The dilemma at 1921.

Under this ownership the club has steadily become weaker and this is continuing. Nobody has confidence in any of the 4 shareholders of Holdings, which owns 93% of 1921. None of Cumbria's biggest / best companies will do any sponsorship or advertise with the club. None of them will enter into any agreement to provide cost-price or free goods and services. These sorts of funds and help will not appear whilst the current ownership is in place.

It is obvious that in March 2017 AJ's annual habit of covering the annual loss caused by his inept running of the club was over. 1921 was in immediate need of £450,000 in order to get to the end of the season. The club was close to terminal insolvency. Throughout their tenure the owners have been seeking individuals who would give substantial amounts of money to the club without the owners giving up one single share.

Given 1921's existential crisis in March 2017 and nobody wanting anything to do with the club whilst the current ownership was in place, that ownership, which had been begging PD to help for several months, had no choice but to accept his legitimately strict terms in return for £450,000. Possibly that Holdings ownership thought, like Mr Micawber, that something might turn up such that 1921 could pay back that money. Given their track record this was utter fantasy. The 'facility'/debt has not only grown in terms of more being needed and given but also it is constantly growing by interest such that it is now in excess of £2.7 million.

This is a real debt, it is not going to be annulled. If you look at PD's business record, especially in the last couple of years you will see that PD is not a charitable chap. He is now known to want the full amount of that money back immediately. He wants out completely. But there is no way that from normal annual trading that 1921 can pay back that money. Indeed the company is once again likely to report another annual loss and has to do substantial work to the ground.

PD wants his money back now and 1921 cannot pay him anything. 1921 desperately needs new ownership but this situation prevents that. Nobody is going to pay for this ownership's accumulated folly and let the 4 walk away laughing.

PD could implement the Charge but there is nothing tangible governed by it that would interest him. Furthermore, to do such implementation of the Charge would effectively lead to the termination of the club. The Charge has to be fully implemented and not satisfy the debt before PD can go for the Personal Guarantees.

So how can the club move on to new ownership? I suggest that PD use his common sense. He can force the current ownership out and include in any new ownership deal clauses relating to future player sales and add-ons, i.e. Purepay gets 50% of the value of future transfers out and 1921 gets 50% until the £2.7 million is paid. Otherwise PD faces the prospect of possibly getting nothing whilst supporters face the prospect of the current ownership dragging the club even further down in terms of league status and finance.