MarkG
Well-known member
- Joined
- 11 Dec 2017
- Messages
- 4,567
Who buys in to a loss making football club expecting to get ANY of their money back let alone ALL of it and then some? We have a history of it. The last owner we had who lost a packet that I can think of is Robin Herd.
Kassam - got all his money back and is continuing to rinse us on an annual basis
Lenaghan - got virtually all if not all his money back
Eales - has got all his money back (at least)
And over that period of time we've lost what £5 - £10 mil.
Eales must be laughing his tits off.
Disclaimer : Eales sold to who Tiger who offered him the best cash return. Best interests of the club in the next owners is debatable.
Just to clear it up. Lenagan and “merry” took on about £2 million of losses from Kassam. Then lost another £6million in the eight years of ownership.
This is all money owed by the club as it was recorded as loans to the club.
When Eales took over, that debt to WPL was reduced over a couple of years by Ensco putting money into OUFC and paying off Lenagan/ WPL to the extent of about £4Million . So Lenagan lost around £4million on the club.
In the club’s accounts the rest of the £4million of the old WPL debt is still there , but just owed to someone new ie Eales.
But last Ensco accounts showed a provision of around £2 million against that.