John Dennis....

Weren't the Coop Bank Chairman off his t1ts on coke to notice the massive debt?

 

Probably.

 

Because the ITV terrestrial digital TV channel reneged on its TV rights deal with the FL leaving the club with financial commitments it couldn't fulfill.

 

NatWest/RBS were one of my clients. Their sole purpose was to screw every last penny out of every business and individual they dealt with. They admitted it to me personally and they were proud of it. They are/were the scum of the earth. I ended my career rather than work for evil that walks the earth. NatWest has been done for abetting money laundering today. What a surprise.

 

Yes because of the old adage that is you owe the Bank £100 pounds your worried if its £1 million they are worried. Nat West refused to honour an already agreed overdraft arrangement giving the club serious cash flow problems the Fowls had already borrowed the money. Barnsley FC didn't go into admin because it owed money to the bank it went into admin because the bank stopped it's line of credit.

 

They often forced businesses to the wall if they believed seizing its assets would bring them more profit than allowing it to continue trading.

 

But the best way for them to get their money would be to keep the company in business and not risk them going out of business, which is what happened. If someone owed you cash and couldn't afford to pay you back you would try and work something out not make it even harder for them to give you what you're owed.

 

Because a TV Channel collapsed. The best owner we have by a mile. Genuine. Improved the club off and off the pitch. Cocked up at the end as did others at the time. Doesn’t take away from his many many achievements

 

no.

 

I said this a while back. I approve of how the club is being run, but that concept doesn't need any money behind it.

All they apparently bring is their business experience, and to be honest we've seen precious little of that.

 

Who else went bust? Can't have been the only reason

 

Depends on the value of any assets they can get their hands on

 

No the other reason was Nat West not being prepared to extend a previously agreed line of credit once they heard about the rights deal going tits up.

 

From memory, I think it was actually the bank that withdrew the overdraft facility. Current creditors were around the £500k mark, which was relatively little in terms of an organisation with its turnover at the time. This followed on from the ITV digital fiasco. I seem to recall Patrick Cryne offering to bail the club out, but only on the condition that the shareholder agreement was torn up. Which John Dennis, rightly or wrongly, refused to do.

 

So why not others then? Must have been a few in similar position

 

It's said we'd have survived one of ITV Digital going bust and getting relegated but not both.

 

We had some highly paid players as well who were on decent contracts

 

Maybe the fact we were just little old Barnsley had something to do with it

 

Yes indeedy, Mr Rain. But I was actually obliquely referring to the fact that the Co-op were arguably a bit slow to call "enough!" I seem to recall that Milan Mandaric got them to settle for about a third of what the Bank was owed. Of course if the alternative is the club going under altogether, then even that level of retrieval may be the preferred option.

Incidentally, I never knew this about Wednesday:

In their early years, the club was nicknamed The Blades, a term used for any sporting team from the city of Sheffield, famous the world over for its cutlery and knives. That nickname has been retained by Wednesday's crosstown rivals, Sheffield United.

Although it is widely assumed that the club's nickname changed to The Owls in 1899 after the club's move to Owlerton, it was not until 1912, when Wednesday player George Robertson presented the club with an owl mascot, that the name took hold. A monkey mascot introduced some years earlier had not brought much luck.

[Wikipedia]

 

I heard Patrick Cryne wanted a place on board and John Dennis just wanted a charitable donation. Patrick Cryne told him to ballax and the rest is history.