Where did all the money go?

Fucked if I know. What I do know is this:
When Chase left the debt was around £8 million, it's now around £20 million. Over the past few years D & M have converted most of their loans to equity and Mr Watling wrote off a loan of a million - so it seems to me that money is pouring out of the club.
Income next year will be at least £7 million less than this year, and there is no war chest of cash - what there is to cope with it is the balances owing on the Ashton, Leon and Green sales, and the proceeds of any sale of assets.
The club is asset rich - a lot of it is the ground itself and Colney - but a lot of it isn't. It will be interesting to see whether they sell Earnshaw or cash in on the property - one of the off the field activities with which they are "obsessed". I suspect the former, sadly.

Posted By: Winged Eel Creosote on February 27th 2007 at 01:04:24

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