Peterborough United: Ground owners go into receivership over £6.6m debt

Peterborough United have been based at their London Road ground - now called the Weston Homes Stadium - since 1934

Peterborough United say it is "business as usual" despite the firm which owns their ground going into receivership.

London Road Peterborough Properties Ltd (LRPPL) has "entered receivership" because of an "ongoing dispute with its primary lender", a club statement said.

Both the club and LRPPL are owned by Darragh MacAnthony, Dr Jason Neale and Stewart Thompson.

The lender is Thompson's OKR Financial Ltd, which is looking to recover an outstanding debt of £6.6m.

The club and LRPPL are "separate legal entities" and Peterborough say they are "fully compliant" with the terms of their Weston Homes Stadium lease, which runs until 2039.

"We are advised that the owners of LRPPL continue to negotiate with its primary lender and are confident that a solution can be found," the club statement added.

"We look forward to our upcoming home fixture against Oxford United and the exciting League One run-in."

Peterborough - who face the U's on Saturday - are seventh in League One and looking to secure a play-off place under manager Darren Ferguson, who is in his fourth spell in charge.

Ground sold - then bought back

MacAnthony became the youngest owner of an English club, at 30, when he took Posh over from Barry Fry in September 2006.

Four years later, Peterborough City Council bought the ground for £8m.

However, following MacAnthony's sale of half his stake in Posh to Canada-based Neale and Thompson in 2018, the club set about reacquiring the ground, their home for 89 years.

A deal was finally concluded in 2021, since when LRPPL has been the owner.

Peterborough's co-owners made a presentation to Darren Ferguson for his 500th game as manager in 2021

In a message to supporters on Twitter before the receivership announcement, MacAnthony said: "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."

And in response to a question, MacAnthony added that the club would "never" go into administration while he is an owner.

Insolvency specialists Begbies Traynor have been appointed as receivers by investment group OKR, which made a £5.2m loan to the club two years ago, secured against the 15,000-seater stadium and adjoining land.

"The receivers are now responsible for the London Road ground and the other secured assets, with the aim of recovering OKR Financial's debt of £6.6m, which remains outstanding despite ongoing efforts to recover the overdue loan payments since October 2022," a statement said.

"The appointment does not apply to Peterborough United Football Club Ltd as a business, which continues to occupy the stadium under the terms of its lease.

"The appointed receiver has a legal responsibility to act in the best interests of the lender, doing all that is possible to recover the money owed in a timely manner. They have the power to force a sale of the property, and they can collect rent on the property and forward this to the lender."

A statement by OKR [Old Kent Road] said it had been left with "no other option" and continued: "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".

In a post on Twitter, Thompson said that MacAnthony and his 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".

Peterborough have reached the Championship on three occasions since MacAnthony first took over the club, but were relegated back to the third tier last season.