From the MyFC document

[David Holden]

Quote:

There will also be a restriction on the Club incurring indebtedness over a certain threshold without the consent of the B shareholders, such consent not to be unreasonably withheld or delayed.

 

Now we have been told time and time again that the club would not be allowed to get into any debt, and that was one of the strengths of this set=up.

 

Now it seems that provided the old board agree, they can run up any debts that they like.

 

(Even without agreement debts can be incurred to a particular but undisclosed figure.)

[Coldplayer]

I think all along MYFC have said that they will not allow the club to go into any serious debt i.e. which cant be re-paid or puts the club at risk.

 

Should not be a problem anyway, anytime the club needs some funds, do a whip round like we did for balls and goals. Who knows how much could be raised over a couple of days

[waggamick]

You would think that 'the certain threshold' would be within the finacial capability of the ongoing MYFC revenue stream.

[Stu M]

Wasn't MyFC's original quote that any debt would be "manageable" only.

 

Obviously, the scale of "manageable" is I suppose open to interpretation.

[Slartibartfast]

Can they afford to buy an armchair for an old codger to watch the game in comfort?

[Bill Kent]

This may help. Taken from MYFC Website.

 

"The main criticism seems to be “if it fails, who will be left to pick up the pieces?” I believe the question shows a lack of understanding of the concept. Our Trust rules dictate that we cannot over-spend nor borrow money, unlike owners of other football clubs. So what will those pieces be, a debt-free club? The worst case scenario is MyFC membership dwindles to 2000. And if that happens, the 2,000 will more than likely be supporters of the football club, a football that they will own, unlike before."

 

As soon as I know the result of the poll and the result is a take over of the Fleet, I shall join up and lay out for my one share.

 

[Coldplayer]

Originally Posted By: Bill Kent

This may help. Taken from MYFC Website.

"The main criticism seems to be “if it fails, who will be left to pick up the pieces?” I believe the question shows a lack of understanding of the concept. Our Trust rules dictate that we cannot over-spend nor borrow money, unlike owners of other football clubs. So what will those pieces be, a debt-free club? The worst case scenario is MyFC membership dwindles to 2000. And if that happens, the 2,000 will more than likely be supporters of the football club, a football that they will own, unlike before."

As soon as I know the result of the poll and the result is a take over of the Fleet, I shall join up and lay out for my one share.

Its a foregone conclusion, just by reading the forums you can tell that everyone is voting yes. People have been signing up in droves since the announcement!

[kaizen]

Originally Posted By: Slartibartfast

Can they afford to buy an armchair for an old codger to watch the game in comfort?

Could they make that two please!