Labour party 20 million Pounds in debt
The Labour party leadership won't be the only office the Labour Party will need to fill this year.
A far-more-quiet campaign has been ongoing to choose a new Treasurer for the party.
Lord John Prescott is running for that job, and he's dropped a bombshell: the Labour Party is at risk of going broke.
Prescott notes that Labour's 2010 election campaign was funded largely by a single billionaire donor, and that the party's finances have been degraded by a double squeeze on party finances.
One such squeeze is a declining party membership. The other squeeze is spendthrift party leadership.
"The treasurer has got to say to the central body, you cannot keep on spending, we haven't got it," Prescott insisted.
Moreover, Prescott has said that a strong leadership drive will be key to helping the party manage and retire its 20 million Pound debt.
"We want a strong treasurer who's involved in the membership drive, putting a proper financial account into the party," Prescott announced.
Moreover, Prescott noted the Labour party has frequently abandoned the organizational end of the party in favour of the political pursuit of power.
"The politics of organisation are equally as important as the politics of ideas," he added. "We forgot about the organization bit."
Prescott is promising to make badly-needed changes to the manner in which the party is funded and organized.
"You can go on if you like and just have somebody doing what's always been the way," he told the Labour party membership. "Well, we cannot continue to finance a political party in that way."
Nor can the Labour party afford to continue relying on a billionaire to finance their campaigns -- especially if some of its candidates intend to continue to relying on rich-versus-poor class warfare as part of their politics.