Carlisle United: Ex-owner Fred Story writes off £1.1m loan to club
Former Carlisle United owner Fred Story has written off a £1.1m loan he made to the Brunton Park club.
Story initially joined the board in 2003 and bought the club the following year before selling in July 2008.
"My intention, from the moment I walked into the building in 2003, was to help as much as I could to make it a success," Story told the club website.
"At this moment in time I feel the best way I can achieve that is to waive the loan, with no strings attached."
During Story's time at the helm, Carlisle bounced back from the disappointment of relegation to the Conference with an immediate return to the Football League, followed swiftly by a further promotion as champions of League Two.
Once in League One, United reached the play-offs under then-boss John Ward in 2007-08, but lost to Leeds United over two legs.
The club's current owners, local businessmen David Allen, Andrew Jenkins, John Nixon and Steven Pattison, took over that summer, but the club were relegated back to League Two at the end of last season..
"I can see they have hit a rough patch recently, with the relegation from League One and the run of results through the first part of this season," Story added.
"I hope that it [writing off the loan] provides the lift needed in all areas to allow the club to push on and get back to where we all want it to be."
Managing director Nixon said: "Fred took over at a difficult time and left the club in a fantastic position in 2008.
"The writing off of this loan will certainly help the financial position of the business and will, of course, take over £1.1 million off the balance sheet with immediate effect."