MarkG
Well-known member
- Joined
- 11 Dec 2017
- Messages
- 4,587
fair enough. But if for instance debt was run up for £5M, and Tiger comes along and says he'll pay £8M for the club, he could buy the shares for £8M and the debt is written off. Or buy the shares for £3M and then repay the debt of £5M. either way Tiger pays £8M. but in situation 1 the debt is written off and in 2 it isn't.The WPL debt is the most interesting one. It's worth mentioning that Ensco bought the £4m+ debt from WPL for £1. If Eales has sought repayment of that in any way (and I have no idea if he has), that is morally questionable at least.
As for the question at the fans' forum, it was me who asked it, and it was much more blunt than you are recalling. I simply asked Eales if he would write off any debt accrued under his tenure and he replied "Yes" without any further qualification.
Also worth noting that at time of sale, the club had significant assets in terms of the transfer fees due, hence the loan notes arrangement.
But just because there was a willing buyer or two, doesn't mean it was the "right" sale. See Philip Green selling BHS with its huge pension deficit, and the company going bust a few years later.
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