Another proper old club hanging on by its nails (courtesy of fly-by-night dodgy owners) - take it away David Conn https://www.theguardian.com/footbal...g-up-petition-loans-car-park?CMP=share_btn_tw
Make's the Allams loan look a bargain if they think 7.5% interest 'was a good rate'. £1.5k A DAY interest ?
See for the funding they where trying to achieve due to a number of reasons and criteria 7.5% isn't ridiculous. It's clearly not great but for a development company with clearly an average track record, very little liquid funds who are going to peer to peer lenders, 7.5% is as good as he is going to get in the market. Clearly the club is completely mis managed etc..... Not disagreeing with that.
If teams in the PL redistribute a small percentage of tv revenue it would help teams lower down the pyramid. They obviously need to better manage their finances in the first instance.
I suppose owners who genuinely love the club, either through being supporters or just tenure of ownership might have different reasons, but apart from that, no.
The rate wasn't the issue if you read the article. It was that they paid 40% of the loaned amount to an anonymous third party to get that great rate. So of the £1.6m loan they paid out £640,000 to get the 7.5%. This was deemed to be acceptable. Usury is the right word.
As the gulf gets bigger between the top two tiers and the bottom two, it's going to be very difficult. Clubs in Leagues 1 and 2 need a decent cup run now to get finances or produce a gem of a footballer to sell. I know they have a really rich owner, but if he pulls out, I can see Salford going the same way.
I can see a lot of championship clubs in trouble too soon if not now Teams like threat spent a lot last season Derby spend spend spend, surely theres a time the owner thinks fuxk this Plenty of others haemorrhaging money
They’ve been given a six week stay of execution, while talks continue with two parties interested in buying the club.
Correct, with the league having one less relegation slot so the numbers come back up to 24 season 2020/21.
Following receipt of notice that the Company Voluntary Arrangement (CVA) has been passed in respect of Bury Football Club, the EFL can confirm that the Club has now suffered an insolvency event and will be subject to a 12-point deduction. In accordance with EFL Regulations, the sporting sanction will take effect immediately and the Club will start the League One season on minus 12 points. The Club has seven days to appeal. The EFL will now continue its discussions with the Club’s ownership with the aim of achieving a long-term future for the Club.
Shaun Harvey has some legacy... Bolton and Bury on the verge of going to the wall, Coventry playing in Birmingham, the Blackpool and City ownership problems. But don't worry he's left his role as CEO of the FL, to be CEO of the Premier League.
