It wasn't bankrupt in the grand scheme of things.
It was all to do with a power struggle within your board and the Cowboys.
It was a superb ploy from RBS to force them into selling the club, because they knew that they could not call in their debt used to buy the club in the first palce.
Rafa took us to the top of European football end of discussion
Sorry he also now is the manager of the biggest club in world football
"It wasn't bankrupt in the grand scheme of things"
agreed
the club was actually functional and not operationally bankrupt at all. There were some horrible wage agreements made right near the end but it wasn't going to drag us under or anything.
H&G were personally bankrupt was all it was. The bank and club just needed to find a way to get them gone. Nobody wants to actually liquidate a club.
posted 3 hours, 57 minutes ago
Rafa took us to the top of European football end of discussion
-----
Amen to that. He achieved great things with us. If he had the continued support of a stable ownership he would have done even better.
Pity really an FSG Rafa partnership would have been a great match back in the day.
Rafa bought sterling for 1m
comment by Robbing_Hoody - Part of FSG's black flag... (U6374)
posted 17 hours, 5 minutes ago
comment by Brosoverhoes (U19907)
posted 27 seconds ago
Maxi who was better than Lallana, Markovic, Ibe, Can where do i stop?
----------------------------------------------------------------------
With the bollox hopefully.
----------------------------------------------------------------------
comment by The Kaiser's Trainers (U5676)
posted 1 day, 2 hours ago
"It wasn't bankrupt in the grand scheme of things"
agreed
the club was actually functional and not operationally bankrupt at all. There were some horrible wage agreements made right near the end but it wasn't going to drag us under or anything.
H&G were personally bankrupt was all it was. The bank and club just needed to find a way to get them gone. Nobody wants to actually liquidate a club.
----------------------------------------------------------------------
There is no such thing as bankruptcy in a commercial business sense.
Individuals become bankrupt on a personal level.
Businesses become insolvent and go into administration. A company can not become bankrupt. Only an individual person can become bankrupt.
Hicks and Gillett to my knowledge, have not become personally bankrupt since FSG purchased LFC.
Before FSG purchased the club, it was only days away from going under. The bank had control, and a fire sale of assets was planned. This is well documented.
M
don't disagree with any of that
'bankrupt' is a pedantic/semantic thing
H&G didn't have the money to pay the interest (at loanshark rates) on their acquisition debt. That debt was unfortunately put on the club.
If you can't pay your debts and the bank is threatening to seize your assets, well in layman's speak, you're bankrupt/broke/goodnight vienna financially.
legally maybe not officially bankrupt, but bankrupt in common speak at least.
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Page 4 of 4
posted on 4/9/15
It wasn't bankrupt in the grand scheme of things.
It was all to do with a power struggle within your board and the Cowboys.
It was a superb ploy from RBS to force them into selling the club, because they knew that they could not call in their debt used to buy the club in the first palce.
posted on 4/9/15
Rafa took us to the top of European football end of discussion
posted on 4/9/15
Sorry he also now is the manager of the biggest club in world football
posted on 4/9/15
"It wasn't bankrupt in the grand scheme of things"
agreed
the club was actually functional and not operationally bankrupt at all. There were some horrible wage agreements made right near the end but it wasn't going to drag us under or anything.
H&G were personally bankrupt was all it was. The bank and club just needed to find a way to get them gone. Nobody wants to actually liquidate a club.
posted on 4/9/15
posted 3 hours, 57 minutes ago
Rafa took us to the top of European football end of discussion
-----
Amen to that. He achieved great things with us. If he had the continued support of a stable ownership he would have done even better.
Pity really an FSG Rafa partnership would have been a great match back in the day.
posted on 5/9/15
Or in the future
posted on 5/9/15
Rafa bought sterling for 1m
posted on 5/9/15
comment by Robbing_Hoody - Part of FSG's black flag... (U6374)
posted 17 hours, 5 minutes ago
comment by Brosoverhoes (U19907)
posted 27 seconds ago
Maxi who was better than Lallana, Markovic, Ibe, Can where do i stop?
----------------------------------------------------------------------
With the bollox hopefully.
----------------------------------------------------------------------
posted on 5/9/15
comment by The Kaiser's Trainers (U5676)
posted 1 day, 2 hours ago
"It wasn't bankrupt in the grand scheme of things"
agreed
the club was actually functional and not operationally bankrupt at all. There were some horrible wage agreements made right near the end but it wasn't going to drag us under or anything.
H&G were personally bankrupt was all it was. The bank and club just needed to find a way to get them gone. Nobody wants to actually liquidate a club.
----------------------------------------------------------------------
There is no such thing as bankruptcy in a commercial business sense.
Individuals become bankrupt on a personal level.
Businesses become insolvent and go into administration. A company can not become bankrupt. Only an individual person can become bankrupt.
Hicks and Gillett to my knowledge, have not become personally bankrupt since FSG purchased LFC.
Before FSG purchased the club, it was only days away from going under. The bank had control, and a fire sale of assets was planned. This is well documented.
M
posted on 5/9/15
don't disagree with any of that
'bankrupt' is a pedantic/semantic thing
H&G didn't have the money to pay the interest (at loanshark rates) on their acquisition debt. That debt was unfortunately put on the club.
If you can't pay your debts and the bank is threatening to seize your assets, well in layman's speak, you're bankrupt/broke/goodnight vienna financially.
legally maybe not officially bankrupt, but bankrupt in common speak at least.
Page 4 of 4