Indeed.
In the early 70’s, the Board wouldn’t build on a side boasting the likes of Badger, Woodward and Currie because ‘we didn’t have the income that other clubs had due to the small number of seats - which generated more income than terrace tickets - relative to other First Division clubs. We were also told that average gates of 35,000 were needed to enable us to compete. Gates had to come first and then the club might consider showing ambition in the transfer market - not the other way round which is how it typically works at every other club.
For the second half of the 70’s, all of the 80’s and the first half of the 90’s, the fans were told that we couldn’t compete because of the fabled ’South Stand debt’. A stand that was quoted to be a £650,000 project, became a £3m millstone around the club’s neck for 20 years.
Recent years have seen occasional flashes of investment - by McDonald and McCabe - but they have always been extremely short-lived and immediately followed by prolonged periods of ‘buyer’s remorse’ necessitating painful cloth-cutting and inevitable decline on the pitch.
Now, we seem to have arrived at a stage where ’buying back the property assets from McCabe’ has become this generation’s ‘South Stand debt’. It is seemingly something that, however much the club pays out, the liability never goes down.
Literally the only time that the Club has ever punched at or above it’s weight as a football club was from Summer 1981 to Summer 1982, when Reg Brearley poached an up-and-coming manager and backed him with the funds to buy players - Edwards, Morris, Young and Curran - way above the station we were then currently playing at.