So loans from wba to anyone else are up to Lai and the only time we find out is when accounts finally get published. Is this what Simon Jordan was saying the other week.
Sort of…only the board of directors can make a decision to make a loan from a company. That’s where responsibility lies. Shareholders can request, but no more. Directors make the final decision, no matter how much pressure is applied by the major shareholder. But when the board of directors (in this case a sole director (of Group) simply does as he’s told by the major shareholder, with total disregard for his fiduciary duty owed by him to the company and ALL of its shareholders, it highlights the need for football clubs to operate with proper governance, as now being proposed by the Government.
The point you make is correct though - the only time that “we†(ie the minority shareholders and the fans) find out what has happened re any such loans is 9 months after the end of the financial year, which can be up to 21 months after any “questionable†loan by the club has been made. It all comes down to whether the board is acting as a board must do, or whether the board is acting as a puppet of a dominant shareholder.