Quite handy to have if you get relegated

Discussion in 'Bulletin Board ARCHIVE' started by Christchurchtyke, Jan 10, 2014.

  1. Christchurchtyke

    Christchurchtyke Active Member

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    Picked this up in the financial press this morning, can't give a link as it is a subsciption site,

    Hargreaves Lansdown co-founder Stephen Lansdown has cleared £35m of debt from the balance sheet of Bristol City, the football club in which he holds a majority stake.
    Billionaire Lansdown (pictured), who co-founded Hargreaves Lansdown with Peter Hargreaves in 1981 and remains a non-executive director at the platform, paid off the debt after being approached by the club.
    The restructure leaves the club with net debt of £23m, according to the BBC, which said Lansdown cleared the debt by switching part of his investment from loans to shares.
    Bristol City, chaired by Lansdown since 2002, today also reported a record loss of £14.4m for the year to May 2012.
    The club was relegated from the Championship to League One last season.
     
    Christchurchtyke, Jan 10, 2014
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  2. DEETEE

    DEETEE Well-Known Member

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    Not really he was over a barrell... He wouldn't get a cent if the club went into admin.

    Which is a very close reality for them.
     
    DEETEE, Jan 10, 2014
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