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council loan County 180K

 

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Drifter
council loan County 180K
7th February 2012 at 12:49PM, Edit: 7th February 2012 at 1:15PM by Adora
why is the council lending money to this failing club? they should just let them close

o.k its a loan, but what if repayments cant be met?

http://menmedia.co.uk/manchestereveningnews/news/s/1478470_cash-strapped-councils-180k-loan-to-bail-out-stockport-county?rss=yes
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Nemo
Drifter
Re: council loan County 180K
7th February 2012 at 1:51PM
Guest Wrote:

why is the council lending money to this failing club? they should just let them close

o.k its a loan, but what if repayments cant be met?

[URL=http://menmedia.co.uk/manchestereveningnews/news/s/1478470_cash-strapped-councils-180k-loan-to-bail-out-stockport-county?rss=yes]http://menmedia.co.uk/manchestereveningnews/news/s/1478470_cash-strapped-councils-180k-loan-to-bail-out-stockport-county?rss=yes[/URL]


As much as I would like to see County do well and recover it's league status, I can't understand what has changed, apart form the club being relegated, since 2010 when the Council refused to loan the club 40,000, now they're offering the club, that is now in worse circumstances, 180,000, 4.5 times the original amount, I thought our Council had to make cut backs.
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Nemo
Drifter
Re: council loan County 180K
7th February 2012 at 3:03PM
To add to my previous post, what County need is NOT a council crutch, they actually need a Sheikh Mansour or Abramovich to come in with a big investment and an eye to future development, because as it stands the club is just a money pit, sadly, I can't see that happening any time soon
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slim
Townsperson

slim
Re: council loan County 180K
7th February 2012 at 4:12PM
the loan is to be repaid in august when a payment from Huddersfield town for the sale of Anthony pilkington to Norwich city is received by county interest is to be paid on the loan so S.M.B.C will make a small profit on this. and the loan is underwritten by the football league. and the loan is in the form of a rolling overdraft so 180k is the maximum it may be less.
Anthony pilkington was sold to Huddersfield town with a sell on clause one of the few things the board of 2009 got right.
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Coleman
Good Citizen

Coleman
Re: council loan County 180K
7th February 2012 at 4:33PM, Edit: 7th February 2012 at 4:33PM by Coleman
And what happens when the club are in even more in debt before the clause is activated and the money doesn't get back to the council because it's already gone?

I don't see why they don't just let the club fold, as nice as it would be for them to be profitable and successful, the simple fact is they are not!

Any business that loses as much money as SCFC would normally have gone under years ago.
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HG-21
Banned
Re: council loan County 180K
7th February 2012 at 7:04PM
Countys problem is that when they do build up a good player, who could potentially be an asset to the team, they sell to cover their growing overheads.. it's a vicious circle.
It's already owned by the fans isn't it? or was bailed out a couple of years back?

I used to be an avid county fan, but as the team got worse, the prices went up.

It needs disbanding and getting rid I'm afraid. Soon they will have the best pitch of Sunday league!

Bring back Kevin Francis and Lee Todd!
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cllrkevinhogg
Hazel Grove Councillor

cllrkevinhogg
Re: council loan County 180K
9th February 2012 at 7:31PM
This money is gauranteed by the FA who will pay it back to the council
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Coleman
Good Citizen

Coleman
Re: council loan County 180K
9th February 2012 at 8:19PM
So why didn't the FA lend it to them?
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cllrkevinhogg
Hazel Grove Councillor

cllrkevinhogg
Re: council loan County 180K
9th February 2012 at 8:58PM
it is coming from a transfer payment that county negotiated but it goes to the FA first then to the council
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ernie
Drifter
Re: council loan County 180K
9th February 2012 at 10:47PM
Isn't the loaning of money the business of banks?
Why didnt a bank lend them this money? was it because it was to risky?
Are Stockport Council starting a loan service?
Wont this make bank employees redundant?
And who the hell gave Stockport Council the right to gamble rate payers money on failing businesses, shouldn't this money of been best used to cover the wages of some poor public servant that was made redundant recently?
If this money isnt returned as you say, later this year, are you going to resign for incompetance, thats if you are re-elected.
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JohnEllis
Citizen

JohnEllis
Re: council loan County 180K
10th February 2012 at 1:00PM, Edit: 10th February 2012 at 5:36PM by JohnEllis
Drifter Wrote:

If this money isnt returned as you say, later this year, are you going to resign for incompetance, thats if you are re-elected.
In fairness, I don't think Kevin's personally responsible for every decision the Council makes - unless this one somehow ties in with his "regeneration" portfolio? In any case, I can't see there's much on an issue if the loan's short-term, and underwritten with a guarantee of timely repayment. The Council presumably doesn't want to see County go under, and if it can lend a short-term helping hand in a risk-free way, why shouldn't it do so? Companies of all sorts in Stockport, along with the rest of the north-west, are being hit hard enough in the current down-turn.The Council ought to support them as and when it can, as long as, normally, there's no ultimate financial loss to the public purse.
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