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The operative word in my first post is "could" 

Assuming MCT achieve the ownership this for just a start would lead to a 5% stamp duty on any commercial property. What the rateable value of the ground is I have no idea. That's just from a quick google. I doubt the grounds rateable value is 2 million but if it was that's a sizable amount of money that needs to be found to take ownership. Again from a quick google there is all sorts of tax reliefs that are available for maintaining a commercial property. So the costs would be written of much like buy to let but obviously on a larger scale.

Clears very little up tbh

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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

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

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:

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7 minutes ago, Nornirontons said:

I doubt the grounds rateable value is 2 million but if it was that's a sizable amount of money that needs to be found to take ownership.

Right, that's it confirmed, you have absolutely no idea about anything in this conversation.

The stadium was just resting in my account

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Why havent we had it clarified why the debt is still 2mil after writing off a significant proportion of that in 100k installments? 

Refer to Dunning's post some pages ago. This needs clarified and fast. 

We're expected to cast a vote based on 2 options without any clarity as to why the debt is still registered at 2mil? I dont think so. Toughen up, MCT!!!!

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TIME FOR CHANGE!

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The vote speaks for itself here, they absolutely have to get back round the table and get an option 3 sorted or else all the good work/support is lost. 
Crawford doesn’t want any part of it, and he’s clearly a chancer going back on his word, which was thankfully very well documented at the time. 
 
MCT need to step up or the whole notion is fucked. They have to represent the wishes of the members, not what Crawford wants.

To add to previous comments, the 2m figure needs explained pronto. 
 

 

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4 minutes ago, TONofmemories said:

Why havent we had it clarified why the debt is still 2mil after writing off a significant proportion of that in 100k installments? 

Refer to Dunning's post some pages ago. This needs clarified and fast. 

We're expected to cast a vote based on 2 options without any clarity as to why the debt is still registered at 2mil? I dont think so. Toughen up, MCT!!!!

I wish it was 2m. Last accounts show 2.4m. As submitted last March:

GREENOCK MORTON FOOTBALL CLUB LIMITED - Filing history (free information from Companies House) (company-information.service.gov.uk)

image.png

Anyone remember those halcyon days when the full accounts used to say things like "This is an interest free unsecured loan which is not repayable in the immediate future"? Wonder what happened there, wonder why it gradually changed from "forseeable future" to "immediate future" to "ha ha now you don't have a stadium?"

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The stadium was just resting in my account

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5 minutes ago, LargsTON said:

Agreed.  MCT really aren't looking too clever just now and I've little faith in them tbh.

Yep, agreed mate. We're obviously not privy to the discussion, and have nothing but good faith to go on, but it doesn't stack up that we supposedly wrote off a significant sum of debt with 100k contributions and now are still faced with the prospect of 2mil. As Dunning said, we've either been lied too, or we're in such horrendous financial footing that we've continued to rack up more debt, seemingly back to the original figure if this nonsense 2 mill is to be believed. I want clarity on where the 500k went; how was it spent and with justification. I'm not believing for a second that after receiving that money we're not able to bring in some out of contract ringer that has been training with us. 

Nick Robinson - a credible figure and regular poster who used to frequent here. Pipe up and give us some answers. 

MCT - have an account on here. Pipe up and give us some answers. 

Cheers. 

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TIME FOR CHANGE!

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Has a single person at MCT even asked the Raes once how they let the club's debt balloon to 2.9 million pounds?

The stadium was just resting in my account

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A debt, just to clarify, that wouldn’t ever need to be paid off. Clarified and stated by the chairman of the club, in public, in front of a few hundred fans, to a round of applause and documented in the papers.

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16 minutes ago, LargsTON said:

Makes me think his promise of reducing the debt by 500K for every 100K raised by MCT was merely a ruse to get the club thru the season without any financial input from GC. Or to be more blunt; a lie.

Per the accounts, this 500k deduction has taken place and is noted thus in the accounts.

However, the debt remains at an astronomical 2.4m; contrary to earlier filed accounts, there is now no notice that they do not expect it to be repaid; there is no mention of any future installment-based reductions; and they're still wanting to make off with the club's property.

The stadium was just resting in my account

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Less that of 500k grant given to us surely as there's not a shred of evidence as to how this has been spent and where it has gone. Contrary to most folk, i dont believe it has been pocketed. It would have come with stipulations over usage etc, but i still want to see where and how it has/is planned to be used. 

TIME FOR CHANGE!

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8 minutes ago, TONofmemories said:

Less that of 500k grant given to us surely as there's not a shred of evidence as to how this has been spent and where it has gone. Contrary to most folk, i dont believe it has been pocketed. It would have come with stipulations over usage etc, but i still want to see where and how it has/is planned to be used. 

I don't have a huge problem with understanding where this amount is being spent, tbh. We have very little income at the moment, did a terrible job of budgeting for the season, and now have added testing costs as well. Simply put, we'll need this money to get the club to the takeover without adding to it's debt to GC. 

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The accounts I listed above are not inclusive of that 500k grant because the accounts are for the 2018-19 financial year with the MCT payment appended onto it. They won't reflect COVID, much less the grant.

I wouldn't be even slightly surprised if the debt was similar to what it was previously, regardless of the "write-off", but we won't know that until the 2019-20 accounts are submitted. Unless the club has changed its financial year, these are due in the next couple of weeks.

The stadium was just resting in my account

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27 minutes ago, SpoonTon said:

I don't have a huge problem with understanding where this amount is being spent, tbh. We have very little income at the moment, did a terrible job of budgeting for the season, and now have added testing costs as well. Simply put, we'll need this money to get the club to the takeover without adding to it's debt to GC. 

I wouldn't have a huge problem had we not been sold the mantra of massive budget cuts all summer leading up to new season, despite signing a raft of players and supposedly having to punt 5 or 6 (leading to Hoppy leaving - apparently). Something is way amiss and i've lost faith in trust of the club's financial custodians. 

What is that 500k doing? Plugging a huge gap as a result of poor financial planning? Still sitting there untouched? It really needs answered. 500k is no small sum and when it comes to take over is crucial especially given we're faced with this fictional 2mil noose around our necks. 

 

Utmost transparency welcome. 

Edited by TONofmemories

TIME FOR CHANGE!

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