That is interesting. It has sat on the books for a long time. Good news in terms of the club finances.A charge over OUFC assets to Barclays Bank from Jan 2009 has now be updated as "satisfied".
you want to look at the note above for short term creditors so the club was borrowing money from the bank and it was secured by a chargeLooking back at the accounts for year ending 30th June, this entry might give us all a clue (Woodstock Partners = Nick Merry etc. This was also about the time that he resigned as a director of OUFC.)
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So regular payments were due? Seems incredible that it's taken this long to clear. Must have been some fairly stringent interest rates! Main thing is, it's now gone. Something else to applaud the current directors and board for sorting.you want to look at the note above for short term creditors so the club was borrowing money from the bank and it was secured by a chargeView attachment 5248
as a football club is hardly a reliable payer.
I think the point is that many years ago the club was able to use a bank overdraft (2009 and before0 but if you look back over recent years, there hasn't been a "bank overdraft" under short or long term creditors at 30 June. So the club was funded by the owners. So nothing to do with a bank loan with regular payments etcSo regular payments were due? Seems incredible that it's taken this long to clear. Must have been some fairly stringent interest rates! Main thing is, it's now gone. Something else to applaud the current directors and board for sorting.