For the uninitiated when Ronnie bought the club for the famous £1 along side the millions of pounds of debt he got 549,850 £1 shares in the club representing 96%of the current allocated shares totalling 573757. After clearing the debt he transferred his 96% shareholding into the hands of Edencrest who hold the controlling shares in the stadium company. So in return he and Les became shareholders in Edencrest and along with Mcgoofey own the club and the controlling share of the stadium company. A stadium with a book value of around £5 million plus.
We know Mcgoofey couldn’t sell the club as no serious bidder wanted a club with a million pound covid debt and no stadium. So plan B is to increase the share capital of the club by 1.5 million £1 shares on top of the existing allocated shareholding of 573575. So maybe one individual will buy the lot effectively giving them control of the club but leaving Mcgoofey and pals with a large enough shareholding to presumably ensure it’s still run the way they want it. Otherwise they are looking a lot of daft individuals to fork out money for paper shares worth virtually nothing.
And what happens to the £1.5 million if raised? Nothing to stop Mcgoofey, Ronnie and Les pocketing it. Alternatively Mcgoofey spends it on his luxury drug rehab unit. You can bet it won’t be spent on the first team squad. War chest what war chest.
Oh and obviously Mcgoofey, Ronnie and Les keep their grubby hands on the stadium
![Embarrassed :oops:](./images/smilies/icon_redface.gif)