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Old 11th May 2020, 09.55:01   #24-0 (permalink)
Rob
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Default Re: Don Bircham Statement RE Club Loans

Quote:
Originally Posted by Prodigal Dragon View Post
The club had short-term cash-flow problems, which were covered by Don.

The Board knew about them, but they werenít circulated widely amongst all WST hierarchy.

Thanks to Don for his clarification.

Finally, was there a requirement to circulate this info widely? If there was, that is a matter for the WST members on the WAFC Board and WST Chairman to resolve. If there was no requirement, then the Board did its job thanks to Donís largesse.
"Requirement" or not appears to be the issue that comes up with people I have spoken to on the topic.

Bircham wanted anonymity as did the lady who did the late 2016 apparently chunky loan. There are ways to keep things anon, but note they occurred.

As I have posted a few times I don't think I can recall anyone saying we should not use cheap/free/easy cashflow loans if required rather than banks or similar.

If fans/directors/banks were not an option the 'sugar daddy' of the WST could also have been used depending how much cash was about, however that would have meant making the issue public for a vote.

A big show is made of presenting more detailed accounting information than most other clubs, and that is based off a desire to inform but probably also a point of principle around the ethos of our model.

A simple line of 'X directors loan facility was available, used and cleared inside the timeframe of these accounts, with full backing of club/trust board' would have sufficed, and I can't see anyone having a genuine beef with that.