Just read David Conn's article on Bury. The Shakers look well and truly stuffed
- Total debts over £8 million
- £4.5 million owed to Mederco Ltd (Former Chairman, Stewart Day's (SD1) company which is now in administration)
- £3.7 million owed to Capital Bridging Finance Solutions taken out during SD1's tenure which new owner and Chairman, Steve Dale (SD2) says carry interest of almost £1,500 a day. Loans are secured on Gigg Lane.
- £800,000 owed to HMRC
"Dale said he was aiming to agree a settlement of the loan on Gigg Lane, then he may transfer the stadium to a company he has formed, Bury Leisure Ltd, and the club could pay rent to play there until he is paid off. Some of the club’s trophies and memorabilia have been transferred to another new Dale company, Bury Heritage; Dale has denied that this is asset stripping and said it was for safeguarding, because bailiffs had been seeking to repossess them on behalf of creditors.
He has said publicly that he is looking to lay off staff, who have also had to wait for their wages. His aim, he said, was to reach a settlement with the other creditors too, which would enable Bury to survive the winding-up petition. “I didn’t create the mess,” he said, “although yes, it has accrued and got worse while I’ve been there. It’s like being stuck in the dam; you’ve only got so many fingers to put in the holes.”https://www.theguardian.com/football/20 ... ition-debt