Quote: MOPSEY LIVES ON "Here's my take on things re Ted. Ted sold the ground to himself with money borrowed from the BOI, if people remember he had set a company up in the name of his kids, JAVIDE or JAVINE which were jane, David and Diane which formed part of the tillion group in the Isle of Man. Ted then starting repaying the BOI this money back.
Ted had signed a deal with sainsburys for a plot of land in wakefield and believed it to be watertight to the tune of one million quid. He received only 80000 for it leaving a loss of 920,000 which he had borrowed against, this then took him under and he didn't have the money to keep up repayments on the ground and the bank then became owner of bv.
If Ted had kept up repayments on the ground then he through the tillion group or his kids would have become sole owner of the ground, not WT and not the bank. If Thornes or Newmarket would of then gone ahead then it would of left the club with nothing to give but tillion a nice little piece of land to sell off maybe to tesco or houses for a few crisp million.
Did Ted do anything wrong in the eyes of the law probably not but in my eyes he let down the supporters badly. He was in charge of what was going on and it wasn't his club it was our club. He may of done good work in previous years but he let himself down badly.
Then with all this going on ted go's into a IVA but his last throw of the dice was then to try to turn the tables on us asking us as fans if we cared and for 500 of us to put a thousand pound in to save the club just so he could stay and save his skin.
On the subject of ted putting his own money in he might have I don't know but wasn't it going out the other way in family wages.
Ted took this club to near oblivion and left future owners with their hands tied up their backs with no assets to bargain with has he had sold the clubs crown jewels in the ground.
So let's look at the ground situation at Denby dale. When yorkshire cricket and wakefield were offered grounds on Denby dale paul caddick threatened YCCC with legal action and they backed down . Councillor croxhall offered the ground to someone at the club.( Work it out for yourselves ) and was met by a well what's in it for me, a ground yes but what's in it for me.
This club has been run so bad for decades it's just disaster after disaster we have lost so many generations of fans fed up to the teeth of it all. Let's hops a miracle is round the corner.'"
2 points spring to mind:
1. That the deal to buy BV effectively over-valued it (massively as it turns out), but that, in theory at least, it was a good deal for WT. The initial down payment, paid by the mortgage from BOI, helped to clear all the clubs debt at the time and funded us for a while after too.
2. The Sainsburies thing is not that he only got £80k, it was that the rest had been effectively paid as the sponsorship deal. Ted, and his advisors, didn't agree with that and were expecting the balance to come forward.
I think Ted made some glaring errors, which have cost us significantly, but I would balance that by saying that if others had delivered on their promises, and we hadn't had the Credit Crunch, it would have worked out. It didn't! History.
