Burnley are set to regain ownership of Turf Moor and their training ground
Burnley are progressing with plans to regain ownership of Turf Moor and the club's Gawthorpe training ground.
Last Updated: 10/01/13 2:28pm
Co-chairmen John Banaszkiewicz and Mike Garlick have confirmed the board are set to complete the repurchase from current owners Longside Properties Ltd, who took up ownership in 2006.
The assets will be transferred to a new property company, Turf Moor Properties Ltd, which will be owned by new holding company Burnley FC Holdings Ltd (BFCH).
BFCH will make an offer to reacquire all of the issued shares in the Burnley Football & Athletic Co. Ltd, whose shareholders will be invited to exchange their shares for ones in the new company.
Banaszkiewicz said: "We are delighted to be announcing this first step in the repurchase of Turf Moor and Gawthorpe, which marks the start of a new era in our illustrious history.
"This arrangement enables us to protect Turf Moor and Gawthorpe from the uncertainties of the football industry and its finances, which we have all seen hit other clubs very hard in recent years."
The club plans to issue a bond - fully secured against the properties and paid back over seven years with interest - to bring the assets back under the umbrella of the club's new group.
Indicative interest in the bond issue has been received from number of the club's supporters, who will each contribute a six-figure sum.
Banaszkiewicz added: "Having examined all the options, the board is confident that a bond issue represents the most cost effective finance option and enables a section of our fans to play a part in bringing our spiritual home back under the control of the club.
"Buying both Turf Moor and Gawthorpe back makes sense financially and operationally for our long-term future plans. It will eventually see an end to rental payments and put the club on a firmer financial footing."