A different take on a different take !

I must say that I am interested by this suggestion that Town should be hated because of the way that they have behaved toward their creditors .

The root of the problems for Town was the fact that the ITV/Granda JV company failed and didn`t honour its obligations in the season after Town got relegated . Plus at that time the transfer market also collapsed and players such as Mattie Holland had to be sold for a pittance . To be fair to the Board these things could not have been forseen in advance .

At that point in time the club had little alternative but to put itself in administration and seek to do a deal with its creditors which it did . The creditors actually voted in favour of the proposals ( Norwich Union being the biggest creditor) It also instigated a loan note and share issue to raise more funds .

Please remember this was before the league changed the rules and it would have been open to Town to have gone into liquidation with unsecured creditors getting nothing and the club being picked up for nothing from the liquidators ( KPMG/Ken Bates) . It did not do this and it sought to at least give some small amount (plus a larger amount in the event of promotion ) .

You may not like Sheepshanks but I know that he did absolutely everything that he could within the constraints that the club found itself to be fair . You will also note that he regularly writes in the press about the inequality of the finances of the game and how the Premier league and Sky between them are killing football .

I doubt that I will be able to convince you but it is so .

Posted By: John Bonds Ghost on November 1st 2007 at 18:16:11

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