Lord Kangana wrote:
The only fly in the ointment I can see is that, as far as I understand, individual savers/investors have been given precedence over corporate and commercial clients with regard to reclaiming money from Icelandic institutions.
Which, unless BWFC/Davies have some juicy ISA's sitting in Rekjavik, doesn't really apply to us, as I suspect its we who owe the bank not vice-versa.
Yes, The club as borrowed money from the Icelandic bank and as long as we pay back the loan on time there is no problem.
If we can't then Mr Davies as underwritten the loan - so he pays it back instead of the club - no problem.
If we can't pay it back and Mr Davies can not meet his obligation to guarantee the repayment - big problems.
firstly in response to LK and as sluffy picks up on - we're not in that position - we owe them so the precedence you've quoted doesn't apply to BWFC.
As for the summation of the position - that has always been the case, so why get worked up about it now? The key issue is BWFC's ability to service its debt, this season we'll get £30 million from the Premier league, I'm sure we'll scrape enough loose change together to keep the mortgage paid.