Peterborough United owners remain positive despite company that owns the ground being plunged into receivership

Peterborough United's three co-owners Darragh MacAnthony, Stewart Thompson and Jason Neale.Peterborough United's three co-owners Darragh MacAnthony, Stewart Thompson and Jason Neale.
Peterborough United's three co-owners Darragh MacAnthony, Stewart Thompson and Jason Neale.
Peterborough United co-owners Darragh MacAnthony and Stewart Thompson remain upbeat that a positive outcome can be found to the wrangles over the club’s ground.

On Tuesday, it was announced that London Road Peterborough Properties Ltd - which owns the club’s ground - was to enter into receivership.

This was at the request of OKR Financial Ltd - a Canadian fund owned by Stewart Thompson - over unpaid debts of £6.6m.

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The company was formerly owned by Mr Thompson and fellow co-owner Jason Neale until Dr Neale resigned last year following a breakdown in relations between the pair.

The developments have concerned many fans, especially the Posh Supporters Trust, who have promised to push for answers from the club.

Chairman Chair Marco Graziano said in a brief statement: “The Trust has an ongoing agenda with the club over debt. The Trust has asked to meet the owners which we anticipate will be in about a week. In the intervening time we will prepare for that meeting. We will be seeking reassurances on a range of issues raised by this development.”

Mr Thompson has responded by saying that the best interests of the club have been considered, however, he has commitments to his investors as well.

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He said: “Darragh and my team continue to seek resolution, and while it probably doesn’t feel like it, the best interests of the club are considered, even the timing.. however, investor interests must be protected as well!

"It’s been in the best interests of the fans I have stayed quiet for most of the last six months.. surfaced a couple of times when it got out of hand.. can’t wait any longer as business moves by the other two are forcing a position.”

He later released a statement, which added: “Yesterday, Old Kent Road Financial Ltd. placed London Road Stadium into receivership as a first step toward the recovery of the OKR Fund loans across all Peterborough Football Club related entities.

“Numerous actions taken by the club since October 2022, plus the lack of movement in paying any portion of the existing loan at either the club or the stadium in almost a year have left OKR with no other option with respect to the protection of the OKR investors, who have been told by the managing partners at the time of the loan that it would be paid in full.

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“Attempts to move loans between entities, the addition of new debt, and an attempt to change the ownership structure are all actions that have been taken by club certain club directors, which when viewed in their entirety, indicate a lack of willingness on the part of these parties to maintain fiscal responsibility regarding the management of the club.”

“It is a shame that this distracts from the good work on the field by the manager and the team.”

“Ideally, this action will culminate in a successful settlement where no further action is required, with regard to the multiple loans the club has outstanding with OKR Financial Ltd.”

Mr MacAnthony pre-empted the announcement by asking for trust from the fans.

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He said: “Heads up Posh fans. Some news will come out today. FYI club is all good and fine. Nothing changes re club from the news. All will be excellent in time. Don't panic or speculate.

“Trust in me when I say that. 17 years allows me politely to ask that.”

He followed it up: “Common sense will prevail. This will be rescinded in my opinion and yes talks with Stewart Thompson are ongoing that I believe will lead to a resolution. Told you fans there will be a little drama on and off the pitch till the summer. Life is never dull at Posh.”

Posh’s third co-owner Jason Neale added: “ I think it’s best that we try and remain calm and negotiate a positive outcome."