Charlton In Money Trouble

NIGHTMARE · Jul 9, 2012

Taken from there forum

For Beds and others calling for a summary of what has been said by Airman Brown and others on here.

There is a problem. A serious problem. It is not guess work or speculation. It is real.

Promised funding isn't going to arrive. Kevin Cash has pulled the plug. As we run at a loss we need that money to operate as a business.

Some money came in last week to cover some urgent bills and this lead many to believe that the problem had been resolved. But that was not enough money to clear all the debts, some of which date back to March, and no more is expected from Kevin Cash.

Cash no longer wishes to fund our deficit year on year and has said no more.

Jiminez hopes to find other buyers for Cash's share of the business ASAP. We don't know if that is either likely or possible but the presence of TJ himself and that he may wish to return a high percentage of the shares may be a stumbling block in negotiations.

Unless other sources of funding, which can only be new backers or selling and not replacing players, are found we will struggle to complete the season.

Not compete this season, complete the season

So it is no longer just no new players but sell, and not replace, some of the current squad to cover running costs. But that will not please Powell who is unlikely to agree a sale without a replacement. No one on here knows his mind but CP is an attractive commodity and he would have no trouble finding another Club if he left. CP is also unhappy with interference from TJ in team matters.

And if neither player sale or new sources of investment can raise enough money then its Admin because either one of our unpaid suppliers or one of the owners will apply for a winding up order. That will force the Club to ask for Administration to protect itself.

The rumours of Jiminez taking money out of the Club to pay other debts are not based on anything said by Rick/Airman or anyone on here and should be treated with great caution. However TJs general conduct in regard to managing CP has been questioned.

Hopes that the Club would break even in the Championship were based on 1. Higher TV income. That was reduced by £1m this season. 2. Wage bills as they stood at the time but we now have a substantially bigger/more expensive squad and many more back room staff. These staff and players were recruited on the assumption that the deficit over the season would be covered by Kevin Cash.

So the problem has been caused, IMHO, by Cash pulling out. It is not sure why he has done this. Most likely would seem to be that Cash was mislead over just how much he would be expected to pay and has decided he no longer wishes to do so.

Peter Varney being asked to leave was a symptom of these problems.

That's what read from what Rick/Airman is saying (and he can tell me if I've got it wrong) and what the Famous five have been getting at for a couple of weeks.
Click to expand...

http://www.charltonlife.com/discussion/49086/slater-statement/p9

There a massive 9/1 with William Hill to be relegated, or at least they where last week when i backed them not got time to check at moment running late for mi shower before work

Conan Troutman · Jul 9, 2012

From a selfish point of view I hope this is true. All we need is two more clubs to go down the same route and we're laughing.

Charlton In Money Trouble

NIGHTMARE Banned Idiot

Conan Troutman Well-Known Member

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Charlton In Money Trouble

NIGHTMARE Banned Idiot

Conan Troutman Well-Known Member

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