From www.doncasterwaghorn .co.uk...

"Even then his obligations would not have been over - the use of the word 'stakeholders' covers everyone from shareholders to supporters to the Royal Bank of Scotland and AXA, who together are owed the better part of ?16 million in outstanding loans. Repayable on a change of ownership.

Despite the widespread conviction that said loans would simply be renegotiable with Britain's 40th richest individual, one suggestion was that in these credit crunched times both insitutions would have insisted on getting their cash back and getting themselves out of football. Had the Smiths agreed to sell their shares for a penny apiece, Towergate would have been in for ?16 million in debt repayment - leaving just ?4 million for Roeder to play with."

a) 99 per cent sure this is just a lie Doncaster is spinning out. AXA and Bank of Scotland would be happy to work with Cullum. No doubt, better that than a skint football club set to lose ?4m this year.

b) If the loans have been restructured in such a way as they must be repaid in full upon a change of ownership, then we are f**ked - unless Saint Delia is going to live forever.

Total bollox.

Posted By: Lol Morgan on July 11th 2008 at 11:16:05

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