BuddieL

Sorry to disappoint you all but there is no conspiracy, let me explain.
You will firstly notice this is coming from my personal forum account rather than 10000hours.
This is because the financial transaction that I will discuss in a moment has nothing to do with 10000hours.
The transaction which has resulted in the noted charge is purely a matter of the Board of St Mirren FC running the club.
So what is all this about:
The club as a result of the stadium move etc has been due a tax rebate of over 100K. This was expected to be in around about March 2011, but as happens with these things it took longer than intended, no fault of the club.
Some of you may have an understanding of the bugeting process that a football club goes through and the schedueling of payments that come to the club from the likes of the SPL etc.
Obviously the club at the beginning of the season budgeted on the tax return being in before the end of the season 2010/2011 and as it is in the best interests of the club to make sure it can spend as much money as it has avaliable on the product on the park this money was factored into the equation.
However when the money did not come in as planned, and indeed was going to be significantly delayed the Board of Directors have to take the responsibilty to sort out any potential short term cash flow position that may end up happening
Normally what would happen is that your Board members would all put a few thousand pounds of their own money in on a short term basis to get over any blip that may occur.
(This is one of those things that BOD tend not to get any credit for when people are commenting on what they do for the club.)
However the board decided that as we were in the middle of the takeover that we hoped would complete before the end of the season (rather than as is now scheduled June) that having individual directors writting money into the club could lead to some confusion and I was happy that instead Maxi Group would lend a very small amount of money on a short term basis into the club so that if cash flow became a problem while we were waiting on the Tax refund then we would be able to pay suppliers and not let anyone down.
On the basis that we knew the tax refund was coming but just not in the timescale we hoped this seemed resonable.
However for one Ltd company to lend to another it all needs to be done legally and above board and so the debt is registered as a charge on St Mirren FC.
Now the payment from the Tax man arrived in on Monday and so the charge will shortly be removed and the money that was put in to prevent any cash flow issues for St Mirren and thus affect the clubs local suppliers, will be paid back.
It is just as simple as that.