FAO Pants: look away now

The financial situation is dire and has been for some time.

In January 2006 we ran out of money. Looking at the inflows into the club following relegation that seems impossible, but it happened.

People on here bang on about how we sell players for more than we buy therefore there must be a huge transfer pot that the board won't let Rioch/Worthington/Grant access. Not so. By my reckoning we have spent on average over £2 million more every year than we have had coming in since Chase left. Despite millions of money coming into the club by way of share purchases, conversions of debt to equities, one huge loan being cancelled, the debt has spiralled.

Again people bang on about how many season tickets we sell therefore there must be money for Grant to spend. Again not so. The season ticket money has been mortgaged away. The upside is you get to sit in a nice new stand, the downside is you have to watch Julien Brellier playing. Interestingly a lot of the securitisation went to pay for the new South Stand - which is not how it was supposed to happen. It was supposed to be financed by the other land deals. Why didn't that happen? Never been explained although I can hazard a guess.

SEcuritisation was a wheeze cooked up by Manchester City. They only got themselves out of the mess by selling Wright-Phillips for a silly amount and selling themselves to a foreign crook. Thanks to Doncaster's whizz bang contract deals we can't sell our players for silly amounts so it looks like a foreign crook is our only option. I wonder if Dick Cheney wants a soccer team?

Posted By: Blind Lemon Creosote on September 24th 2007 at 13:05:33

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