Shrewsbury Town reveal £2.1million owner loans will not have to be repaid
Shrewsbury Town have revealed £2.1 million of loans invested into the club by Roland Wycherley will not have to be repaid.
The money had been invested into the club over the past two years but has now been converted into shares, removing it as a liability for the football club.
It means Wycherley has seen his shareholding rise from 77 per cent to 87 per cent.
Last week, Salop chief executive Liam Dooley confirmed Town are locked in talks with interested parties regarding a potential takeover.
The CEO confirmed he and Wycherley are ‘hopeful’ the club will be under new ownership before the end of this season.
The Shropshire Star understands the club is currently talking to three interested parties, two of which are UK-based and one which is based abroad.
He has always insisted he is open to selling to the club but will only sell to someone he believes has its best interests at heart.
In his programme notes last night, chief executive Dooley said: “You may have seen the chairman recently converted £2.1million of some of his interest-free loans into shares.
“This was done by the chairman as the club is not in a position to repay the loans at this time.
“It was also done to strengthen the balance sheet and make the club more attractive to potential buyers and investors.
“This, for me, is just another indication of how much he loves the football club and how he always has its best interests at heart.”
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