No, not at all!....., but schools and Health services should not have lost out and we should put that right as much as we can!...
But phil what was in place a decade ago may not exist now, yes it's sad that the schools etc missed out, but they also had tax breaks for bad debts years ago. It's not about what you think should be done, but what legally they can do. The club is a limited company, they must account for all money where it goes and what they have in return, it's about quantifying it in the books that are done by independent accountants. Now how will they account for £300k missing from their account ? As I said if they can legally give the money as in a charitable contribution then fair enough, but if they can't then no money should be paid as they could not account for it.
Jager I'm sure you have a blind spot in that brain box of yours, what part about paying back the debt don't you understand? the technicalities can be easily overcome, everything in business is negotiable, or haven't you heard that? Your putting stumbling blocks into this as if it's £300 Million, it's simply £300,000, and it would shut up the critics of Swansea City, or doesn't our good name mean anything to you?......................
For those who may not remember Swansea City Football Club's future looks secured after creditors voted to write off most of the troubled side's debts. They accepted a proposal from the Swans to repay just 5% of the £1.4m overhead which was owed to investors and crippling the club. The new board - a consortium which bought up the side's huge debts in December - now hopes to wipe the slate clean by the end of the month. Details of deal 5p in each £1 for unsecured creditors owed £1.4m £364,000 for preferred creditors Morfa move back on agenda Clean slate likely by March's end Hollins gets just £4,000 of disputed £250,000 It should secure the short-term future of the club after a total £1.7m debt threatened to kill it off. Former Swans director and Wales international Mel Nurse led a local business consortium's buy-out of the club in January, for a sum thought to near £50,000. He had earlier taken on the debts from controversial Tony Petty, who had owned the club from October, and was left him owing cash including £801,000 to former owners Ninth Floor plc. The consortium issued a statement last week reading: "Despite the recent personal investment by the management board of £115,000, the club's debts of £1.7m are insurmountable." It said the proposed deal would allow the Swans to survive and carry out the planned move to Swansea's Morfa stadium. Clean sheet But 92.4% of the creditors, mainly local businessmen, pledged to give the Swans a clean sheet for the 2002/03 season in a Company Voluntary Arrangement. It means directors need pay only 5p in every £1 of the £1.4m owed to a selection of "unsecured" creditors. Nick Cusack is now joint coach at the Vetch They will also give back £364,000 to "preferred" creditors including the Inland Revenue and Customs and Excise. Swansea City will now avoid liquidation and can compete again in the Nationwide League Division Three next season if it avoids relegation. But former coach John Hollins, who was sacked in September and joined Rochdale, will get just £4,000 of the £250,000 he claimed he was owed. He had mailed a proxy form to vote against Monday's deal, but an insolvency expert told him his contribution would not count because he had not returned a required document. The club's statement continued: "This will allow the club to have a viable future, take advantage of the move to Morfa and look ahead to next season and beyond without the financial threat which currently continues to loom over Swansea City." Crippling debts The crippling debts had left the club banned by the Football Association from player transfers, meaning no new players will be arriving at the Vetch Field this season. The cash crisis also led to the departure of manager Colin Addison and assistant Peter Nicholas, whose contracts were not renewed for next season. David Morgan, the club's sole remaining director, said on Monday afternoon: "Our next aim is to go forward with successful League Football in a new stadium. "The consortium's first aim was to rescue the Club from the threat of liquidation. "The second aim was to restructure the management and commercial overheads. "Our next aim is to go forward with successful League Football in a new stadium." He said annual overheads had been slashed by £500,000 in eight weeks and expressed his "deep thanks" to the creditors.
We all know how the British press works and we've had close to 2 seasons of decent press now so they will be dying to find anything to turn on us now. This type of story doesn't suprise me at all, expect plenty more in time.
I'm sure we could find the £1,063.97 Welsh Ambulance Service & £2,411.10 St John's wales Ambulance service , not sure what schools were affected though
Both the Welsh Ambulance Service and St Johns get their money from donations, the Swans should be able to account for that in their budgets as companies are allowed to donate to good causes tax free.
I think aside from a couple of unnecessary snide comments this article is just reporting the facts. What it doesn't mention is that £2m is a drop in the ocean and that the directors are continuing to invest in the club by not taking more out.
Nothing wrong with that at all, as I said if we can give the money as in a contribution then fine. What can't be done is giving money to people or companies that has written this debt off previously, there would be a black hole in the finances as the club couldn't account for it.
I think it might be illegal to donate to schools as well provided it is from a company without due process through the education ministry, for fears that companies might gain influence in the school. Such donations to schools from a commercial enterprise must be approved by the state first? That is what I led to believe.
http://www.wsc.co.uk/wsc-daily/1161-april-2013/9663-good-results-off-the-pitch-for-swansea-city Another point of view ,
It would be nice if the Ambulance services received a donation, as for the rest, they accepted a deal and should live with it
