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Yes, because that’s the law when exiting administration.
Football is a business and as such operates on a buy now pay later method for everything from kit to transfer fees. It is only a debt if you don’t pay it when you’re meant to.
The difference between the two clubs is that when the invoice came into WAFC prior to administration it was paid in full. We had no debts despite the losses because our owners agreed a budget and we were within that. Once they changed their minds it left us with debts HOWEVER had we not been forced into administration we could have found ways to pay them through player sales etc but would have had to seriously cut our cloth. Putting us into admin was the biggest issue because it cut the lifeline. (Granted it was better than their actual plan)
BWFC didn’t pay anyone anything. Their income was spent on wages and they just racked up debt after debt.
To simplify it somewhat…….
We did the monthly shop on a credit card. When the statement came in, we cleared it in full. Yes we needed money from the owners but that was agreed (bit like paying your wifes card)
Bolton did the monthly shop on a credit card and when the statement came in didn’t bother to make the minimum payment and then went out and did the monthly shop again.
Transfers are a little like buying from Littlewoods. Sign a player for £3m with 3 easy payments of £1m. Again….all payments were met when required.
The issue we had was that our budget included a money from the owners. Once that went we were in trouble. I would guess that 90% of clubs are ran the same way.
- This reply was modified 1 week, 4 days ago by The Egg.