RLC, I don't disagree with much you say. Day's model was unsustainable but I dispute the awareness of the situation - yes, anybody could "smell a rat" but awareness relies on disclosure that Day never gave, nor had to give. Likewise to say the "public were well aware of the risks"; how could they be for the same reason? The supporters groups DID try to hold Day to account via Q&As and meetings but, ultimately, the public's crime was to take at face value what their chairman was telling them. The Bury fans have had the wool pulled over their eyes and now that the chickens have come home to roost are obviously gutted despite their promotion. It really does make you realise how fortunate we are to have Mark and Nicola at the helm and for PJ's sensible benevolence as we went through our own difficulties.
As I have said, the majority of the financial damage was done under Day's predecessor, not Day himself. The excessive borrowing began in 2014 and was widely publicised at the time in the press, and was reported in published accounts which are available free of charge to anybody who wants to read them. Day exacerbated the situation, he did not create it, and - correct me if I am wrong - his predecessor was never held to account by the Bury supporters. Why would he be, when he delivered them promotion in 2015 and made the promise of Championship football ?
From 2014 onwards Bury borrowed £14 million secured against the ground and the surrounding land. If those loans could not be repaid - which they have not been - all of the assets of the club would be seized. Those loans were reported in club accounts and in press articles, and were discussed at length on Tranmere forums such as the Cowsheds at the time. You did not need to be an accountant to understand the stupid risks the club was taking, and those loans have been in place for five years, not since last week. Yet, no Bury supporter group challenged the previous owner as far as I am aware. Do you really believe our supporters' trust would be so complicit / naive in the same circumstances ?
Of course the major responsibility for Bury's problems lies with their current and previous owner, but when compared with other clubs in similar situations, their supporters did little if anything to hold the owners to account. Some fanbases are more realistic and responsible than others.
