Story Loan

[MillerforScotland]

Cumbrianview asked about this on the other messageboard/
This appears to be a magic "elastic" loan, that can expand or contract, depending on the mood of our BoD at any given time.
If they are trying to come over as prudent, efficient "custodians" the loan is a manageable, loan from a benefactor, not in imminent danger of being called in.
If however they are in "poor as church mice" mode the loan suddenly takes on vast proportions and is a complete blocker to any potential investors/new owners.
Of course as any good disclaimer tells us, loans can rise as well as fall and your home is at risk, blah, blah, blah.
So therefore this debt is a very convenient tool for the "custodians"
btw is the debt to Mr. Story personally, or to a Story company?

[pacirv]

If the club had hung on to Nahki Wells they could have paid off the loan selling him to Huddersfield.
As for the suggestion that potential new owners were pulling out of any deal to buy the club is stupid everyone knows how much we owe is not exactly a secret.

[MillerforScotland]

From the other Board:

2 hours ago QuotePost Options Post by dancingbear on 2 hours ago
disillusionedblue Avatar
5 hours ago disillusionedblue said:
"Strange loan this- no matter how much they say they have paid off,it always seems to go up. or perhaps they've forgotten what they said a few years ago. The Story loan is as big a millstone round the neck of the club,as anything else. I'm not sure the Trust would have a say in who the other 3 sell their shares to? Of course,had the previous owner not shafted his predeccesor,then the club may not be in this situation."

"Your right the club would probably be in a hell of a lot worse situation if not for the Story loan. In fact we may not even have a club to support. Some people would do well to remember how much money the club were haemoraging on the old loan."

Can anyone remember who was on the BoD/associated with the BoD at the time Knighton arranged the loan that saw the club "hemorrhaging money"?:s

[carlislekev69]

Albert Doweck was director / chairman at the time