I know s**t about web design but you really, really, REALLY need some legal input, dude

The constitution is just full of crap.

For example: "The investment is to be interest free loan to the club & remains the property of Norwich Kitty"

That's just legal nonsense. If you lend someone money, it ceases to be your property and becomes the property of the borrower. That's how money works. It is not a chattel in which title can be retained. You lend the club the money, it becomes theirs, and in return you get a debt owed to you by the club: what lawyers call a "chose in action". You can't lend money and keep the title in it, like you can if you lend someone a car. It's not legally possible, because of the unique legal status of money.

What is more, this new structure (the Kitty raises money and lends it to the club to fund a transfer fee, getting the money back at the end of the player's contract to lend again for another player) seems to me to be fundamentally flawed. Think about it. You are seeking to impose a DEBT on the club. Admittedly the debt is interest free, which is nice, but it is still a DEBT. You are saddling the club with an OBLIGATION to repay the Kitty. That's all fine if the player turns out to be one we can sell at a profit. But what if he's s**t, like Bobinson or Hooves? What if he gets injured, like Emblen? The club still owes the Kitty the money used to buy the player, but has nothing to repay it with. All you've achieved for them is an increase in their debt.

Will the club agree to take your interest free loans? Have you asked them?

Posted By: Old Git on April 11th 2008 at 11:22:58

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