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Morton Club Together Updates


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2 hours ago, Jamie_M said:

Both are under contract until June 2022 after being given extraordinary new contracts, for longer terms than have been the norm for a long time.

The club, with MCT assistance, cannot be faulted in that regard. It clearly has been a priority.

That’s great news, I didn’t realise that was the case.

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Kafka's head would be spinning at this. You're arguing that these proposals are designed to 'shield the stadium from creditors' when they consist of either the stadium being used as security for

Well this statement is not ageing particularly well, given that in spite of receiving a £500k taxpayer's grant for literally fuck-all, the current custodians of GMFC have in the following six weeks:

Before getting into the lengthy wrongs and wrongs of this on GC's part, on a simple matter of fact, why are they talking about £2M being the figure of debt? As I understood it the debt was £2.5M when

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12 hours ago, Nornirontons said:

So are they gonna still be under contract? And does nobody believe MCT should be securing there only real assets now? Surely that makes sense? McGraw regime was certainly astute in this department. No time like the present imo 

At the end of the day as things stand the only real assets MCT will have is young Lewis and Reece as things stand!

Get the house in order where it really matters and don't let this be another shitfest for the all to laugh at and take advantage of

I was once told never to argue with an idiot as I’ll never win, so I won’t even try.

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  • 3 weeks later...

On this week's episode of the Just One Cornetto podcast, following the Queen of the South game on Saturday, we will be featuring a Question and Answer segment with Morton Club Together's communications director, Graham Barr. Graham will be answering questions regarding all aspects of MCT and the upcoming takeover. To submit a question, either reply below or e-mail TheMortonForum@gmail.com. Questions must be submitted before 1pm on Thursday (21st Jan). 

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Good insightful interview by Dean on the podcast with Graham Barr

Interesting to hear about possible budget rise for next season. 25k patrons take a bow... hopefully more of them to come!!

Communication and advertising which has been well undersold is going to be a clearer and better moving forward!!

Commercial rates is a bit of a kick. You'd assume they'll be quite high but he spoke well, there's a clear plan of attack right from the off and thanks for putting in a few of my questions 😁

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  • 3 weeks later...

Update on takeover negotiations re the status of Cappielow: 

https://mortonclubtogether.com/2021/02/14/1312/amp/?__twitter_impression=true

I need some time to process all this, but my initial reaction is being taken aback by the gall of Golden Casket. You wouldn't think they could still surprise anyone with their brass neck at this point, but here we are.

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Brian Wake my Lord, Brian Wake

Brian Wake my Lord, Brian Wake

Brian Wake my Lord, Brian Wake

Oh Lord, Brian Wake

 

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Unbelievable the brass neck of these absolute *****. Singled handedly cause 2m(?) of the debt by prolonged mismanagement, come out and tell us that the debt isn’t an issue, when clearly it is an issue.

If only fans were allowed into games, he would be getting hounded. Absolutely behind the manager and playing squad 100% but we need to get this charlatan out.

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Isn't Crawford on record explicitly stating that the debt would be written off if a viable new owner came along?

3 minutes ago, Tubes said:

Unbelievable the brass neck of these absolute *****. Singled handedly cause 2m(?) of the debt by prolonged mismanagement, come out and tell us that the debt isn’t an issue, when clearly it is an issue.

If only fans were allowed into games, he would be getting hounded. Absolutely behind the manager and playing squad 100% but we need to get this charlatan out.

Correct, and they know it fine well. MCT really need to toughen up.

AWMSC

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9 minutes ago, EanieMeany said:

Isn't Crawford on record explicitly stating that the debt would be written off if a viable new owner came along?

Correct, and they know it fine well. MCT really need to toughen up.

MCT might prefer these approaches as a way of safeguarding the assets if things don't go to plan, i.e. GC would have them and not unknown administrators. It would be interesting to hear what they say about it all. 

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Maybe I misunderstood but I thought with option 2 that the debt wouldn't be recalled and is only there to allow GC to be the preferred creditor for the stadium if we are facing liquidation? 

If so then it's certainly not the ideal scenario but as long as the agreement is legally watertight that the rug can't be pulled from under our feet then I see it as acceptable. 

Happy for more intelligent posters to change my mind though. 

Good people will do good things, bad people will do bad things, but only with religion do good people do bad things!

 

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Neither option is ideal but I suspect the best that could be negotiated with Golden Casket. The Raes are 'hiding' behind the possibility/expectation MCT fails and they can, as secured creditors, once again, claim to be acting as trustees securing the future of GMFC. The reality is, however, we have been here before and the promises of DDFR were not kept so why should we trust the Raes again? As a cynic, all I see is the family retaining the property assets unless MCT essentially pay off the debt incurred during their mismanagement of the club. It looks like we are caught between a rock and a hard place.

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This proposal, if I am reading it correctly, means they are in effect selling the ground to us for 2 million quid, while retaining the car park which is a viable development site. Am I right in thinking that the car park was included as part of the purchase from the administrators 20 years ago? If so, that is really taking the piss. Need to look at what is really going on here, but it looks to me like valuing the ground alone at 2 million.

Edited by Alibi
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"Any nation given the opportunity to regain its national sovereignty and which then rejects it is so far beneath contempt that it is hard to put words to it."

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As Hamcam says it is rock or hard place (and not entirely unexpected given the recent history of our current absentee landlords).

Both options have something to recommend them to avoid the project being effectively stillborn but I think I need some time to weigh it up before choosing between the poisons.

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Ive got one main question for Crawford etc.:

'Could the £2m debt (and to a lesser extent the value of the car park land) be reasonably written off in the short to medium term by GC without putting GC at risk?'

Gradually writing down the debt in exchange for cash injections was the central idea floated at the formation of MCT. Has this offer to the fans been retracted? The lack of clarity on this aspect (not to mention literally anything else about the club's financial position) still makes taking on a huge liability on trust a wee bit hard to swallow.

Motive is key here - is the debt transfer purely to protect the club from insolvency? 

The club's fate being tied to disinterested family business in perpetuity also isn't an acceptable position if there is no plausible debt exit strategy.

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Why are they offering a version that sees the club retain debts that exist as a result of how they managed the club?

Dougie ran the club like it was his pet project (including signing players without telling the manager at the time) and now, potentially, the club gets saddled with two million pounds of debt because they don't fancy it anymore? 

 

What Carew can do with a ball, I can do with an orange

 

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