'We feel vindicated by missing millions report': Opposition borough councillors react to damning investigation into Northampton Town loan

Opposition councillors on Northampton Borough Council have welcomed the publication of a independent report into the £10.25 million loan to the town's football club.

The report, published on the council's website last night, Wednesday, was produced by external auditors, KPMG.

It listed a catalogue of serious failings by the borough council around the loan deal with Northampton Town Football Club in 2013 and 2014.

READ THIS Independent audit of failed £10 million loan to Northampton Town reveals "serious failings" by borough councilThe report highlights objections from three opposition councillors who raised their concerns about the deal, its financial viability and the governance of the loan. The report criticises the council for not referring the matter to the Overview and Scrutiny Committee.

It added: "No information has been provided which identifies whether these concerns were investigated and then adequately involved."

Speaking today, Thursday, Councillor Danielle Stone, leader of the Labour party on Northampton Borough Council, said she felt vindicated by the publication of the report.

"I feel totally vindicated. All the time we were asking questions about how the loan was secured. We knew it couldn't be right," Cllr Stone told this newspaper. "I didn't expect it to take this long as I have never been involved in this kind of thing before, but I really appreciate the thoroughness of the investigation.

In relation to the concerns not being referred to the Overview and Scrutiny Committee, Cllr Stone said: "It troubled me at the time and it troubles me still.

"The public deserves to know what happened. It's our money. When you add up what has been lost with the additional funds to recover the money - it's about £13 million - that could have been usefully spent on building houses and services. These things have a huge impact"

Liberal Democrat councillor Sally Beardsworth also said she felt vindicated by the publication of the report.

"I am delighted that the public now know the truth - it is very important that we are transparent. It is unbelievable what happened," Cllr Beardsworth added. "Just think what we could have done with that money for the people of Northampton."