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Council to discuss Cheltenham Town loan
Cheltenham Borough Council (CBC) will meet on 30 March to decide whether to approve proposals to help Cheltenham Town Football Club's (CTFC) cashflow problems with a loan of £100,000.
Club chair Paul Baker revealed on 19 March that, despite adopting measures designed to safeguard the club's finances, a shortfall of £200,000 has developed. Half of the shortfall has been met with directors' loans, but the club is now seeking council assistance for the remainder. Baker said that although the club had served notice on its training ground, and trimmed its wage bill by around £7,000 per week, contractual situations with players means that it is not easy to make immediate savings.
He said: "I don't see this as a doom and gloom situation. This is a good example of a council and a major player in the town working together in partnership and I hope the public will see it that way."
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