Shrimpsvoices

EFL history shows a number of teams have enjoyed spells in the EFL until reality kicks in and they return from where they came- Yeovil, Maidstone, Kidderminster and Hereford to name a few. Towns like these are not big enough to sustain a football league team unless they have a generous owner willing to finance the club. I am afraid we are going to join this band. The town of Morecambe isn’t big enough without a generous owner to maintain League status. I hope I’m wrong but I think we are seeing the signs of decline that will see us relegated to National League North in a few seasons time. If this happens Whittingham’s asset would be worth far less than currently but he seems unable to see this. Of course, a new owner investing in our club with a really effective manager would halt this decline and maintain our league status. I sincerely hope this is the outcome but ………

I think the topic should have a question mark rather than an exclamation mark. Hopefully you won't have to change it back again

Going out of the league will not faze him, Worcester Warriors folded! If he continues to get interest on his loans why would he sell at a lower price to get rid of something making him money?

Billy bodger wrote:Going out of the league will not faze him, Worcester Warriors folded! If he continues to get interest on his loans why would he sell at a lower price to get rid of something making him money?

That there sums up exactly the position we are in, all the chatter and long posts and this sums it perfectly. It's making Jason money. Why would he do anything other than take asking price - whatever that may be.

Relapsed_Shrimp wrote:

Billy bodger wrote:Going out of the league will not faze him, Worcester Warriors folded! If he continues to get interest on his loans why would he sell at a lower price to get rid of something making him money?

That there sums up exactly the position we are in, all the chatter and long posts and this sums it perfectly. It's making Jason money. Why would he do anything other than take asking price - whatever that may be.

Does anyone on here know, for a fact, that the club has high interest loans with Whittingham? I think that was the case originally, but thought the club had been debt free, so any new loans would have to be sanctioned by the board?

I have no idea what is going on in this mess, so perhaps that is the case, but I'd like to know what is fact and what is speculation? I suspect the 'high interest loans', while making some sense, in an otherwise bizarre situation, is still speculation?

Billy bodger wrote:If he continues to get interest on his loans why would he sell at a lower price to get rid of something making him money?

But, while that may be the case, [see my post above], surely if the club folds, then he loses most of the loan? As the owner, lending money to his own asset, if it goes under, then HMRC and banks are the first in line for any money that can be raised. It's a very high risk game for the return. Even if the loan was (say) £500,000 at 10%, it is [only] £50,000 per year. But if the club goes bust, he may only get £25,000 out of his £500,000 back? If he has the kind of money to risk that, then why pull the money out of the EFL sanctioned account, leading to embargo & point deduction, as well as £30,000 in fines for him, personally? If the alleged loan is more than £500,000 then the risks are even greater, and you'd think any logical person would be wanting to get out ASAP?

The club's assets are relatively minimal, as they [THANKFULLY!!!] can't get their hands on the land. Even if we go under and start again as a phoenix club in the North West Counties, J.B. Christie's foresight will keep us going, otherwise, we'd really be screwed.

Morecambe Town here we come?

Martin wrote:Morecambe Town here we come?

I've always fancied 'Morecambe Bay Pirates' myself.

Keith wrote:

Billy bodger wrote:If he continues to get interest on his loans why would he sell at a lower price to get rid of something making him money?

But, while that may be the case, [see my post above], surely if the club folds, then he loses most of the loan? As the owner, lending money to his own asset, if it goes under, then HMRC and banks are the first in line for any money that can be raised. It's a very high risk game for the return. Even if the loan was (say) £500,000 at 10%, it is [only] £50,000 per year. But if the club goes bust, he may only get £25,000 out of his £500,000 back? If he has the kind of money to risk that, then why pull the money out of the EFL sanctioned account, leading to embargo & point deduction, as well as £30,000 in fines for him, personally? If the alleged loan is more than £500,000 then the risks are even greater, and you'd think any logical person would be wanting to get out ASAP?

The club's assets are relatively minimal, as they [THANKFULLY!!!] can't get their hands on the land. Even if we go under and start again as a phoenix club in the North West Counties, J.B. Christie's foresight will keep us going, otherwise, we'd really be screwed.

How did Sainsbury’s get their hands on Christy Park??

A loan to JW was settled when his first five yrs was up. It came with interest if I remember right and that he loaned some of that interest back to the Club. If I’m wrong I hold my hand up but that’s what I have been led to believe.

I have Been on Company’s House there are 5 unsettled charges on the Club. None of them seem to be to JW.

The wages he pays, what happens there? Is it out of his own pocket? Or are the Club and him finished with loaning money from him?

In the end he has his reasons for what he is doing but those reasons come at a price for the Club.

Old Man Kensey wrote:
I've always fancied 'Morecambe Bay Pirates' myself.

That sounds like a completely different story to me.......!!!!!