£50,000 loan.
Rochdale council look to have agreed to lend the Hornets £50,000The minutes of a meeting
held on the 1st September 2003 look to confirm this.
The paragraph of interest reads as follows
"ROCHDALE HORNETS FOOTBALL CLUB LIMITED - PROPOSED LOAN
158. The Head of Financial Services (CAB.280/03p) sought consideration of a proposed loan at the request of Rochdale Hornets Football Club Limited.
The recommendations in the report were presented as the Council wished to see the continuation of professional rugby in the Borough.
Alternatives considered: If the Council chose not to provide the loan a likely consequence would be that Rochdale Hornets Football Club Limited would cease to exist as a professional rugby league club.
DECIDED - That the request from Rochdale Hornets Football Club Limited for a loan of £50,000, secured on the basis outlined in the report on terms and conditions to be agreed by the Executive Director (Resources) and the Borough Solicitor in consultation with the Leader of the Council, be approved."
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