Not only would writing off that Loan have removed a barrier to the ground being sold or used as Security for external funding, it would also have eliminated the Society's position as a Preferred Creditor in the event of MFC failing. Not seen as likely when the Society was established (and hopefully not now), but a sensible safeguard that was one of the main reason funds were originally to be Loaned rather than Donated.
Repayment of those monies in a worst case scenario to assist a rebirth of the Club if ever needed. Despite that agreement I believe the former WS Board authorised the release of funds in excess of £1m by way of donation to MFC. That is £1m of fan contributions that have gone forever. Looking forward, I understand the current Society Board have indicated that future funds will primarily be provided by way of Loan? Unless my take on the recent AGM is incorrect that is.
Why the 2 Society Reps then on the Executive Board saw fit to recommend any deal that involved the removal of those safeguards (and potential repayment of monies) defeats me. I did ask the question at the time, but received no explanation.
So how is the revitalised Society doing? A positive start with a great deal more communication and openness. Expectations were high following the plans/ambitions that were set out. Maybe too high? My concern is that the Society are expected to carry out duties that should primarily be the responsibility of the Executive Board. I'm also sad to see Jason moving on after 8 years. I wish him well.