How Bury FC ended up guaranteeing 138% annual interest on a £1m loan | David Conn

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It has transpired that the owner Stewart Day’s company has borrowed £1m, secured on the Gigg Lane ground, at an annual interest rate of 138%

The newly confident Bury Football Club dispatched non-league Hemel Hempstead 3-1 in the FA Cup first round on Sunday and, despite losing to Tranmere Rovers in the Johnstone’s Paint Trophy quarter‑final on Tuesday night, have made a formidable start to the League Two season, a transformation in the club’s fortunes since new owners arrived last summer.

Under Stewart Day, a 33-year-old property developer from Burnley, and his colleague, Glenn Thomas, Bury have revamped the Gigg Lane pitch and stocked the manager, David Flitcroft, with new signings including the quality lower-division trio of Ryan Lowe from Tranmere, Nicky Adams from Rotherham United and Danny Mayor from Sheffield Wednesday to become genuine competitors for promotion.

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