Preston NE extends loan to pay player wages

PRESTON North End has once again been forced to rely on shareholder Guild Ventures for financial support, this time drawing down a £570,000 loan.

The latest loan takes total amount advanced to the Lancashire football club by Guild Ventures – a company owned by businessman Trevor Hemmings – to £12.18m, including accrued interest.

The club said it has taken the loan to cover player wages.

The company’s latest accounts, published in November, show that losses at Coca Cola championship side soared from £1.1m to £9.1m. Turnover in the year to the end of June 2009 was flat at £8.5m.

Then, it admitted that such losses were “unsustainable” and that it was reliant on Guild for support. Guild has extended its loan to the end of January 2011.