Clubs' financial situation
Posted: Tue Jun 12, 2018 7:36 pm
I’m no financier and don't really understand what it means so I’m hoping there’s a banker or accountant out there who might explain. The football club has been debt free since Ronnie/Les cleared the £3/4 million. However on checking the clubs' page on Company House SC005420 I see that on the 4 th June the club created a floating charge in favour of the AIB (AlliedIrishBank). In return for “said sums of money” (No details are given of just how much is involved), as security the club has granted in favour of the AIB a floating charge which essentially means any property, assets etc the club has are the banks if it fails to pay back. At first I though this was a mortgage on the stadium but that already exists. The stadium company (separate from the football club) has a mortgage with the AIB and has had since 2004. So it looks as though the club has taken out a loan with the AIB. Possibly to pay for the pitch?