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North End in £7m loan deal
Preston North End borrowed £7.1m to buy new players in the last 12 months, the club has revealed.
Information released to the stock market shows that the Deepdale club borrowed the cash companies backed by chairman Derek Shaw and shareholder Trevor Hemmings.
Friends of Preston North End Ltd loaned the club 990,000 and 6.2m from Guild Ventures Ltd.
Finance director Kevin Abbott said: "We've been receiving loans from major shareholders to buy players and to pay the wages of our staff.
"The majority groups worked out a package of funding to allow us to do that."
By the end of June 4.6m of the cash had been spent, with the remainder used since then, with much of it spent during the two transfer windows.
The club hopes to have repaid both loans by January 2010.
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Thursday 09 February 2012
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