by Reg » Mon May 03, 2010 1:39 pm
'Lies and broken promises'. An easy to make statement and equally easy to be misunderstood in the light of a terrible season.
Lets consider from the business point fo view, not football. Rafa signed a 5 year contract last year when he could have declined. Obviously he was aware fo the business plan which included a squad investment budget plus some assurance that either the owners wouldnt sell up or sell 30% to raise capital to reduce the debt and therefore improve our ability to borrow money. Basis that he signed and got the key players to extend their contracts as well, ie the building blocks were being put in place for the next 5 years - the key players were equally convinced.
What changed was the financial ruin of both H&G, G sold his hockey team, H has tried to sell his Dallas 'franchise' whilst defaulting on multi million USD$ payments.
H&G realised they had to sell up, but wasted 12 months fannying around on the price which has destroyed the business plan agreed with Rafa.
Why? its fairly straight forward: 1. With their finances, they dont have 50 million cash to give Rafa for transfers, 2. With the banks calling their loans in and forcing an MD (Purslow) on them, clearly the banks werent going to extend the facility to cover a transfer kitty, 3. Even if 2 parties are supposedly in discussion to buy the club, neither the new owners will sanction a cash injection before they´ve finalised any purchase agreed nor will they agree to a loan taken out by the club/H&G on the shockingly high terms those cowboys are forced to pay to get cash.
So yes, it is lies and broken promises, the 5 year deal / 5 year plan is in place, the manager signed, the key players signed and suddenly the promises funds - from H&G, or banks, or new owners has not materialised. Rafa can see on 1st May the funds wont be available for the summer transfer window and he´s blowing his top.
If he does walk out, it wont be because of one terrible season´s results, it will be because he´s fed up of cheap promises, bankrupt owners and a club that always talks of returning to the top with a new stadium, but in reality is paralysed.
As I said, the above is nothing to do with teh football side of the season, just the commercial side with Rafa wondering how the club can progress without cash.