[cite]Posted By: churley1[/cite]Who is it owed to? Is the vast majority to the shareholders i.e. Murray?
I saw a rumour Charlton were supposedly going to go into administration but I was under the impression that the board would lose out considerably?
As far as we know it is what has been described as "friendly" debt ie directors. However given our operating losses how long it will remain "friendly" is open to conjecture.
The major "external" debt as far as we know is a mortgage on the Covered End (North Stand).
Think the club,in the last couple of years,has said that the major external debt was a mortgage of about £5m remaining on the north stand which is reducing by £1m a season,the rest,as already stated is "friendly" debt...
[cite]Posted By: churley1[/cite]
I can't say I was too happy to see us shaft a lot of creditors, but atleast we've got a clean slate now. quote]
There in a sentence is the problem.
The system is wrong and everyone knows it but fans don't care as long as they can take advantage of it. In palaces case, take advantage again! Not just a dig at Palace mate i just hate the way football is now.
[cite]Posted By: churley1[/cite]
I can't say I was too happy to see us shaft a lot of creditors, but atleast we've got a clean slate now. quote]
There in a sentence is the problem.
The system is wrong and everyone knows it but fans don't care as long as they can take advantage of it. In palaces case, take advantage again! Not just a dig at Palace mate i just hate the way football is now.
I would be happy (or happier) if Charlton took advantage of administration in the way Leicester, Palace et al have done. It is a bad thing to do to creditors but the alternative looks worse from where I stand. That is, years of penury and languishing in this Division or worse. What's really bad is getting in this position to start with. We could argue all day long about the extent to which that is a systemic problem, CAFC's bad luck or the fault of the directors, managers, players, fans etc. I think it is primarily systemic and that football will need to restructure sooner rather than later. I hope we are not in this division (or lower) if it happens.
The point above is valid - our directors, true supporters that they are, have bailed the club out (albeit I don't know that the loans are as friendly as we think). Consequently they lose more than anyone if we go into administration, consequently their interests are not necessarily the same as ours/Charlton AFC's. I worry about that.
Comments
As far as we know it is what has been described as "friendly" debt ie directors. However given our operating losses how long it will remain "friendly" is open to conjecture.
The major "external" debt as far as we know is a mortgage on the Covered End (North Stand).
I can't say I was too happy to see us shaft a lot of creditors, but atleast we've got a clean slate now.
Good luck with your situation though. As you said it's difficult to see how long your debt will remain friendly.
As above.
The point above is valid - our directors, true supporters that they are, have bailed the club out (albeit I don't know that the loans are as friendly as we think). Consequently they lose more than anyone if we go into administration, consequently their interests are not necessarily the same as ours/Charlton AFC's. I worry about that.