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Quick Question about your Debt

churley1
churley1 Posts: 149
edited June 2010 in General Charlton
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?

Comments

  • LenGlover
    LenGlover Posts: 31,670
    [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).
  • Redvalleyeast
    Redvalleyeast Posts: 4,737
    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...
  • churley1
    churley1 Posts: 149
    Cheers mate,

    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.
  • Oggy Red
    Oggy Red Posts: 44,962
    I saw the thread title - and thought he wanted to know how much I still owed on my mortgage, and did I have any credit cards.
  • DRAddick
    DRAddick Posts: 3,591
    edited June 2010
    [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.
  • Miserableoldgit
    Miserableoldgit Posts: 21,458
    [cite]Posted By: DRAddick[/cite]
    [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.

    As above.
  • 24 Red
    24 Red Posts: 578
    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.

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