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.
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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?"
8 Comments
by dls198733
Sunday, February 03 2013, 9:59AM
“Sorry Weston Ray didn't mean the comments had actually disappeared, just mean that the "hate" comments seemed to die down. Was just referring to how acute the situation is. I'm sure we'll debate again in a future thread!”
by MALCSALT
Saturday, February 02 2013, 12:14PM
“Very negative meeting as "The Hidden Agenda" remains hidden. Is Bath City FC on the road to extinction, because I do not trust our Liberal Democrat led Council.”
by Ellis81
Saturday, February 02 2013, 1:10AM
“Bath city will end up at odd own f.c . Simple as that.after all the debts are paid We can safely say there simply won't be enough money left to build a ground,bath rugby wont do a ground share,so odd down f.c seems the likely option. with the limited funds left from the sale of twerton park you will see odd down f.c given a minor facelift to accomadate city. This is sad but very true. It's like it or lump it situation. If only this decision was made pre 2007, when the land on which twerton park stands would have been worth considerably more.
It's a bitter pill to swallow bit it's one city fans are going to have to deal with.”
by WestonRay
Friday, February 01 2013, 6:58PM
“These comments must of been removed then because I can't see any?Seem rather funny for Geoff Todd to come out now?don't you think.let the chair come up with plans to where she wants us to relocate to and only then really can we decide.”
by dls198733
Friday, February 01 2013, 6:01PM
“So the comments on previous threads slating Manda have disappeared on this one? Do people actually realise the mess we're in?! Hope the packthepark campaign works tomorrow, though annoyingly there's a lot of Yeovil Town rabble on that tweet tag.”
by highspeeder
Friday, February 01 2013, 12:31PM
“One thing this article brings home is the intention of Bath Rugby to secure the Recreation Ground for them and them only. Perhaps this should be brought to light to the trustees as soon as possible because they I'm afraid look like being hoodwinked.”
by WestonRay
Friday, February 01 2013, 11:39AM
“I'll ask my misses Geoff if we can put you up.”
by DavePalms
Friday, February 01 2013, 10:48AM
“'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'
So much for a venue for all sports eh?”