CVA? CBA

A fortnight ago, it became even more abundantly clear that the immediate future of Bury Football Club in its current form is under serious jeopardy. Owner Steve Dale, the only director left, made a Company Voluntary Arrangement to the ridiculous number of creditors – for the full shameful and disgraceful list, download the document here. In short, the proposal, if accepted on the 9th of July, will see those entities classed as football creditors paid in full as per the EFL’s rules. The rest will have to make do with 25%, and the total debt would then be reduced to a touch under £3m (former chairman Stewart Day’s company Mederco are excluded from the scope). The biggest mystery is the mention of Dale himself being a creditor… to the tune of £3.6m. I have seen no documented evidence of the loan in the public domain, and the accounts are now ridiculously overdue. It would however, go a long to explain Dale’s reluctance to sell up.

One possible outcome of the proposal being accepted is that the EFL, the self-styled ‘competition organisers’ will see fit to deduct the Shakers 12 points ahead of the new season, but frankly, that’s the least of many fans’ worries. 2019/2020 is already a write-off… and that’s the best case scenario. Manchester City have served notice to evict their neighbours from Carrington, even though as the CVA confirms, the rent had been a nominal amount. It simply hadn’t been maintained. That move will leave them without a training ground, and the news has further damaged whatever was left of Bury’s reputation.

Only circa six senior players are still in situ, and no pre-season preparation has even taken place yet. Expect that number to decrease even further in the coming days. The U18s, whose salaries are funded from elsewhere, are in better nick. As ever, their fate is somewhat contingent on the continuing machinations above them. With Ryan Lowe and several other key staff and players firmly ensconced in much more stable surroundings at Plymouth Argyle, the ‘search’ for a replacement was finally over yesterday. One of the most needlessly bombastic and asinine managerial announcements I’ve ever read, Paul Wilkinson’s credentials are steering Truro City to relegation… into the seventh tier! I can only presume there was a clause in his still-fresh contract with the White Tigers that allowed him to join a pro outfit without compensation. 

What that move does is meet the most minimum requirement to creditors that there’s a ‘plan to move forward’. Very few supporters truly believe the appointment amounts to any more than that, and it is still far from clear if or how Wilkinson will be paid, let alone cobble together a large enough squad to fulfil the fixtures, which start in earnest a month from now. I maintain my belief that they won’t be. Others have voted with their wallets, requesting refunds for their season ticket purchases already. Obviously, I don’t live close enough to attend regularly, but until Dale has sold the club, I won’t be financially supporting Bury in any way; not through merchandise, not through ticketing, not through iFollow (which I cancelled a fortnight ago before it automatically renewed), or by any other means.

Enthusiasm is at an all-time collective nadir, and since Lowe’s own departure, there has been no official confirmation from the club about the subsequent leavers, which also means that none of them have been thanked for their selfless service last season. Plenty of observers are predicting Bury won’t even reach a positive number of points (should they even be afforded that opportunity). The anguish the ongoing howling shambles is inflicting upon the remaining staff and fans is unprecedented, and goes far, far beyond being upset and angry at witnessing many of last season’s heroes depart. Yes, there have almost always been financial problems, but never anything close to this. More are coming round to the depressing realisation that a phoenix club might be the least worst option as things stand.

The state of limbo has left me feeling like a frog slowly boiling in a saucepan, and more pertinently, utterly uncertain how to proceed with this blog, too. In the short term, I’ll be focusing on the women’s teams, reviewing football related books… and hopefully, not seeing the work I’ve prepared for previewing every club in League One and Two go to waste.

 

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One thought on “CVA? CBA

  1. “Yes, there have almost always been financial problems”

    Isn’t that the crux of the matter? As a club, you fail to learn from previous mistakes and carry on getting promoted with money you don’t have and signing players on salaries that are beyond the means of the club. It’s called ‘cheating’. Don’t be surprised if the EFL hammer you for the persistent breaches of financial rules, way beyond your expected 12 point reduction. You’ll be lucky to start the season at all. Even luckier to still be a league club come August 3rd.

    Meanwhile all the local businesses and their staff get shafted for 25p in the £ of what is owed to the. The taxman loses £750,000 of PUBLIC money and you think that’s OK. Phew !! – ‘We got away with it’ ?

    You don’t deserve to get away with it and my bet is, you won’t. Never mind blaming Mr. Dale. He might not be the ideal suitor for your club, but the damage and wrecking spree is not on his CV. It’s his job to clear up the misery left behind by reckless management and a fantasist Chairman treating a professional football club like his own personal tuck shop.

    “Oooh” They look nice…..I’ll have one of those and one of those as well. How much ? Oh, that doesn’t matter, I’ll find the money from somewhere. Chuck another one in and I’ll borrow a bit more……..

    Joke of a way to run any business, never mind a football club. Now other clubs have to live with the knowledge of what was going on and that stain will stay for many a year. Never to be forgotten.

    Like

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