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Burnley takes loan from foreign bank to cover Wood sale

Burnley have taken out a bank loan to cover the outstanding fee owed for Chris Wood's sale.

LancsLive reports Burnley have received a £12.5million loan from Australian broker Macquarie Bank to cover half of Chris Wood's transfer fee. Newcastle United activated a £25million release clause to lure the striker to St James' Park in January.

However, half of the fee is not expected until February next year and the Clarets have opted to take the money now - despite having to pay interest. Spreading out transfer fees over instalments is common practice in football and this news should be of no concern for Toon supporters. The only difference from the Magpies' end is the Wood payment will now be paid to Macquarie Bank rather than Burnley.

Financial uncertainty has plagued Turf Moor in recent weeks after reports emerged that a £65million loan until 2025 will be recalled early if the club goes down.


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