Bury's finances - over £8m in debt...

[robf]

I wanted to post this in a separate thread from the other Bury one.

 

The (ever excellent) David Conn at the Guardian has done an in-depth piece on Bury's finances. They look staggeringly awful and even though the owners spoke to Conn they offer no real concrete plans on how they are going to get out of it other than the age-old "a new ground will provide more income" one (no details on how they will fund it).

 

One paragraph reads:

 

Bury’s most recently published accounts, for the year to 31 May 2015, revealed a loss in that promotion season of just under £3m, pushing accumulated losses up to £8.4m. Creditors were over £5m, including £3.7m secured, presumably on Gigg Lane, Bury’s one major asset...

 

I'm not posting this to crow at another club's troubles. I feel really sorry for the Bury fans who (it seems) are inevitably going to face a crisis soon. I don't want to see any other club in financial distress and honest, loyal fans worrying about their club's future. I do wish the FA and FL would urgently revamp its fair play and ownership rules ASAP.

 

Here is a link to the piece:

 

https://www.theguardian.com/football/2016/oct/27/bury-gigg-lane-winding-up-order-league-one?

[Tomo]

Said towards the end of last season I fully expect them to be in administration within 18 months, looks as though I may not be far off. Train wreck in the making.

[Samwelo]

Said towards the end of last season I fully expect them to be in administration within 18 months, looks as though I may not be far off. Train wreck in the making.

 

Agreed. The spending has been really irresponsible. I feel very sorry for the fans if it gets to admin. We all know the pain.

[Essex Vale]

It beggars believe that the people who haven taken Bury into this position are allowed to continue to run a football club. From any business perspective this is utter madness. Bury have a long proud tradition, but I wonder how long it is until their name is bracketed with Stockport, Darlington, Bradford PA, Workington, who all had a great history as proud Football League clubs.

 

Sadly it is just a question of time until Bury go down that path, unless there really is a Father Christmas.

[Trampilot]

The FA and League need to pull their heads out of the sand and actually start getting interested in who owns "their" clubs. The comical "fitness" test is clearly rubbish. It should be far reaching and actually protect clubs from shysters and stupid and unrealistic business plans.

[ELDERBEZZA]

And to think a few on here said at the time Bury were spending "if the likes of them can spend,why can't Vale"? The answer is almost complete as those figures show!!

[For Us All]

Bury's plight was highlighted on here when they signed Popey.No disrespect,but the writing was on the wall from that day on.

[George]

I wonder what our current losses are over a similar period.

[For Us All]

I wonder what our current losses are over a similar period.

 

Chickenfeed compared to both Bury and Bolton's.

[Bald Eagle]

Chickenfeed compared to both Bury and Bolton's.

 

And funded by Smurf not external debt

[JOHNNYAITCH]

All depends on who the money is owed to, under what terms etc...debts aren't necessarily a bad thing.

[Bald Eagle]

All depends on who the money is owed to, under what terms etc...debts aren't necessarily a bad thing.

 

Only if you are generating the profits and cash revenues to support repayments. Most EFL clubs are not, and the Premier League model only works whilst each TV deal scales new heights

[For Us All]

Bury have now lost 7 games on the trot after yesterday's defeat at Northampton.Has their plight got through to the players?

[CAVALIER]

Their plan seems to be the new ground up the road. Perhaps they can get Danny Boyle to bail them out. He's a well known follower.

[JOHNNYAITCH]

Only if you are generating the profits and cash revenues to support repayments. Most EFL clubs are not, and the Premier League model only works whilst each TV deal scales new heights

 

Still depends who its owed to..some football debtors will happily write off debts for the good of their club..some loans are never meant to be repaid