Exeter City have today expanded on their decision to apply for a loan from the PFA. It now means the club will be placed under a transfer embargo preventing them from signing players until the debt is repaid.
Today they released a new statement that goes into more detail on why they took the loan.
The Club had budgeted for the summer months as usual, however, due to many reasons; with the postponement of the New Year’s Day fixture v Wycombe, quickly followed by the Morecambe postponement being major elements, along with a lower than expected Season Ticket income through March and April we realised that with limited working capital available, a number of outstanding debts and no ability to borrow from the bank the Club was left with no other option than to take a loan of £100k from the PFA in early June.
There will be no impact on the day to day running of the Club as the loan is required only to assist with cash-flow. The budget for the coming season has been set on the basis that we will establish a return to our more usual funding pattern for the year as a whole. The loan will be repaid to the PFA in early August.
Finally, none of the loan will be to assist with the historic return to Brazil in July, which is entirely self-funding, or any other out of the ordinary projects.
Exeter City have taken out a short term loan from the Professional Footballers Association.Read the full story ›
Torquay United are odds on to be relegated tomorrow. Five points from safety, the Gulls travel to Mansfield knowing they need another win and their relegation rivals to slip up. It's less bleak for Exeter City - just two points above the drop zone.
They host Scunthorpe, who'll clinch the league title with a win. But the last team to beat Scunthorpe was Exeter, way back in October. Seth Conway reports.
Torquay United are hoping their Easter Monday win at St James Park in the Devon derby has come in time to save them from relegationRead the full story ›
Final score: Exeter City 1, Torquay United 2
Torquay United win and live to fight another game for safety in League Two. Exeter join Wycombe, Bristol Rovers and Northampton in a dog fight for survival.
Scott Bennett gives Exeter the lead after 16 minutes. Torquay had started brightly and Eliot Benyon missed a great opportunity early on. It was clear to see heads drop instantly from the away team.
An appeal has gone out for volunteers to take part in a new musical that'll tell the story of the first match between Exeter and Brazil that took place in 1914.
The original game between the Grecians and what many people regard as the world's best football side was Brazil's first ever international game. The musical is being staged as part of the centenary celebrations, which also include a rematch in Rio.
As well as a host of parts the Director needs young men to play the footballers of Exeter City. Auditions begin on Tuesday 18th February at The Northcott Theatre main stage at 7pm followed on the 19th at St James Park at 7pm and then on the 20th at the University of Exeter at 7pm.
BREAKING: Game off due to waterlogged pitch.
Exeter City's League Two match with Morecambe at St James Park has been postponed because of a waterlogged pitch.
Horse racing at Exeter has been abandoned today due to a waterlogged track. People with tickets are being offered to use them at Cheltenham today. You can get more details here