What's going on with Bury Den? Dodgy loans???

http://www.burytimes.co.uk/sport/11601517.Future_of_Bury_Football_Club_is_not_being_put_at_risk__assures_chief_executive_Glenn_Thomas/

To be honest Dawg, the non disclosure of the clubs finances at a recent AGM have been a topic of discussion amongst the fans for a couple of weeks now. We'd paid off 2 large loans (to the PFA & HMRC) to starve off a winding up order, bought Championship players, spent £250k on a new pitch and spent large amounts of money on the upgrading the stadium and it's facilities. Due to the fact we nearly went bust a year or so ago, people just wanted to know how it was all being paid for.

However, what people fail to understand is that Mr Day (like Sheikh Mansour at City) runs the football club as a business, so at no time does he ever have to publicly divulge the clubs finances.....he only has to publish them to the clubs shareholders, the gripe was, he failed to do so at the last AGM.

Hopefully, the BT article will arrest of few of the fans fears.

In the link above, i've also put a link on the comments section, which goes into a little more detail.

Oh....and we don't even play at Gigg Lane anymore

Lazy journalism!!!

[quote="shakencity"]Oh....and we don't even play at Gigg Lane anymore

Do you not?

Well, to me we always will blue

I don't believe that interest rate.  138%?  Where did he get the loan from, Wonga??

138% pa is a bit steep but, when people need money, they can pay over the odds.

I remember a few years ago an old schoolfriend of mine wanted to borrow some money. He was a property developer and borrowing money from the usual sources was difficult. he had a good prospect and needed cash. He offered me a 10% return on my money and would return the money in 3 months.

I didn't loan him the money in the end as we were buying our flat.

I think it was always the Boards intention to make quick money and pay the loan back within days/weeks rather than months/years.

Anyway, slightly more important... When did the Shakers stop playing at Gigg Lane?  I Googled it and every source says you're still there.  Please clear up my confusion!

I think you'll find they changed the name...

It's strange really leo, as even on the clubs website, it's still classed as Gigg Lane, however, the last paragraph about the Stadium says this.

On 12 November 2013, the club announced a new commercial deal - described as the biggest in the clubs history - when the Stadium was renamed as the JD Stadium in a deal with local company JD Sports.

http://www.buryfc.co.uk/club/gigg_lane/

Yeah just like St James Park was re-named the Sports Direct Stadium but every one just continued calling it St James Park 

http://www.burytimes.co.uk/sport/11605473.Bury_s_chief_executive_Glenn_Thomas_sheds_light_on_club_s_financial_dealings_following_damning_report/

Oh yes, more money will be made available as and when needed. I feel like we're the Man City of League 2 .

Promotion is a gimme then Den...

I wish it was that simple Dawg and definitely not the way they're currently playin away from home....can't buy a win at the minute

2 league home games coming up next...need the 6pts to put us back in the mix.

The Chairman sets out Burys future in the link below....all seems very exciting and you can't knock his vision and confidence....might go some way to explaining how he's become so successful.

http://www.burytimes.co.uk/sport/11605516.Stewart_Day_s_plan_for_Bury_s_bright_future/

Ooh, bringing in money from outside like that, you'll get called for financial doping

Sounds like some good plans afoot there, especially the ones designed to make the ground a source of income in the 166 or so hours a week it's not being used to stage football matches.

Agreed leo, just hope it all goes ahead and we continue to have money to spend on the playing staff.