>>What I cannot fathom I'd how our debt was unmanageable yet smaller than most teams on the PL today. <<
Firstly, Ridsdale borrowed under very bad terms - punitive interest rates. Most clubs borrow long-term at low rates. Ridsdale effectively bought players at worse ratehs than your credit card. Secondly, we could not service the debt. We did not turn over enough money to generate enough profit to pay the interest. Why? Because 95% of turnover was accounted for by players' wages. Servicing big debts is not easy. This is why Man U is looking at a rights issue in Asia to raise cash in order to pay off some long term debts. Finally, prem clubs turn over more money these days as the Sky money is greater than when Pete was f*cking us over. And many have learned the lessons of our experience. Nevertheless, there are several clubs that are living beyond their means right now. Everton, for example. _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org MARCHING ON TOGETHER (There's it)
