You can believe it or not

but last June the club owed £20 million. That is manageable because the club's assets (by and large land) are valued at £35 million, and because we have the cash flow to pay the debts. A slump in the property markets (and the commercial property slump is under way) and the balance sheet looks less healthy, relegation and the cash flow will take a hit. Of all the decisions the board has taken, the one to reverse the plan to pay off long term debt looks the most damaging.

And isn't it obvious that the finances are parlous? We appear to have passed on Martin Taylor for want of £250,000. Not so long ago we'd think nothing of paying 4 times that amount refurbishing 3-year old offices.

Posted By: NobodyherebutusCreos, Feb 8, 10:07:14