Oh dear I feared for Bury when Flitcroft took over. I fear for them even more now it seems the owners have no financial prudence whatsoever.
Ever since my student days doing sports journalism and media. Most of my adult life. And I'm no relation to Richard.
If that is a true representation of Bury's finances then they're ******. Their debt is going to spiral out of control at an amazing speed. They've got to make £100,000 profit every month just to repay the interest on the loan, never mind pay any of the loan back. Clearly Stewart Day hasn't the funds to bail them out or he wouldn't have taken out a loan with such extortionate an interest rate. They're properly ******.
sas it a company called stirling finance who were around 15 years ago or so? doyle borrowed the cash to bail us out from them i believe at something like 25% which was astronomical. EDIT: sterling consortium and it was only 15% ... still seriously high reading this Ridsdale is talking in a similar vein at Barnsley, saying he has learned his lessons. The club, a Football League stalwart for 105 years, had their Premiership moment in 1997-98, redeveloped Oakwell and their academy, but were relegated to the Second Division in 2002 and sank into administration. The club, and land around it, were bought by the town's mayor, Peter Doyle, with, as it turned out, loans from the Sterling Consortium, a group of accountants who have popped up lending money to other distressed football clubs. However, the Football League never ratified Doyle's takeover because it said he did not provide sufficient information or proof of funding. Ridsdale, desperate to be involved in football, considered Stoke, Queen's Park Rangers and Oldham before deciding on Barnsley. For all the continuing fall-out from Leeds, his deal, secured last Saturday, is regarded by Barnsley fans as a deliverance. Ridsdale has bought the club and put in around £500,000, while the surrounding land has been bought - with the prime objective of preserving football in Barnsley - jointly by the local council and Patrick Cryne, a Manchester businessman and Tykes fan originally from Barnsley. Cryne, whose software company, iSOFT, is valued at £400m, has put his faith in Ridsdale's earnestness and experience. He reserved harsh words for the Sterling Consortium, named on company documents as accountants Sean Verity, Melvyn Laughton and Stewart Davies. Charging interest of 15 per cent on loans to Doyle, both to buy the club and bear last season's losses, their debt had swollen to £5.25m. Cryne told me he had the money last Friday, but the banks were then closing and so he was unable to transfer the money until Monday. For the weekend, Sterling charged another £7,000 interest. "They extracted every last drop," he said. "They had their pound of flesh. It was not illegal at all, but morally it was appalling." Laughton, of Sterling, said he would not discuss details, but said: "We lend money according to legal agreements. We don't get emotional. Mr Cryne can make his criticisms, but I'm not interested." Ridsdale is aware of the bafflement in some quarters that, while his former club can tumble into wreckage, he is welcomed into another. "I've learned from my mistakes," he said. "Here we will be prudent, grow gradually, with a strong community programme and academy, two things I achieved at Leeds. I know I have something to prove, and the only way I can do that is by focusing on Barnsley and making a success of it." Bruised and battered, he is certain to be in for further whacks whenever Leeds shudder. Whether Ridsdale has emerged wiser remains to be seen from his husbandry at Oakwell, his new theatre of dreams.
Flicker is supposed to have a business head on him. Chuffing clueless by the way ge was throwing lucrative contracts round like confetti at bfc and now bury. The signing of Kennedy on rumoured 6k per week should be a red flag to anyone. Sent from my iPhone using Tapatalk
I did see it on twitter, aye. Via the Guardian twitter account. I don't read printed media anymore, it's all online. David Conn is a ******* legend.
So Bury FC have a £1 million loan which equates to a total repayment of £2.38 million and their last full year 2013 accounts had a turnover of £2.7 million. Crazy......"spending beyond their means". And why did the Football League allow this? If they got involved at an eary stage and offered support and advice on such finacial matters, football clubs would stand a better chance of not backing themselves into a corner and eventually going into administration, etc. Football really is well and truly ******.
Bury FC statement: http://www.buryfc.co.uk/news/article/statement-press-story-re-finance-2080774.aspx? I know who I believe, and it int Bury.
Got a couple of relatives who are Bury mad. First thing they said to me when they signed Rose was don't know where the money is coming from but its gonna end in tears.
If it's untrue, this Day bloke should sue Conn for libel. I suspect Day will do no such thing, though....
