February 02, 2018

It's the Hope That Kills You


It's the Hope That Kills You



BILLY'S CONTRACT




As someone once said it is the hope that kills you. Last week it looked as if HUFC had turned the corner and that a white knight in the form of successful businessman Chris Musgrave was looking to take over the club.

After the euphoria of the "Save Pools Day", within 72 hours we were all back to earth with an almighty bump as Mr. Musgrave said that he was pulling out of the deal because the financial challenges facing the National league club were serious indeed and he had not been able to identify the exact of amount of cash required to save it (sic).

I must admit I was taken aback by this statement as to the outsider it suggests that there are many skeletons hiding in some bloody big cupboards in the HUFC accounts department and it seems that no one knows where they are hidden, let alone where the keys are. My main concern however is that Pam Duxbury is a professional qualified Chartered Accountant and it appears that she was not able to provide the information that Mr Musgrave required, which should be a basic requirement from the vendor to the buyer to execute the sale. She should as a matter of course, provide details of all the incoming sources of revenue as well as total outgoings of the (any) business.
"I would be most disappointed if Pam Duxbury is trying to hide something"

I would be most disappointed if Pam Duxbury is trying to hide something, as at first I thought she might, but still hoped that she would be a breath of fresh air for the club after the previous regime. I must admit to feeling a little uncomfortable during one of the early HUST meetings when we were informed that Pam was unable to give details of the club's debts and needed time to do some more digging. This statement was repeated and seemed to drag on. Having been in business myself it seemed as if she was stalling for time.

She was later quoted as having said that HUFC was in a bad place but not a dark place, which offered a glimmer of hope. Then, unexpectedly, Sage announced that they were pulling the plug and would no longer plough cash into HUFC. To a large degree I can sympathise with them. They are millionaires not multi millionaires and if they are haemhorraging money to HUFC in the amounts that they claim, I would do the same if I was in their position.

What Pam Duxbury needs to do is explain to potential investors and fans alike where 'all' the money has gone and how, over a short period of time, a club that was sold on, debt free, is currently £2 million in the red. Surely as a Chartered Accountant that should not be too difficult. Please prove us all wrong Pam.