redrobo wrote:The Board could not have funded it out of their own pockets
Yet the Board members collectively probably ended up putting in more money to cover the losses. With PMG putting in a couple of million, other directors having to buy plots of land, talk of some sponsors/directors putting in smaller short term loans to pay wages, etc.
Also you mention crippling loans, but we ended up with those too! I.e. the artificial pitch and academy building company being put into receivership because the loan repayments weren't being paid. Loans/overdrafts from the bank as per charges filed at Companies House, etc.