Former chairman: 'I have to recall my Bath City debt or face being homeless'
Former Bath City chairman Geoff Todd has revealed he is one of the "ticking clocks" whose debt must be repaid by the cash-strapped football club.
Todd told a packed fans' forum at Mayday Trust Park that he faced losing the home he remortgaged to plough £130,000 into the club unless he gets the money back in the next two years.
"I am sure most people would agree I shouldn't be thrown out of my house just because I have been daft enough to try and keep Bath City Football Club going for ten years," he added.
A number of other directors' loans are also due for repayment by 2015, forcing City's current board - led by chairman Manda Rigby - to advocate the sale of their home ground or face the threat of liquidation.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Our heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
Rigby revealed at last night's forum that the controversial decision to release her "move or die" statement a fortnight ago had sparked renewed interest from developers in the 4.7 acre Twerton Park site.
She confirmed that a landswap was the club's preferred option and that talks were ongoing with hotels, leisure centres and retail outlets about a joint development where the stadium would be attached.
Rigby also said there was a "political will" at Bath & North East Somerset Council - where she is the Liberal Democrat representative for the Abbey ward - to make a move happen and that the council's upcoming core strategy document would include finding a stadium for City.
However, she stressed that would not be at The Rec, confirming that both Bath Rugby and the landowners had made it clear they had "no interest" in a ground share with the football club.
The imminent financial threat facing City was made clear by Todd's impromptu response to a question to Rigby about directors' loans.
"Most of us in the room don't like saying much about our own personal finances because it is a private thing," he said.
"But I have got to the point now where I have to make you all aware that I am one of those ticking clocks.
"When I came on the board [in 2003], I wanted to see the club stabilise. At the time we had an absentee landlord, Keith Foster, whose company owned 51 per cent of the club.
"We all came together as fans to get the shares bought back from him, then we had to deal with the debt which had mounted.
"He had loaned the club something like £125,000. Because of the steep interest rates he was charging, that had grown to something like £250,000.
"He wouldn't sell without his debt being cleared so myself and three others raised that together. I remortgaged my house to get about £130,000 and I've personally been paying the interest on that additional mortgage since.
"But I did tell the club when I stood down as chairman [in 2011] that the money would have to be repaid within three years.
"I am in a situation where my mortgage arrangement is coming to an end and I do need to repay it, otherwise I'll be homeless.
"There is also a lot of money I have put into the club that I will never see again and don't want to as I have enjoyed my time.
"Unfortunately the reality now is I do need that money back, otherwise who is going to take me in?"