Quote:
Originally Posted by TopCornerFergie
I'm open to be corrected on this - but it's my understanding that any monies received from a sale of the Club would be distributed amongst local charities.
There would be no financial benefactor, and the idea of putting it in a rainy day fund would be very dubious.
What's it going to be used for? To cover the bills of the new owners when they run out of cash?
Sell it for £1 and let them use as much money as possible turning us into a professional outfit.
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Money in the WST bank would only go to charities if the trust folded by a members vote.
The recent EGM questionnaire revealed that the members wanted the trust to continue in the event of a sale.
In the event that new owners fail in their objectives the trust need to retain funds in order to provide a safety net.
Too easy for a new owner to run up debts and do a runner if things aren't going right.
I'm interested in this bid but need to be convinced of the integrity of the proposed new owners and the source of the funding. Would also like too see a condition of sale that no debt is carried forward.