Cheltenham Town Football Club has decided not to pursue its application to Cheltenham Borough Council for a commercial loan of £100k.

Although cash flow remains tight at the club the Directors are confident that the cost saving measures they have undertaken combined with some new alternative income streams, which could not have been anticipated at the time of the original application, mean that the loan is no longer required.

The club would like to place on record its appreciation for the hard work and support of the Borough Council officers and staff who have been involved so far. It was certainly reassuring that the Council's professional officers felt able to recommend the proposal to Councillors.

The club is also grateful to the town's MP Martin Horwood for his support and for the support of Councillors from both the PAB and Liberal Democrat groups on the Council.