Rage Online Blog

On the front page of today's Oxford Mail is a story claiming that creditors of Oxford United are saying that the Manor Ground was sold too cheaply at £6 million. Unsecured creditors, who had received 10% of what they were owed under the term of the CVA, should also have received 50% of any profit from the sale of the Manor once the secured creditors had been paid off. The money received from the sale of the ground only covered the debts owed to the secured creditors, meaning that the rest (including Stadi Varios and Keith Cox) received nothing. One year later, with planning permission received, the ground was sold to the Nuffield Nursing Trust for £12 million, the extra being profited by Firoka, rather than OUFC. No doubt we have yet to hear the last of this, although it sounds more like one of Firoz Kassam's crafty deals rather than anything particularly dodgy.

Labels: Money, The Manor, Uncle Firoz