John Dennis....

Definatly changed alot over the years. He got out at the right/wrong time after the collapse of itv digital and the failure of promotion under Bassett taking us into administration.

 

That was Nat West.

 

And why did Nat West take that action?

 

Because a rich bank pulled the plug on a tiny by Football standards amount of money. Be interesting to know if we've dealt with them since of blacklisted them forever.

 

Because it digital folded meaning that for the first and last time in the history of British football clubs like ours suddenly found themselves without the media revenue that had been agreed upon and signed for

 

Are you absolutely sure it was not because we had borrowed more than we could afford, and Nat West simply did what they had to do?

 

So every club in the league went into Admin did they?

 

Every club didn't have the bank pull their overdraft out from under their feet. It was a truly unique situation and John's only crime in it was not asking for help from the shareholders and fanbase before entering admin

 

I think of it in the same way that I had a steady job with a steady amount of money (TV revenue) coming in, and took out a mortgage on a property based on my income.
Suddenly I lost my income and despite my previously good track record, and the offer that I would pay the money back on a payment plan, the bank repossessed my property.
I wasn't sufficiently rich to just pay off the mortgage so I lost the property.

Not sure what else he could have done.

 

Thought it was that and that we basically gambled for promotion under Bassett and failed.

 

Here we go again. I think you'll find it was the NatWest who forced that issue. I bet you're one of these Tories who are still blaming Labour for the global financial crisis in 2007/08.

 

So he didn't over-commit, hoping that promotion to the Premier League would sort everything out.

 

Never voted Tory in my life and never would. As for those nasty banks with their expertise in money matters. ******** every one of them.

 

The details of Sheffield Wednesday and Co-operative Bank PLC present a salutary tale!

 

Someone always has to say enough is enough when they see that a company is in trouble. That is usually a bank, because they are in a far better position than most. They see the rate the company is burning money because they see the current account, and they calculate how much longer the company can last before it runs out of cash. They invite the CEO in for a chat. They tell him the facts and they ask him what he is going to do about it. If his plan seems reasonable, they give him the time to see it through. If he has no plan, or if his plan is deemed unworkable, the bank simply has no alternative.

 

This with bells. The fact it’s not been maintained over the years mean it’s just a money-pit now.

 

I like Dennis and still saw him at oakwell before covid but I cant belive how much patrick gets over looked in this thread. Patrick was our owner in a time when football had changed alot since the 90s he saved us when no one else wanted to know, subsidised the accademy year on year so without that there would have been no stones,holgate,bree,Butterfield from out accademy. Put his own money in to sign players like mawson, Connor, scowen and left the club a division higher and alot better position on and off the field from when he took over.

 

Our S6 neighbours owed way more but the bank didn't pull the plug on them for eg.

 

Very true.

 

Would imagine they had more collateral then we had