Post by Jon on Aug 25, 2009 23:16:00 GMT
I've passed the opinion that they would rather have been investing their limited funds into underwriting the football operation, than servicing the "owner's" loans.
OK. Obviously anybody putting money into a football club would like to think it would be spent on the sexy things - just like I would like all of my salary to be spent on luxury holidays, beer, curry, football and general debauchery.
The reality is that what appear to be large sums of money disappear on servicing debt, water, electricity and other such mundane items. That is why you will find hundreds of blokes who will tell you how rich they are and how they have made enquiries about investing in the local football club, but you're much harder pressed to find any who've actually put their money where their mouth is. I'm sure you've met quite a few of the former, haven't you Merse? I know Ian Ridley will tell you he has.
I'm full of admiration for the current Board, but particularly for Ian Hayman and Brian Palk who carried on putting in what they could when they were getting precious little appreciation, not to mention some mindless abuse on a certain forum.
I totally agree with that. Divide responsibility is always far more desirable than total dependence on one man. But remember that Tony Boyce fought a losing battle in trying to maintain such a structure - and I don't think anyone could have done a better job than he did, so I'm not being critical. The club's finances were in a parlous state in 1990, the period 1990-92 saw an ERM-generated recession and significant work was needed on the stadium, only partly grant-funded, post-Hillsborough. It wasn't a choice to go with Bateson, it was Hobson's choice.
Looking at that 1997 Balance Sheet, Bateson's exposure at that point was up to nearly £1.3m - in shares, loans and overdraft guarantee. Whilst the £15k loans from Hayman and Rogers and the £5k loans from Beer and Benney were admirable and well-intentioned, they were a drop in the ocean compared to the money the club needed. You would have needed 100 people like that to put in the necessary.
Given the problems associated with a single individual dominating a club, I wonder what Merse's take is on recent developments at Wycombe.
