Absentee Landlord

[Greylag]

An absentee landlord is an individual that owns and rents out property but is not located on or near the property. “Absentee landlord” can have a negative connotation as it is associated with landlords that are invested in properties for purely financial gain and have no interest in the community.
To what extent does this description fit the situation that Scunthorpe United finds itself in?

[ironfromafar]

pretty dam accurately

[SODIron]

If I remember correctly, initially Swann told us that the ground was transferred to Coolsilk to repay the £11,000,000 gambling debt he amassed chasing his vanity project of being a Championship chairman. This then changed in a later statement to “we did it so we could gain investment for the development projects, and when complete would be transferred back into club ownership.”.

As we’re not seeing any news or action in the way of investment / development it would appear to me that Swann has zero intention of actually following through on the second statement, thus the transfer of ownership is nothing more than a land grab (IMO).

We have to also consider the fact that despite the severe cost cutting measures, the club is likely running at a loss again this season, and will likely do the same again next season. If the losses continue unabated there will be a time in the not so distant future where the creditors will come knocking for their money, and if the club is unable to pay, Scunthorpe United could be forced into insolvency. If / when that happens Coolsilk / Mr Swann will be left with the stadium and surrounding land, and with no football club to drain his resources,he would be free to develop the land in whatever way he sees fit.

In short, I fear we a royally screwed.

2 users thanked author for this post.

scunnymatt88, doris

[Ferrite]

SODIron wrote:

We have to also consider the fact that despite the severe cost cutting measures, the club is likely running at a loss again this season, and will likely do the same again next season

Do you reckon? Given the player sales made and the poor quality players signed (plus the number of loanees), I assume we’re close to Swann’s break-even target.

Regarding (re)development, am I right that the planning permission expires in July? If so, presumably it’s getting quite urgent to make a start on the work.

[Awaywego]

To be fair creditors are pretty good with football clubs, but the one we all can’t get away from is the HRMC.

[cokeovenkid]

How can we possibly be losing money this season fielding the utter shite we have had to put up with? I get that people are told nowadays that they can be anything they want to but seriously, the proof is always out there that it’s blatantly untrue.

[scunnymatt88]

SODIron wrote:

If I remember correctly, initially Swann told us that the ground was transferred to Coolsilk to repay the £11,000,000 gambling debt he amassed chasing his vanity project of being a Championship chairman. This then changed in a later statement to “we did it so we could gain investment for the development projects, and when complete would be transferred back into club ownership.”.

As we’re not seeing any news or action in the way of investment / development it would appear to me that Swann has zero intention of actually following through on the second statement, thus the transfer of ownership is nothing more than a land grab (IMO).

We have to also consider the fact that despite the severe cost cutting measures, the club is likely running at a loss again this season, and will likely do the same again next season. If the losses continue unabated there will be a time in the not so distant future where the creditors will come knocking for their money, and if the club is unable to pay, Scunthorpe United could be forced into insolvency. If / when that happens Coolsilk / Mr Swann will be left with the stadium and surrounding land, and with no football club to drain his resources,he would be free to develop the land in whatever way he sees fit.

In short, I fear we a royally screwed.

Sadly were another bury fc its just a matter of time.

1 user thanked author for this post.

SODIron

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