[The Well Society]

13 minutes ago, weeyin said:

Most clubs operate that way. i.e. loans rather than investments. It's not every club that can rely on dodgy financing from Russia or the Middle East.

If it wasn't for Les, there might not even be a club. He loaned us that money at zero interest and has continuously written off large chunks of it. Part of the deal was that he restructured the business operations of the club into a more professional and fiscally responsible outfit. Something that has reaped benefits in the short term and put us in good standing for the long term. He also added the incentive to boost the Well Society membership which, again, has made the club more sustainable.

Many clubs operate on bank loans or loans from investors, and the investors are either paid back from income and transfer revenue at preferential rates (like Dundee Utd) or the the loan is converted into shares at some point (like Rangers). Banks wouldn't touch us after our administration, so loans were the only way we could survive.

JB could have called in his entire loan and screwed us. Or worse, just sold Fir Park to Morrisons. The fact that he wrote off a huge chunk he was owed has also benefited the club.

So feel free to the tell the society what you like, but it sounds like you misunderstand how JB and, in particular Les, kept the club afloat and helped put us in the position of relative strength we are now. 

Both were owners not investors that’s why the sold the club and neither had clauses to say they would get their investments back.

However you give a strong case for continuing to give money to one who’s ego took the club into administration and who would have sold it to Asda if he could have and the other who could quite easily have done the same  with his reckless throwing about cash  with no regard for the future of MFC as seen by the way he couldn’t get out quick enough.

Personally I feel it should already have been addressed by the society. Ive already stated I won’t be giving more money to the society until these two have been told they’ve had enough for their time in as owners.

[The Well Society]

3 hours ago, Kmcalpin said:

The recently released set of Club Accounts (year ending 31 May) shows that Les Hutchison was owed £994,00 (£1,469,000 last year) and John Boyle £210,00 (£280,000 last year).  Since then we've had Kipre's transfer fee and Les will be writing off more of his debt through his Double Your Money offer.   Taking everything into account, I'd guess that we will owe them somewhere in the region of £800k by the end of next month. So, progress is being made.

 

23 minutes ago, superward said:

Thanks. Not to be sniffed at paying half a million off. Things moving in the right direction for sure but plenty to do. 

Really! Why are these people still owed money? 

Can anyone give any example or know of any other clubs where once it’s sold to new owners  the original owner then gets any money they invested, wisely or not, during there time of ownership and also profit from future sales they had nothing to do with?

JB and Les are culpable for there choice and subsequent waste of transfer fees and silly wages. They chose to throw their money away.

Before I invest more in the Well Society I want the society to tell  these two they’ve  had enough money from this fan owned club .