auditors to ensure that checks and balances are in place and that we meet the highest standards of financial management.”