Stevenage FC will today inform all Bond Holders that they will make an early repayment of 80% of issued bonds...
Chairman Phil Wallace said "Our fans showed confidence in us by providing £600,000 of loans back in 2017 to build the new North Stand. Without that development, the Club would forever be rooted in the past. With it, we have created a stadium for future generations to enjoy and dramatically improved the image of the Club to instil a greater sense of pride for us all.
When we launched the Stevenage Bond – the first of its kind in England - to raise funds for this, I gave my word at Q&A sessions that I took investments as a personal show of support and that I would never let people down who took a chance on supporting us. I must admit, there were times in 2020 when the future of our Club looked in serious doubt and I was concerned for the Club’s survival. However, by staying in the EFL, reducing costs and using a combination of advance payments and loans from the EFL and elsewhere, we managed to weather the storm and set about reducing our overall cost base.
As part of this strategy, we will start to repay outstanding debts and replace them with lower cost alternatives. As we move forward as a club in this challenging new environment, it will be important to continue to reduce ongoing costs wherever we can and as far as possible.
The balance of 20% will remain invested, will continue to pay interest to holders on a pro-rata basis and is scheduled to be repaid in September 2022 as originally planned.
Once again, on behalf of the Club I’d like to extend my sincere thanks to every Bond Holder that supported us back in 2017. I think the finished North Stand was worth the wait."