Presumably, as we are not legally the owner (land Registry) we have little choice, it is up to us to make sure we recover all monies owed buy the purchaser (not gonna happen), however we have entered into a lease agreement so must pay the agreed lease (not gonna happen after we go into admin).
Baring in mind if we go into admin we will not be paying our dues, it is a bit rich that we cry when our dues are not paid to us.
Common denominator? Ted Richardson!!!!

Not laying blame nor excusing events, but we believe that the LE report may have some details wrong.

Our understanding is that £1.7m was paid the club, and that rather than any personal account being settled, by the money coming into the club it allowed personal guarantees to be relinquished.

There is no record on the account (to our knowledge) of anyone having loaned £700k to the club - but there was a massive overdraft to be covered and without the income individual guarantees would be at risk.

And again in English please?

We believe

I'm saying that we don't believe that any of that money was paid directly to any individual - but by paying off the bank the bank would release the personal guarantees which would put that person at risk!

There's nothing wrong with the English!

So what you are saying is that no money went straight to individuals (Ted) but money did go to banks to pay off the debts of individuals so the club hasn't seen any money?

Sorry - I should have said plain English.

Who is 'we' by the way and how are you arriving at these beliefs?

No!

Anyone can borrow money - a club / a business / an individual - which can be guaranteed by another club / business / individual. I could go and borrow £100k - and I could get you to guarantee it, i.e. if I don't pay it back you will. That puts you at risk - without having paid out a penny.

It is common business practice for businesses to raise funds this way - hence the large defecits at some other clubs - but it can only function whilst the the third party can afford to take the risk. As our third party is in an IVA, he cannot offer the risk as there are no assets to support it.

HTH

We is the Trust.

We ask a lot of questions!

He's saying that, despite the LE report, there's no record that they are aware of which indicates directors' loans of £700k being made. Or paid back.

However, WTRLFC did have a bank overdraft of around that, which was personally guaranteed, by Ted Richardson and the other director (ie, they'd be liable to pay it if the club defaulted). The money from Belle Vue's sale (to whoever) meant that guarantee was no longer needed.

(Presumably the overdraft was paid off. However - if, for example, those giving the personal guarantees had had to put their hands in their pocket to actually pay off the overdraft, then they could have received their money back via the payment for BV without it necessarily being a directors' loan to the club. I'm not saying that did happen - I've no evidence it did. But equally, I can't see that it would be that bad a thing if it did happen, tbh)

True, except that this went on 3 years ago, and he wasn't in an IVA then.

It was no secret at the time that he wanted out of the club. Removing his obligation to the club in this way would have been one step towards that. If Thornes Park had been given the go-ahead, the club would have had a new ground (and, you'd have to assume, more revenue streams, far greater income, etc.), Ted could have developed BV and paid off the loan against the ground to the BoI (plus a few "extras" for the club, and no doubt himself too), the club could have had a new owner, and Cap'n Richardson could have raised the anchor and set sail.

That also seems a plausible version of events to me. It's not transparent, it's somewhat underhand, but it's a little less sinister than some of the other theories doing the rounds. It could, of course, be wrong.

All quite possible. But none of it has worked out that way.

Nice bit of research and that lot over in Ireland may do a good job. However this is a UK matter and they have no authority whatsoever over here. So Ted can stick two fingers up at them and tell them to eff off if he wants they can't do anything at all. Infact this whole affair has nothing whatsoever to do with them.

Sorry but it has, the money that the receivers are attempting to recover is money loaned from the Bank of Ireland. So effectivley BV is owned by them.

£725,000 of the initial amount received from the sale of the ground went to the bank to pay off a long term loan that was secured against the ground.

oh yes kear mr loyalty himself. which job did he want. the catalan or the bradford. or the one thats lost the players.

No such thing as loyalty in sport mopsey and your smart enough and have seen enough to know that.
If you worked for a company and it was so badly run, they sold all your best tools, and you couldn't do anything about it because the boss didn't listen or care, you'd leave aswell you know.
The thing that this financial situation proves beyond all else is we haven't moved on from the days of emptying the bandits to pay players!!!!
That's why the RFL don't want us, that's why the fans can't be d, that's why the players get fed up and leave, that's why the coach wants out and in the same set of circumstances you'd do the same.
That is the easy way to summarise it, the hard thing is bringing about change.
So come on tell us how we do that?

Exactly right

TRB said: "We is the Trust. We ask a lot of questions!"

Now, I was under the impression that the trust had not yet been formed. However, it appears that the same old rose-tinted brigade are busy getting their feet under the table already. I had hoped that a Supporters Trust would hold the club to a little more stringent level of scrutiny than previously, but it's lining up to be more of the same if the usual suspects are allowed to be starstruck spokesmen, go-betweens, hangers-on, etc.

Are the little knowing winks supposed to be indicative of the new openness and straightforward communication we have been promised from the Trust?

If you are unhappy then get involved

Correct. No one is stopping you.

They have my details - I filled in a form on the night - but no call yet. I hope it won't be a vehicle for the same old faces to ingraciate themselves with the club even more.

The trust hasn't as yet been formed as far as I am aware, like the other poster said if you are interested, the more the merrier.
As for holding this board to a more stringent level of scrutiny, you only have to listen to the deafening silence coming out of BV at this disastrous time to know that they tell you jack.
The work that the trust hope or hoped to do is probably going to be done with the new board or at least to aid the transition.

Just because you filled a form in it doesn't mean that you will be directly involved, I have filled mine in also, and if any of my skills are required I am happy to help out as and when, but if not I am just happy to support the trust.
I agree that we certainly don't want a situation like in the past where all the boards decisions were blindly followed, I'm sure that won't be the case, there's a lot to be said for a healthy bit of scepticism, as long as OUR club is the winner in the end.