Life-long Brentford supporter, Matthew Benham, has paid nearly £3 million to Barclays Bank and Altonwood, the company owned by Ron Noades, to buy their loans to the Club.
Matthew Benham, as the owner of Midas Way, lent the Club £500,000 in January 2006 when the supporters trust, Bees United, took-over the majority shareholding from Altonwood. He has now taken over the Barclays £2 million, 15-year loan and paid Altonwood £940,110 for its £1million loan, which has two years left to run. Backed by Bees United, the Club has negotiated that as part of the deal, Ron Noades – through Altonwood – has written off a separate loan of £250,000 that was due for repayment this week.
Under the terms of the new arrangements Matthew Benham has agreed that both loans, totalling nearly £3 million, will be interest free for the next five years.
Greg Dyke, the non-executive Chairman of Brentford and former Director General of the BBC, said: "This is a very welcome boost to the board's efforts to reduce costs and debts and find ways of ensuring the club can survive until we are able to develop a new community stadium with modern facilities.
"The Club is currently facing an uphill battle to stay in League One and as a business there are some tough challenges to face. Matthew Benham's wonderful gesture will immediately save us over £150,000 per year in interest charges. In addition Ron Noades has agreed to write-off the quarter of a million pound loan that we were due to pay this week."
Bees United chairman, Brian Burgess, believes the deal is a vote of confidence in the future of the Club under supporters' control.
"We are extremely grateful to Matthew for his extraordinary generosity" said Burgess. "Brentford fans have always shown their determination to help the club. In the past two months spontaneous fundraising efforts have come up with over £30,000 to help strengthen the squad with loan signings in the January transfer window. The financial situation is tough for a club trying to compete at our level and I call on Bees supporters everywhere to get behind the Club and Bees United to prove that by working together our Club can survive and prosper."