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psgmariner
June 19, 2019, 9:46am Report to Moderator

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Not looking good for them. In court at 1030.

https://www.burytimes.co.uk/ne.....in-bid-to-save-club/

Not sure what happens to the league places if they go pop.


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Hagrid
June 19, 2019, 9:59am Report to Moderator

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3 go down this season from league 1 if so I believe
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psgmariner
June 19, 2019, 10:00am Report to Moderator

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That would make sense. Always seems to be a last minute solution to these things but they are in a proper mess.


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Ipswin
June 19, 2019, 10:02am Report to Moderator
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Quoted from psgmariner
Not looking good for them. In court at 1030.

https://www.burytimes.co.uk/ne.....in-bid-to-save-club/

Not sure what happens to the league places if they go pop.


They won't go pop, these clubs never do. They'll make all sorts of promises about a new regime taking over and paying the debt. There will be an adjournment, someone will find some money from somewhere and it will be business as usual next week a la Bolton and all the others. Mind you it sounds like the main creditor Capital Bridge might not be as soft as HMRC

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psgmariner
June 19, 2019, 10:37am Report to Moderator

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Adjourned for 6 weeks.


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1mickylyons
June 19, 2019, 10:39am Report to Moderator
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Quoted from psgmariner
Adjourned for 6 weeks.


Always the case
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Marinerdan
June 19, 2019, 10:46am Report to Moderator

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Looking at Companies House Capital Bridging have a charge over the stadium, it’s not clear how much debt there is to them as their 2018 accounts are late to be filled which is always a concern. Secured lenders to loss making businesses don’t tend to be willing to hang around for their money.

2016 and 2017 Bury lost c2.5m a year. They only had 2k in cash at the end of 2017. Totally unsustainable way to run a business.

Sadly unless someone is willing to throw a few million at them to keep them going it looks like they are in real trouble of disappearing.




Vér hǫfum vaðnar leirur   vikur fimm megingrimmar;

saurs vara vant, er várum,   viðr, í Grímsbœ miðjum.
Nú'r þat's más of mýrar   meginkátliga látum
branda elg á bylgjur   Bjǫrgynjar til dynja.
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Malta_Mariner_90
June 19, 2019, 11:08am Report to Moderator
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The below article is from 2002.They are serial offenders in financial mismanagement. Seemingly going from one bad owner/s to the next.

https://www.independent.co.uk/.....buckets-9167258.html

I also remember going to the away match there in 04/05 season when they had loads of fans turning up from other clubs in a bid to raise cash for another financial crisis.

I am not sure how many times they have had money trouble over the years but it is a recurring theme, they wrack up loads of debt, manage to escape their creditors and repeat.

If the FL had any backbone at all they would sorted it back in 2002.  

EDIT

Also from the article:

"At Bury, successive promotions in 1996 and 1997 were bankrolled by Eaves, who later confessed to having misspent funds he was managing, and solicitors were appointed to recover all his assets, including Bury."

Just taking the urine. Pretty much the same thing happened this season, no way on earth could they afford the players they have.
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KingstonMariner
June 19, 2019, 11:28am Report to Moderator
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Until serial offenders are dealt with properly, there will never be anything approaching a level playing field (yeah I know we'd still have clubs like FGR and Salford to contend with). But if we cut out examples like Bury at least most clubs should be able to revert to sustainable spending. Until that happens, clubs like us will continue to be penalised for balancing the books.


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Tuo aika rakkauden
Tuo aika nuoruuden
Ne tahtoisin niin elää uudelleen
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Croxton
June 19, 2019, 11:54am Report to Moderator
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Get rid now. Re do fixtures. Send them to Sunday league. Beyond a joke.
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