WANDERERS have confirmed that a short-term funding agreement has been put in place with a London-based finance company in lieu of a bank overdraft.

As expected, the club have not been approved for an overdraft by Barclays Bank, as has been the case in recent times, and have sought outside help from Nucleus Commercial Finance.

A previous £5million working cash facility had been secured against parachute payments from the Premier League – but that arrangement is no longer possible, with the last of the four sums now paid up.

It is understood the loan – known as a debenture – with Nucleus has been secured against assets owned by the club, including the stadium and associated land, and is also linked with future television payments.

The terms, life and interest payable have not been disclosed.

The debenture was registered under Wanderers’ parent company Burnden Leisure at Companies House at the end of last month.