Even then, the term ‘lost’ actually suggests he got nothing for his money. I’d completely disagree. He got plenty. Amongst many other things he got the kudos of being able to say he was a league football club chairman, and the privilege of being able to sit at the head of the Board and direct its future.
I get what you’re saying but effectively he cut his losses by £3m in this way. And I would use the term “losses” because from the club’s point of view there was very little to show for his time in charge, aside from memories & rancour. But you’re right, the “goodwill” of being a chairman had some benefit I’m sure.
He could have left the debt, and the ground with the Club. He could then have called in the £11M he was owed & bankrupted the Club. He would have claimed whatever value was raised from any sale of any assets. It could have been more than £8M, but it would probably have been less.
If he’d done that, would he have been any better off? Given it took so long and such a complex formula to sell the ground, would he have made any more than £3m without a football club to sell it to?
