UPDATE: Former CFC GM responds to Chattanooga FC Financial report
UPDATE: Chattanooga FC's financial report is public and it shows unauthorized payments to former General Manager Sean McDaniel who now serves as the Chattanooga Red Wolves SC President and General Manager.
One reason for concern was two unauthorized payments for a total of $138,433 to "a stockholder who also serves as the general manager."
The report also shows two loans taken out with interests rates at 25.51% and 26.40% for the amounts of $21,106 and $46,183. Both are only listed as notes "guaranteed by a stockholder in the company. The financial report states that both of those loans were "negotiated by a stockholder without approval of the board of directors. The loans were negotiated based on material misrepresentations by the stockholder and the funds were used for unauthorized purposes."
Ch. 3 has reached out to both CFC and the Chattanooga Red Wolves. A CFC spokesperson says "no comment, only focused on the future."
Red Wolves President and General Manager Sean McDaniel sent Channel 3 the following statement:
"Inaccurate information has been shared regarding my work with a previous employer. This matter will be resolved privately. At this time, our priority is building excitement for the Chattanooga Red Wolves inaugural season and laying the foundation for a legacy that makes Chattanooga proud. I would also like to acknowledge the tremendous support from our loyal fans throughout the southeast."