Controversial county loan to Board of Trade remains current

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The clock is ticking down on a controversial loan from New Castle County to the Delaware Board of Trade.

The loan came during the administration of former County Executive Tom Gordon, who touted the economic benefits of the Board of Trade, which is using the technology behind cyber currencyto make equity trades.

The Board of Trade, founded by a former chief of the Philadelphia Stock Exchange., has soldiered on but did not live up to early expectations.

The organization has remained current on the $3 million loans, which was taken from a county parks account. Gordon said at the time, the loan would earn a greater return than keeping the money in a savings account or other investments.

The next $180,000 payment comes due in November of this year.

The loan principal of $3 million and last interest payment of $180,000 is due by November 25, 2020, according to New Castle County spokesman Jason Miller.

A New York financial technology company announced it spent $18 million to gain an additional 71.7 percent stake of the Board of Trade. (See story below)

New York-based fintech buys Delaware Board of Trade

Current County Executive Matt Meyer, a critic of the loan, did not comment on whether the government unit would seek early payment of the loan in light of the ownership change.

The Board of Trade opened in July 2017, with Canadian and Chinese firms acquiring stakes in the exchange.

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