ROSM
Well-known member
What I don't get is that for all the learned comments on here is how people have missed the release of convertible loan notes on the albion annual accounts for 3 seasons leading up to the announcement of the Bloom funding.
These loan notes were used to demonstrate the proof to investors and councl, buckinghams etc that funding did exist. The fact that a bank was willing to lend but at very high post credit crunch interest rates which made the use of external funding unpalatable means this was the only path available and had to take place.
But I don't recall the club saying funding deals had been signed. So I don't feel misled. They did say funding was being confirmed and the loan note issue underlines that it was.
Bloom himself said it was always the plan that he would cover a proportion of the cost but that the inability rto agree a commercially viable deal with banks meant that proportion was higher than planned.
I also don't believe that knight wanted to give up the chairman's role but the fact he did means that he put the club before his own plans. I also don't believe that the change of chairman had been on the table prior to the first half of 2009 so it's not like he was holding on against intolerable pressure from within.
Finally as for Blackpool - that is more to do with Oyston not wishibng to put his name to land near blackpool airport for their new stadium and then refusing to buy it from a mcalpine's shelf company who did buy it for him, at the agreed price. His jail term only compounded the issue and a full court hearing found against him on it.
These loan notes were used to demonstrate the proof to investors and councl, buckinghams etc that funding did exist. The fact that a bank was willing to lend but at very high post credit crunch interest rates which made the use of external funding unpalatable means this was the only path available and had to take place.
But I don't recall the club saying funding deals had been signed. So I don't feel misled. They did say funding was being confirmed and the loan note issue underlines that it was.
Bloom himself said it was always the plan that he would cover a proportion of the cost but that the inability rto agree a commercially viable deal with banks meant that proportion was higher than planned.
I also don't believe that knight wanted to give up the chairman's role but the fact he did means that he put the club before his own plans. I also don't believe that the change of chairman had been on the table prior to the first half of 2009 so it's not like he was holding on against intolerable pressure from within.
Finally as for Blackpool - that is more to do with Oyston not wishibng to put his name to land near blackpool airport for their new stadium and then refusing to buy it from a mcalpine's shelf company who did buy it for him, at the agreed price. His jail term only compounded the issue and a full court hearing found against him on it.
