: Wed Nov 11, 2009 4:16 pm  

vikings 4 ever wrote:

I'm not going to defend Vaughan in any way, but to be honest I think the club was already in a mess before he took over. In fact I would go as far as to say that the only reason why he was allowed to take over was because the club was already in serious trouble and he offered a way out.

This certainly doesn't excuse him for the way he was using the club, but as the report says, the club was already insolvent when he tried the stunt and the had ran up massive debts.

I dodnt think mess is the right word. We'll have been scraping along under the old regime with a full time setup which we probably couldnt justify for the second year in this league.

To be fair to TC he did always say that if someone came in with the capabilities to take the club on then he would sell his majority shareholding. I suppose on the face of it Vaughan offered that to him regardless of his previous.

I think im right in saying that TC never got his money paid up in full before he passed away either.

: Sat Nov 14, 2009 1:46 pm  

vikings 4 ever wrote: but as the report says, the club was already insolvent when he tried the stunt. Not necessarily insolvent. The third paragraph of the report refers to 'technically insolvent' (though the word 'insolvent' is used on its own later in the article). The two terms have specific and separate meanings in law. Continuing to trade while insolvent can have serious repercussions for any director. Whereas I would guess that many (most?) RL clubs are technically insolvent at any given time. http://moneyterms.co.uk/technical-insolvency/

vikings 4 ever wrote: but as the report says, the club was already insolvent when he tried the stunt. Not necessarily insolvent. The third paragraph of the report refers to 'technically insolvent' (though the word 'insolvent' is used on its own later in the article). The two terms have specific and separate meanings in law. Continuing to trade while insolvent can have serious repercussions for any director. Whereas I would guess that many (most?) RL clubs are technically insolvent at any given time. http://moneyterms.co.uk/technical-insolvency/

: Sat Nov 14, 2009 4:48 pm  

Didn't Vaughan put Chester City into Administration at the end of last season and then buy them back and i think the Football League are now investigating the club as there are irregularities in the financial books.

Also didn't he try the same kind of thing while he was the owner of Barrow Football Club?