Preston borrows more from Hemmings
PRESTON North End has extended its loan from Guild Ventures, a shareholder of the club owned by Lancashire tycoon Trevor Hemmings.
The latest extension is worth £450,000, taking the total borrowed from Guild in the past ten days to £1m.
The club has resorted to a string of payments from Guild Ventures since December 2008 and now owes the company £12.63m, including interest.
It said the latest tranche would be used to pay PAYE tax deductions and National Insurance contributions. The previous sum was used to pay player wages at the Championship club.
Trevor Hemmings, the Lancashire millionaire leisure industry entrepreneur, owns a string of assets in Blackpool including the tower. Guild Ventures holds around 28% of Preston’s shares.
