The terms of the loan agreed between IEC and NLF left a balance of £4.4 million as working capital for the club which commenced upon the sale completion; 29 May 2020. But however, we were paying interest at £38,000 per week and this was one of my prime concerns for our future.
As described previously, the clubs cash 'burn rate' was circa £155,000 per week, based on last years accounts. So I calculate over the interim 5 weeks = £775,000 spent - which leaves £3.625 million left in the kitty. Other monies ie. solidalitory and EFL payments circa £7.5 m were due in not too long a time. In relative business terms: this must rank as a first for a business with the above financial resources going into administration. Therefore, I can only reach one conclusion.
As described previously, the clubs cash 'burn rate' was circa £155,000 per week, based on last years accounts. So I calculate over the interim 5 weeks = £775,000 spent - which leaves £3.625 million left in the kitty. Other monies ie. solidalitory and EFL payments circa £7.5 m were due in not too long a time. In relative business terms: this must rank as a first for a business with the above financial resources going into administration. Therefore, I can only reach one conclusion.