First report into the Â£10.25m Sixfields loan debacle due for release next week
The crucial first report looking at the way Northampton Borough Council handled a failed Â£10.25 million loan to Sixfields will be available to read next week.
The authority’s audit committee will discuss the final report from internal auditors PricewaterhouseCoopers (PwC) at a special meeting on Monday, December 5, it has been announced today.
But the document will be available to view online on the council’s website on Thursday, November 24.
The council loaned Northampton Town Football Club £10.25 million across 2013 and 2014 to develop Sixfields Stadium, but the works were never completed.
Back in January, PwC was asked to look at the circumstances surrounding the loan to the football club and the policies and procedures that were followed by the borough council to ensure they were adequate, and that they were followed during the process of making and managing the loan.
The auditors were also asked to consider any “lessons learned” that should be incorporated into the borough’s procedures in the future.
Councillor Jonathan Nunn, leader of Northampton Borough Council, said: “One of my first acts when I recently became leader was to set a date for this report to be published.
“The loan we made to Northampton Town Football Club very clearly went wrong, and I am determined that we should hear what the auditors have to say as soon as possible so that we can ensure that the lessons are learned.”
The special meeting will take place at the Guildhall at 6pm on Monday, December 5.
A second report by external auditors KPMG is likely to have a much wider scope, though there has been no release date set.