Amongst all the talk of XXXXL shirts, Antiques Roadshow and toilet attendants last night a really serious discussion took place surrounding the pension fund and the legal aspects surrounding it.
It was confirmed last night – By law a pension fund is allowed to be passed down on two occasions in the event of a death. At the third exchange the sole beneficiary would be liable for 55% tax on their investment.
What’s that in the price of fish I hear you ask?
So god forbid the grim reaper comes calling to the Bonser brothers – cus lets be honest we will all die someday unless Jeff is the Terminator, so Jeff can pass the freehold onto Robert (his brother), Robert also succumbs to Mother Nature and passes the freehold down to his wife or child, they will then have it in mind that a third exchange will cost them 55% in tax so at that point they will want to sell off the assets.
The club have informed us that we have a 83 years remaining on the 99 year lease we have ringfenced so we cannot be evicted from our home with a twenty-five year extension however this will not protect us should we be unable to keep up with our rental payments.
So technically the club gets passed down twice, the third beneficiary of the land decide they want no involvement in football – strip the assets and leave the club plummeting down the football league pyramid and the fan base dwindles leaving the club struggling to pay off the rental payments – heyho the club are evicted.
Now this is all hypothetical of course but the landlord is in no rush to sell the land despite being an “active seller” and the club are in no rush to find a potential buyer, leaving our future in doubt.
Many have called for a change and now a fans group has now been set up to enforce change Walsall Supporters For Change given the revelations of the past twenty four hours we would encourage Saddlers fans to join the movement and to help our kids and their kids be given the option as to whether they want to follow in our footsteps and support the best club around.