Doomcaster speaks

"?Our debt is high, but was necessary in order to build the Jarrold Stand and to help us through the crisis caused by the collapse of ITV Digital. Debt repayments are entirely manageable because they are structured over 15 years. This contrasts with the lower level of debt that the club had in 1996, but which was on short-term overdraft with the bank. This meant that the bank could simply demand repayment in full as and when they liked, leading directly to the fire sales of Ashley Ward and Jon Newsome. On this basis, our debt is simply not the millstone round our necks that some believe it to be.?

7 December 2006

Posted By: Old Git, Mar 6, 14:38:52