Here’s the state of the debts as of November 2024. They owe the council at least £900,000. the original £500,000 was due to be repaid in full last year, but not only could they not pay the capital on that loan but they couldn’t pay the interest of the loan which kept building whilst they enjoyed a two year payment holiday.
Thanks to a bucket shake they eventually paid £30,000 back this financial yrar. From July onwards they are committed to paying back £78,000 in the year via monthly direct debits. Where that money is coming from is anyone’s guess as the latest figures showed them making a loss on this year.
The council have been very generous with our money, thanks to the sunken cost fallacy despite them not being able to make repayments on the original loan they lent them more money then payed all the legal fees for the latest refinancing deal & provide senior staff to sit on their board. How many other businesses or sports teams enjoy such support?
In addition they owe their own fans £1.87 million in community shares