Continuing the saga of the £90M and why I have decided to look at the last set of accounts (until May 2012) and check the debt. The relevant section is as below
Now last season I do not have expected the debts to have gone any higher and if so it will be marginal, so these things we should note.
– Total debt is £122M, however some of this will be ongoing payments for players
– Only £14M is due to be paid on demand or within a year, likely to be the overdraft
– Only £37M is due to be paid between 2013 and 2016, I believe most of that is due in 2016
– The vast majority (£79M) is due after 5 years and this would be mainly 2018 and are the original loan notes from the trust
If the money has gone in from Randy to pay off the debt then as you can see it likely would pay off all the trust owned money and therefore any sale all the money goes to the trust and Randy.
This £90M was not needed this year as some speculated and if all of it was to pay off say the Bank overdraft (£8M) and the £79M for long standing loan notes does that not get to nearly £90M ?
Then think how saleable the club is then with very small debts of around £25M and no bank overdraft ?