Business Insight 81 – Creditors in a Cash Flow Crisis (blog & vlog)

The British Open Squash Championships came round in their spring slot. The deal was that we didn’t get to participate in the profits of the 3rd year. The previous year had been a big success, and we were lauded by all and sundry. They made me an ‘Honourable Life Member’, but I hadn’t got agreement for the same deal and so the sponsorship was £75,000, plus additional costs of another £50,000.

So that’s £125,000 that we didn’t have in our coffers, and even if we had, it should definitely NOT have been spent on sports sponsorship. It was our last year, and we found the money from somewhere. We had done our bit for squash and were genuinely appreciated and I think missed, for a number of years after. They had become friends.

INSIGHT 81:- Our Final that year was interspersed on TV with the very famous ‘Black Ball’ World Snooker Final between Steve Davis and Dennis Taylor, where their best of 35 frames (fought over two days) match went down to the last Black. They kept 20 million of us from our beds as it finished in the early hours. It was on the BBC and our Squash Tournament highlights was transmitted during breaks in the play. Everybody saw it, including all of our creditors, who I’m sure would have thought that THEY were paying for it!

 

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