According to the paper
Senior officials in the Labour party, including Gordon Brown, could become personally liable for millions of pounds in debt unless new donors can be found within weeks, the Guardian has learned.
The party has five weeks to find £7.45m to pay off loans to banks and wealthy donors recruited by Lord Levy, Tony Blair's former chief fundraiser, or become insolvent. A further £6.2m will have to be repaid by Christmas - making £13.65m in all. The sum amounts to two-thirds of the party's annual income from donations.
The Telegraph adds
It is understood that it was concern that he might be bankrupted by this personal liability that led City financier David Pitt-Watson to turn down the post of party general secretary earlier this year.
Guido reminds us
The Co-operative Bank is calling in £2.61m in loans, Unity Trust Bank owned by the Co-op and the unions has a further £1.54 m due at the same time. In total £7.45m is due next month. Money that Labour simply does not have. Guido is willing to risk buying Labour Party debt at 10p in the £1...
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