BURY chief executive Glenn Thomas has promised fans the club’s board will never put the future of the club at risk following claims of financial mismanagement.

An article published on the Guardian website on Wednesday highlighted a loan for £1million allegedly taken out and secured on the club by chairman Stewart Day at an annual interest rate of 138 per cent.

In the story, concerns were raised by Stuart Cook, a spokesman for a concerned group of small Bury shareholders, that the loan was being used to fund the rapid rise of the club.

Bury have gone from League Two relegation candidates last season to promotion hopefuls this year following a number of high-profile signings, including former Championship players Danny Mayor and Nicky Adams.

“We want a successful club but based on sustainable spending,” said Mr Cook. “Whilst the improvements of the last year are encouraging, we are worried that the spending appears to be from money borrowed against the ground, at very high cost.”

Day accepts he took out a high interest loan for £1million, although not at the interest rate stated in the Guardian article, but has assured fans it was not secured against the club and was used to fund a short-term investment, which has now been concluded at a profit.

“That loan was taken out for a superb opportunity that came along and we didn’t want to miss it,” added Thomas.

“It was a calculated business transaction.

“I can assure fans there are no silly risks being taken on dreams of creating a football team to win the FA Cup or the Premier League.

“Our plan is based upon old fashioned hard work to turn a failing business into a viable business.

“The only way businesses grow is by making a profit, doing things properly and understanding your business.

“That’s all we are going to do so we promise the fans, no matter what they think or what negativity is out there, that we always put Bury Football Club first.”