QUOTE (Radford @ Jun 16 2008, 07:05)

There are slight differences between the financial situations though. Our debt was incurred through falling from the Premier Division to Second Division in consecutive seasons and the hit in gate receipts that resulted. We went from an average of 4,859 in 1983/84 (Premier Division) to 957 in 1985/86 (Second Division).
Going off memory, we owed about £200,000 at the end of the 1985/86 season, not sure that constitutes a massive debt (considering we'd sold a player for twice that a few years earlier). Brown invested £100,000 and then there was a share issue which raised a further £150,000.
We were incredibly fortunate to benefit from Mr McDiarmid's donation but we didn't make millions from selling Muirton as the deal was ASDA built us a ground, then they could have the land. It's true though that we ended up with a bit of money in the bank when the whole thing was completed. Brown worked very hard on that deal though, things didn't just fall into place. It was also Brown's foresight that saw us build an all-seater stadium, we could easily have created something with terracing, only to have to tear up parts of it less than a decade later. He was also under pressure from the fans to build something nearer 20,000 in capacity but stuck to his guns, with the promise that away fans would only be in the ground if there was space for them. That seems silly now maybe but remember in that first year at McDiarmid we had two capacity crowds in the First Division.
Rad, debt is debt, it all comes through mis-management. Weather that be free-falling through divisions or business plans not working due to serious injuries to players, it's all mis-management. On the point of selling a player for more than your debt total previously, it means nothing ifhe is the last valuable player you had left worth selling. We both know you can'tdisguise rubbish as gold. £250K of debt was HUGE in 1985/6. Considering how close we were in 1995/6 with a debt similar pro rata to that, you'll see why both clubs were extremely fortunate to be saved by chairpersons. The only difference is, when the Marrs gained control of Dundee, we had almost 0 in sellable assests, and those we did have, we sold to give ourselves room (Weighthorse traded for Barry Smith + money).
Making the deal with ASDA obviously didn't just happen, but once the wheels were set in motion, a monkey an delegate everything to push through finalisation. At the end of the day, we ended up having to pay plenty of £ for two stands, meanwhile you had a massive advantage of recieving the land from a supporter. This obviously saving Brown or any fans paying for them.
At the end of the day, we got chairmen who had extremely ambitous ideas that had it not been for a series of injuries and the death of the transfer market would have turned out to be a minor sucess. Meanwhile you got a chairman who was happy to just keep you floating along.