Please log in or register. Registered visitors get fewer ads.
CVA Pointers
CVA Pointers
Tuesday, 28th Oct 2003 00:00

A Few Points Regarding The CVA

A Few Pointers Re: The CVA

The man that knows better is Rich Lillicrap, a trust board member and an accountant by trade - this is his explanation:

"Yes there are payments due under the CVA but they are FIXED. In other words they cannot change. The amount agreed in March 2002 as the total to be paid is not affected by any new income into the club. All new income into the club is being directed to the playing squad and will continue to be so. None of it goes to the CVA. There is now just one CVA payment left to be made. That MUST be paid whether or not any new money comes in from anywhere. The club have budgeted for this payment. The amount of the payment to be made will not change whether the gates are 10,000 or 1,0000, or if Britten and Trundle et al are sold for £1m in the meantime. I've only some access to the broad finance situation at the club, but it doesn't take a genius to work out that Tate and Nardiello were not in the budget at the start of the season. They must be paid for from somewhere. The initial budget included the assumption that we, as supporters, would substantially cover Leon's wages through the BfB scheme. Maybe that was a bit presumptious but it remains a fact. This, in turn, allowed them to go the extra mile to sign Lee Trundle. If fans are holding back from a £5 a month contribution because of the CVA myth it's not helping. After an unbelievable start we still have the opportunity to go for automatic promotion. More points now than we had at this stage in our championship year. There are some that think the job is done, others who believe that semi mysterious figures in the background will 'bale out' any shortfalls. Neither of these are true. The club has to stand on its own feet and we as fans will have to do our bit at least until the doors open at the new stadium, when the finances should improve. Whoever's reading this, even if you, personally, don't believe you should contribute further to the club please don't stop others by telling them their money will just go to the CVA - its simply not true."

And that explains that one!

You can click here for the original list of creditors before the CVA

What are your thoughts? Share them on the Message Board

Photo: Action Images



Please report offensive, libellous or inappropriate posts by using the links provided.


You need to login in order to post your comments

Norwich City Polls

About Us Contact Us Terms & Conditions Privacy Cookies Advertising
© FansNetwork 2024