New beginnings - 25% Truth, 80% Bollocks

[RobertT]

The one thing that has nagged away at me is the constant harping on about the work needed on the ground.

Reason?
a) it was not a secret, it was much discussed when Power was refusing to pay for the work to be done to maintain the stadium and the Council kept responding by saying it was Lease Holders responsibility.
b) Clem knew the ground sale was on the cards - when he took over the expectation was the club/he would pay for their half, not that Eady would cover them

So, Clem should have had a way of accessing the funds to buy the ground and purchased the club believing he'd need to dip into it.  If so, and he got gifted the asset, he stands to gain financially (just on that transaction) in the future should he sell his stake.

It baffles me that he didn't have money set aside which could now have been used for the remedial works, knowing that it would pay off in the future (unlike the club ownership which is more risky).

He can choose not to use money for this, that's his choice to make of course.  Just odd that we've been using it as a way of showing why the budgets are tight and claiming it was unexpected.  It's real, but anyone with working eyes could see many of the issues - the Bank, the PA system, the pitch, the seats - these are not new things that are hidden.  It just provides a small undercurrent of an owner that sort of done with the project of investing in the club, looking more like someone working on how they get out above water now they had that gift fall into their lap.

As I say, it's just nagging and all opinion.  It's not fact and it's not keeping me up at night, before someone has a pop about being obsessed with bad things.

[Mooneyraker]

Good post. None of it quite adds up...

[The Artist Formerly Known as Audrey]

Before Power cocked up the sale of the club, Clem stated he was willing to pay more than the mythical Abel’s £7m offer. He got it for £212,500. Now, the difference between that and £7m is near enough the amount of debt Clem has personally ‘covered’.

Seems reasonable to assume that has gobbled up whatever funds he had available/willing to put up.

[Posh Red]

I think it’s fair to say that Clem has put in about as much as he can afford to so far and is now looking at ways to maximise income.

As they are always at pains to point out that any income the club generates is reinvested and Clem isn’t taking any money out, and from what we have seen that does appear to be the case.

What is also obviously true is that we are not going to be able to compete with clubs where the owners are pumping in a million pounds (& more) a season.

[Batch]

@Robert T

One thing I can think of is he missed the debenture off his calculations.

I don't know this to be the case, but I do remember Xavier reportedly  wobbling about an extra 2 million debt being found

[RobertT]

I mean, it's one of the few things that was obvious from our limited accounts!

I presume he could have believed it was Powers responsibility to pay upon the sale of the club.

[ChalkyWhiteIsGod]

@Robert T

One thing I can think of is he missed the debenture off his calculations.

I don't know this to be the case, but I do remember Xavier reportedly  wobbling about an extra 2 million debt being found

Sounded like Jeds found debt form the 50s bollocks that.

[Batch]

yeah, I agree it's unlikely to have been missed, but it fits with Robs 'why didn't he put the ground cash aside' question

[Posh Red]

I believe it was a cost they didn’t think they had to sort out in the short term, however that changed as it was a condition of the Eady trust releasing the funds that the debentures had to be settled.

[Mooneyraker]

It looks like there are now Social Media channels for “The County Ground”, which is presumably part of the plan to monetise it outside of football matches.

[ThreeDrawsMentality]

Looks like one of the 8 Australian Axis Subsidiaries has entered liquidation (Axis Plumbing NSW). Probably one that the owner should clarify as it's most likely just standard restructuring of the company or creative accounting, but you just know the social media damage that will come from endless speculation and doom until it's clarified.

[ThreeDrawsMentality]

Another to add on a separate note. The first Life of a Kitma live experience has sold out. Good on them

[JoeMezz]

Might not be a big deal but it hardly seems good that the business has liquidated alongside a summer of a lack of spending. Might not be bad but hardly good news

[stfcjack]

Axis is made up of lots of companies. This sort of thing happens all the time in the business world. The account that posted this on twitter gets enormous pleasure out of watching people melt down and squabble.

[tans]

Trust seeking clarification on the matter