Quote:
Originally Posted by Whalley Red
The sale and price of the shares had been agreed last year. Reading the posts on this matter (which are therefore always second-hand at best), there are sticking points of which the main one being that EW claims that he is owed money by the Club which was in the form of loans.
Ilyas has taken overall charge of a financial investigation of the Club's affairs and therefore there has been a full audit. Once the results of this are presented to Ilyas, the issue of whether EW is rightfully owed money for loans can be resolved.
Therefore it will get sorted at some point, one way or another. I am in no position to bid for these shares myself, so my only interest is in how it affects the funds available for the team. Unless we have to pay back hundreds of thousands of pounds to EW (I don't know the proper figure, but I would imagine it would be tens of thousands at most), I can't see how it makes much difference to the team's finances. However I have confidence in Ilyas' ability to make a proper investigation into the Club's finances and ensure that we have a solid footing for the future.
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Surely the share sale at an agreed price and the matter of what is on the balance sheet are seperate issues? If the sale was agreed last year, then why has it still not gone through some 12 months later?
Both the club and EW as a successful businessman should have had full documention as to what monies he made as loans and what monies entered the revenue accounts. This should be a relatively simple matter. If the books have become muddied, however or were never right in the first place then the agreed sale could only have been done on a conditional basis. This was not what the supporters and people of Accy were told at the time - we were told that the share transfer was a clear cut matter.
Anyway, I certainly don't envy Ilyas in sorting out this mess.
PS...I think we've got a bit of a thread wonder here...the reason Coley and Jimmy have not signed is probably far more innocuous.