Steeler-in-notts wrote:Sorry to be slightly less positive, but I read the question about season ticket money, and the bit of that which concerned me was this -
We created an overdraft facility in Sheffield Steelers of £60,000 which is personally guaranteed by my wife and I and we have used that facility for our own means.
I have no problem with creating an overdraft, and Bob is explaining that he used that money for the recent court demand.
But what is niggling away is - you only go into the overdraft when the account is empty.
All the season ticket money gone, so that cannot be used as the monthly drip feed into the operating account. There has to be a lot of walk up sales, sponsorship and ancilliary sales to make up the monthly outgoings. I hope the club can survive it.
Depends what company they raised the overdraft through. If it was Sheffield Steelers ltd you probably wouldn't expect it to have any money in it at all. You would expect the season ticket money to be moved into the new operating company. And in any case, would you really want the season ticket money used to pay off BP's debts to the liquidator over SYIHC?
On magna: That place oozes character. If we got in there it *could* be immense. Or it could be a damp squib, hard to tell in advance with these sorts of things. Still, the Steelers playing in a former Steel works certainly appeals.
