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Thread: Bankrupt without Edinburgh Woollen Mill

  1. #1
    Join Date
    Jun 2012
    Posts
    42

    Bankrupt without Edinburgh Woollen Mill

    At the start of this year the experts at the other place reckoned that the club's debt to EWM was as high as 2.75 million, which obviously clearly indicates that without EWM the club would be bankrupt.

    Normally the headline figure for transfers is paid over 2 or 3 years but let's assume that the headline figure has been paid immediately, through the negotiating skills of our highly effective team.

    So if that up front fee was paid by the club to EWM it would reduce the amount owing to 2 million pounds.

    Thus the club's financial status would be unchanged because without the good grace of EWM the club would still be bankrupt.

    The club would be just as bankrupt for a debt of 2 million pounds as it would be for a debt of 2.75 million pounds.

    If Philip Day wakes up tomorrow having not had a good s­hag then by the end of the day Carlisle United may not exist.

  2. #2
    How can the club be potentially bankrupt without the support of EWM? According to the last accounts the club owns tangible assets with a value of 8,388,185, nearly all of this figure being Brunton Park.

    A company cannot be routinely bankrupted if its assets exceed its liabilities, though of course it may be prone to extremely serious litigation concerning debts.

    You do trust the figure in the accounts that were signed off by Chief Executive Nigel Clibbens, don't you?

  3. #3
    Join Date
    Nov 2009
    Posts
    2,089
    I know one thing AJ said it would make a nice little non league club.He is right it probably would,less wages overheads etc.But one thing he did not say is that is what he wanted to happen,and thats the difference.Good coffee shop eh.

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