FC United Thread

To save the council ignoring any FOI act requests here’s their debts in May 2015 compared to November 2024.

Note the accrued interest at the bottom (over £200k outstanding to the council) and the community shares scheme at £1.87 million is not included in the accounts. This community share money is money invested by their own fans that they’re unlikely to ever see again. 1 of my mates invested far too much of his retirement money there after being sold on the tax advantages of this by FC’s snake oil salesmen, he’s still working now much later than he would have had to otherwise.
 

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So the club got themselves in this mess, they owe the council far too much money that they’re never had a chance of paying back thanks to their ridiculous flawed planning. Here’s the council & the clubs solution.

The council are reducing the interest rate to 6% (backdated to Aug 23) which can’t increase, but may decrease at a rate review every 5 years. A low payment profile in early years with £0 expected this year and just £30,000 next yearIMG_0990.jpeg
 
This is an absolute disgrace from the cash strapped MCC. When your increased council tax bill drops next year perhaps we should ask our local councillors why they are not only renegotiating a new much lower interest rate with a problem creditor they’re offering it on such preferential terms and even going as far as to pay the legal and set up fees for them. Do the council give such massive financial support to all struggling businesses? IMG_0992.jpeg
 
Mostonisblue said:
So the club got themselves in this mess, they owe the council far too much money that they’re never had a chance of paying back thanks to their ridiculous flawed planning. Here’s the council & the clubs solution.

The council are reducing the interest rate to 6% (backdated to Aug 23) which can’t increase, but may decrease at a rate review every 5 years. A low payment profile in early years with £0 expected this year and just £30,000 next yearView attachment 140185
Click to expand...
Mostonisblue said:
So the club got themselves in this mess, they owe the council far too much money that they’re never had a chance of paying back thanks to their ridiculous flawed planning. Here’s the council & the clubs solution.

The council are reducing the interest rate to 6% (backdated to Aug 23) which can’t increase, but may decrease at a rate review every 5 years. A low payment profile in early years with £0 expected this year and just £30,000 next yearView attachment 140185
Click to expand...
Has anyone taken the Council to task over this shit decision to invest into what was nothing more than a guaranteed loss making investment for them?

If they have first charge over the ground, why don’t they just repossess it and sell it to a developer: I’m sure they would get all their money back then.

The plastic rags can ground share with someone else.
 
Reading that is, well amazing. 'Decades of debt'
'Debt payment holidays'
They have no means of repaying money they have taken from people.
I doubt any individual would be allowed such generous 'holidays' and I'm damn certain no other business would be.

No wonder Billy Liar stopped posting (but still reading and reporting back)
 
Looks close to insolvency, no way of paying long term debt and interest being added to the capital that they openly say they can’t pay What will
MCC do then the repayment holiday ends?
 
Millwallawayveteran1988 said:
If they have first charge over the ground, why don’t they just repossess it and sell it to a developer: I’m sure they would get all their money back then.
Click to expand...
Not only did the Bucketeers take a covenented piece of land from the people, they had it engrained in the club’s constitution (or whatever it was they called it) that if the Rag Socks go belly up, the land can only be used for sporting purposes!

Amazing! They stole a piece of land gifted to the people of North Manchester and in doing so, dictate to the people of North Manchester what they can and can’t do with the land they stole should they go tits up….
 
Gordyola said:
Looks close to insolvency, no way of paying long term debt and interest being added to the capital that they openly say they can’t pay What will
MCC do then the repayment holiday ends?
Click to expand...
It’s a mirror image of the club they are a tribute too. Just about able to pay off the interest with the debt remaining.

This joke isn’t funny anymore
 
Mostonisblue said:
To save the council ignoring any FOI act requests here’s their debts in May 2015 compared to November 2024.

Note the accrued interest at the bottom (over £200k outstanding to the council) and the community shares scheme at £1.87 million is not included in the accounts. This community share money is money invested by their own fans that they’re unlikely to ever see again. 1 of my mates invested far too much of his retirement money there after being sold on the tax advantages of this by FC’s snake oil salesmen, he’s still working now much later than he would have had to otherwise.
Click to expand...
But, but, but @M40_Sheriff assured us all that monthly payments were being met…..
 
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