Am I reading this correctly ? Mastpoint who I believe started the demise of Argyle will be able to profit from any future success of the club ( that statement is near the end of the report !! ) http://www.plymouth.vitalfootball.co.uk/article.asp?a=305447
Hi Gat.......I read that as well and found it not easy to understand. I think we need to wait for our city correspondent notDistant to give us his views !!!
Doesn't tell us much we didn't know does it? In brief, Gardner & his mates may be blamed for everything that went wrong but they did lose a huge amount of money. It's real cash too, not value accumulated over years of trading. They, together with well connected friends, put real cash in to invest in the club - for their own gain no doubt - and it went horribly wrong. Some of the ins & outs are obscure. They are still expecting to get cash back from Argyle via the administration settlement. One of the last stumbling blocks in saving the club was the release of mortgages over the ground - clearly they gave up this security to allow the sale to Brent to go ahead but got some sort of offer of repayment if the club ever does a whole lot better than it is now. I remember it was said they might get cash back if the club got to the Championship. Doesn't seem unfair to me..... I hope they get it as that means the club will be back where it belongs! What was the loan to Kagami that's been written off? We'll never know in all likelihood.
It's a bit unclear isn't it. "Future success"????? What that means in real terms is anyone's guess from what I can see. The people concerned will obviously know and no doubt it is written somewhere we will never find it so we the great unwashed will continue in our customary mushroom state. I suppose they could have just screwed the coffin lid shut even though they caused the problem in the first place. We should be marginally grateful they weren't that vindictive. I think they might have a long wait for any returns and although I'm with notdistant on this one, to get money will mean Argyle have returned, there is a bit of me that still doesn't want them to have any. Trouble is I'm cutting off nose to spite face with that so on overall balance I guess I hope they do get paid.
Just to reiterate, this is nothing new, it was stated publicly when Mastpoint gave up their mortgage security to let Brent's purchase go ahead. If they do have that conditional undertaking to repay some money if PAFC succeeds valued as a receivable loan, that seems to be a bit speculative on their part to say the least, given that going up 2 divisions is no easy trick!
