The debate over Hemming's reclaiming his debt is a good one. He sees his investment, his input, his injection of money, as a loan. This means he intends to get it back in terms of cash or equity. It is not a handout. As ridiculous as it seems, the handout - a benevolent act of charity for a perceived cause - is what has brought success to many clubs, from the big Italian clubs, down to Blackburn Rovers, and Real Madrid. This has come in the form of an attachment to a local business with the club representing, and adding kudos to that company, or to one single man with a dream.
Generally, the trend is for a board to be established which has, at its root cause, a good, winning, football team.
The problem with North End's arrangement is that Hemmings is only interested in keeping the club solvent in order that he maintains his legacy. Nowhere in that arrangement is Hemmings - this is obvious - bothered about the team's performance. As I have said for decades, the club has been treading water, going neither forwards or backwards. When the club gets a sniff of success, the immediate reaction from the accountants and the board is not to "BUILD ON THIS SUCCESS" but rather, "LET'S SELL PLAYERS AND PAY SOME DEBTS OFF". And the team sinks. With this millstone of "OWING HEMMINGS" around the club's neck, the club will "NEVER" go forward and will tread water, at best, in perpetuity.
This contrasts from the very visible club benefactors such as Ibramovich, Mandaric, Kenwright and Jack Walker. These are in it, not only for the public glory of being an event patron (an ancient tradition amongst the wealthy, going back to the earliest forms of public entertainment), but also, crucially for the same reasons as the fans amongst who they sit. They want the team to win, or to do as best they possibly can.
This certainly got Derek Shaw a great deal of mileage and far more tolerance (which he deserved) than the likes of Maurice or North End's invisible cash machine (credit card).
Suffice to say, it is not being ungrateful to question the motives of Hemmings. It is right to scrutinize his aims and objectives, so that people and fans can decide on whether it is a cause worth getting behind.
The vibe I get is that there are far more fans out there who are waiting - not simply for top flight football - but for the club to create a genuine dream, a vision, that fans can get behind and believe in. Selling Nugent, Gregan, and countless others at their peak is not it.
I am most concerned that Hemmings sees North End as a chapter in his portfolio, and nothing more. Such that, even were someone to come in and buy him out, he would still want much to do with the property rights.
