Salford Reds To Receive $2.4M Bailout To Secure Takeover Of Club By Fans
English Super League club Salford Reds "are poised to receive a bailout" of up to £1.5M ($2.4M) to secure a takeover of the club by supporters, according to Jennifer Williams of the MANCHESTER EVENING NEWS. Salford City Council chiefs "hope to pledge a loan facility" of up to £750,000 ($1.2M) to the ailing club, which is facing a "crippling financial crisis." Peel Holdings -- who are joint owners of the Salford City Stadium along with the council -- are set to put up the rest of the cash. The rescue plan -- set to go before Salford council's cabinet Tuesday -- is being dubbed a "fresh start" by insiders. It would see the "current five-strong board of directors asked to stand down," with two council members and two from Peel Holdings replacing them (MANCHESTER EVENING NEWS, 12/4).