This is what Im struggling with.
Why are we sitting with a negative position (to all intents and purposes)?
I can only come up with:
Misc overheads - the pitch upgrade was a while ago though - not aware of other large remedial work etc?
Player salaries - Finishing 2nd is, at the end of the day, negated, if we are spending over the odds finishing there in the first place, then not taking advantage of it (progressing in Europe/cups and banking cash).
Seems to have been a very short-term view of things being taken.
The Well Society, for all its merits, was never really a viable long-term option in terms of running the club. We simply dont have the fanbase to support it ad-infinitum. I thought it was about having cash reserves to be called on, if need be, in the future (over and above the day-to-day balance sheet management), which is a non-starter if we were in a loss-making position at the outset.
Was the Well Society actually just about funding a short-term working capital gap?