14 Dec 2008
The Haçienda National Debt: £30,000,000 and Counting 
Over the years and through countless interviews with multiple players, various (and continuously escalating) numbers have been assigned to the debilitating debt of Factory Records storied (and long-gone) Haçienda club. Starting with a purported £1,000,000 loss bandied about following its closure in June of 1997, the "actual" number continues its slow yet-skyward march to permanent mythic status.

In a run-up interview to the publication of his forthcoming How Not to Run a Club book, Peter Hook reveals Haçienda debts infinitely more staggering than those previously acknowledged (or claimed). In a Haçienda world that seems to have more in common with Hollywood accounting practices than record labels & nightclubs, Hook now asserts that £20,000,000 profit + £10,000,000 loss = £30,000,000 debt.

Following on with this bizarre Fibonacci Sequence of ever-mounting debt history, we can fully expect a revised debt-load projection of £1 billion by the year 2012, and the retroactive blaming of the Haçienda for the current worldwide financial crisis.

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