Ever wondered how the funds generated from the transfer of a club’s star is reinvested? Well, according to a report published by the Northampton Chronicle, the fee generated by the sale of Ivan Toney to Newcastle was reinvested into ‘day-to-day’ running of Northampton Town.
The Cobblers are currently in quite a difficult financial position and, in an attempt to settle fan unrest, the club held a meeting with a supporters group to discuss their current predicament. They currently owe the taxman £166,000 and are unlikely to pay players and staff this Friday.
At the meeting, fans demanded to find out where the money from the Ivan Toney sale had gone. The transfer fee was undisclosed, but it was believed to be in the region of £1million.
Cobblers chief executive James Whiting stated: “[Ivan’s sale] was a good windfall for the club, but it was not huge.
“After the East Stand, there was a huge hole in the budget compared to what we were receiving.
A lot of the money that did go in in July and August went on the general running expenses.
“It did not leave us with a surplus in the bank account for situations like this.”
The 19-year-old has only featured for the Magpies once since his summer move to Tyneside, but he has been impressing for the under-21s and even picked up the U21 Premier League Player of the Month for September.
#NUFC's Ivan Toney has won the U21 Premier League's Player of the Month award for September. pic.twitter.com/ofetG9Xhku
— Read Newcastle (@ReadNewcastle) October 9, 2015
