The statement explicitly states we have no bank debt, and that more directors loans have been converted to shares. What is your question?

Damn right. And his cashed up chums aren't so far behind either! They certainly deserve cupholders with their padded seats in the new stadium.

Does this mean I can't sing 'Sack the board' when Lance Hohaia knocks on and costs us another game next season?

I think you might find yourself trundled out of the stadium if you so much as try!

Where would we be without our present set of directors?
Have a close look at Bradford and the downward spiral they've been In,
a few years ago there wasn't a ciggy paper between us. Macmanus and co have sorted out a brand new state of the art stadium(that's ours!!!!!) whilst keeping us extremely competitive on the pitch.
I for one am extremely grateful to Eamon and his board were really lucky to have em.

Don't put him out of his misery, let him clutch at straws.

McManus is the reason why this club has been so successful (or is even still in operation) over the past few years. It should be him with the statue.

Hope he enjoys his armchair with the best view in the stadium.

Fantastic news (I think, not being big on accountancy myself... ) - Big Mac confirms his total Saints Legend status yet again.

Now, if only we could find and afford another prop to go with the new stadium...

What do you mean, our latest international prop is due to win another cap this weekend, isn't he?

Well, it seems like the builders will be paid and any money owing will be to an interested party. So that's good.
Now its time to start making some money from our new stadium.

To be honest, makes no difference how much money you (or Wigan) have. Game's run by communist clowns who won't let you spend it anyway.

I imagine it will be one of them debts that never get paid back.

The impact of accumulated losses are reflected in the last balance sheet published(as at 31 Oct 2010).The external debt at that time ie to banks and brewery etc was not too significant.However ,there was also £4.3m owed to Sporting Club St Helens on inter company account( is McManus controlling party of that organisation?).No doubt we have incurred further losses in the currrent trading period,so debt will have increased on the back of that ,unless there was an equity injection by the directors.

Debt (as in bank debt) won't have increased as a result of losses because McManus has stated we have no Bank debt; so ongoing losses will have been funded by directors' loans. Whilst still debt, these directors "loans" have been getting converted into shares for years now so are really equity in all but name.

If McManus is saying we are bank debt free now, it matters little what recent losses have been as they have obviously already been funded other than through "external" lending. Obviously the losses don't just jump up at a financial year end, they need to be funded as and when they arise (which I know is the point you were making).

Sporting Club St Helens is the holding company for the club and has no creditors. Zillions of people have shares in it (including me, my brothers and my dad!) but the McManus family has loads as do some other current directors. Basically, the debt due to that company can be ignored as the Holding company would never call it in, nor does it have any reason to as it has no creditors to pay.

The more I think about it the more I can see that's it's a nice way of telling Saints fans that they had to borrow another £6 million to complete the stadium.

Very clever.