The Cost of a Posh Party

Thursday, 15 October 2009 03:18

A dashing and infectious new broom that swept up old messes and pledged allegiance and cash to a bright future - too good to be true?

Written by : Carrotcruncher

Peterborough have achieved a turnaround. From looming obscurity to two quick promotions on the backbone of Darragh MacAnthony's charisma and dosh. Under inspection though, some doubt arises as to whether it is a sustainable course of events, and even suspicion that the long-term might be put at risk by the route to recent success.

It might appear odd to say following such a successful period, but there are signs. Anyone listening to MacAnthony on BBC Radio Cambridgeshire, will have noted mention that getting to the Championship has taken a cool million out of his personal wallet just on players' bonuses alone for last season's promotion. Two consecutive season-losses of a million are expected to be followed by a £2.5 million loss for 2008/09.

The Irish whizz-kid is into property, mainly overseas and on a massive scale. It is thought that his takeover at London Road was conditional on securing planning for residential development of the old ground. Now, with the brakes applied by local authority obstructions to building a new ground, the speculation will start as to whether MacAnthony will look elsewhere for a new hobby-project. It is not apparent at this stage he will, and if he did, it is unclear on the financial structure whether the club could be plunged into a serious sudden cash-flow problem.

Mentions of cashing in on star-names to free up a round of cheaper replacements suggest cash-flow is at least a discussion point. For me, one quote alone gives a hint of worry: "There is TV money, but ridiculously we we don't receive any of it until November and then again in April." MacAnthony's surprising use of the 'r' word perhaps a give-away that cash-flow might indeed be a policy driver.

Of course, to the outside eye, it is apparent that an enormous amount has been wasted on a long list of expensive players who twiddled their thumbs. Darren Ferguson had licence to buy players with potential on a try-out basis, some came good, many were money down the drain. MacAnthony still expresses a wish to 'not sign experienced players'.

There is no clear implication that Peterborough are on the edge, I agree with MacAnthony : 'There is no need to panic.' Merely that certain eye-catching things are occurring that suggest caution is needed. This need is endorsed by the current extreme example of a 'nearly' situation involving property developer Simon Morris - under police scrutiny and now declared bankrupt, with company debt estimated at about £50m, Morris was the failed 2007 challenger (ironically) to Ken Bates for the Leeds throne.

I fondly remember an interesting character who had both playing and Board connections at Peterborough going back to their Midland League days. His numerous tales of London Road past were often amusing and gave me an impression of a friendly family-orientated club.

Perhaps they left that persona behind when they leaped free of non-league lowliness. Posh suffered an enforced relegation through financial irregularity in the infancy of their near-half century of league status; the recent past had also seen rocky times, culminating in Barry Fry curing pressing situations, of both financial difficulty (Darragh's original multi-milion pound investment included a bail-out of over £1.5m of historic debt) and Fry's own lost popularity, by sourcing spendthrift MacAnthony.

MacAnthony's personality has been as significant an input at London Road as his money. When you combine that with the character of Barry Fry, it is easy to gauge that the atmosphere has been three years of continual party mood.

No certainty either way, but indications of a possible developing situation. And some insight into the potential pitfalls of buying short-term success.

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