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Originally Posted By: doheochai
Originally Posted By: Hempstead Gaz

MYFC can only be a good thing if it remains for the long haul.

Gaz, I think time will show that there is a significant section of the MyFC membership 100% committed to the club and are here for the long haul.

Originally Posted By: Hempstead Gaz
If less than the required 15,000 do not reregister, will MYFC pull out and sell up?

I think there is a bit of confusion about the 'required 15,000' renewals. The 15,000 figure comes into play in two aspects only -
(1) The 'Operator' can withdraw from providing the website as per their service contract. This doesn't mean the 'Operator' will withdraw, but the contract allows the 'Operator' to opt out. This does not mean that MyFC automatically folds - just that it would have to work out a new 'website'/'method of communication'.
(2) If the membership drops below 15,000 it triggers a members vote on whether to sell the club and fold the Society. From what I recall from the T&C's, this requires a 75% vote in favour. Again, I suspect that time will demonstrate that, if the memebrship did drop below 15,000, the vote would be in favour of remaining as owners of EUFC and working to preserve and develop the club.

Originally Posted By: Hempstead Gaz
What then?

Members are already discussing strategies to deal with the current finances and the CEO will present his plan when he returns from holiday in two weeks. One thing, in my opinion, that must be sorted is the current level of expenditure at the club. Excluding MyFC, money the club is spending twice as much as is coming in. This is unsustainable and there needs to be a careful look at reducing expenditure and increasing income so that the club is not totally dependant on donations from MyFC. By MyFC not having to constantly cover ongoing losses, there is the opportunity for MyFC money to be used to develop different aspects of the club for the benefit of the club, the supporters and the local community.

Originally Posted By: Hempstead Gaz

It would be heartbreaking to lose what we have after all the work (and money) invested in our club over the last 2/3 years.

This is true and hopefully we can develop a workable plan that can prevent such a scenario.


Thanks for that clarification, Doh. I'm sure many of us were unsure what would cause MYFC to pull out.
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Originally Posted By: BrianK

However, all this talk about the club going bust is [****!!****] to be frank.

 

I'm a little confused on this matter, if the club is losing the amount of money that has been mentioned on this forum, how is this a maintanable situation? Surely, growing debt inevitably will result in the club going bust?

 

Very glad to hear the club isn't in dire trouble, if that's what you're saying.

 

---------------------------------------

My reference above was in relation to before the takeover rather than as of now. The current position of the club is for the new owners to comment on.

However, it is clear to all that the recent worst case budget is not sustainable unless membership renewals exceed expectations, there is exceptional income such as a great cup run, new income is generated and/or (hopefully as a last resort) expenses are cut.

It is also clear that the new off the pitch management team realise this and are working hard and quickly to ensure the club remains sustainable.

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Originally Posted By: BrianK

My reference above was in relation to before the takeover rather than as of now. The current position of the club is for the new owners to comment on.
However, it is clear to all that the recent worst case budget is not sustainable unless membership renewals exceed expectations, there is exceptional income such as a great cup run, new income is generated and/or (hopefully as a last resort) expenses are cut.
It is also clear that the new off the pitch management team realise this and are working hard and quickly to ensure the club remains sustainable.


Thanks for coming on here to share your feelings on things Brian and for giving us a chance to hear the facts for a change.

As for what you say about the situation that you left the club in when you sold it off to MyFC are you saying that the financial situation wasn't as bad as first thought? During last year's dreaded "Due Dilligence" period we were told time and time again that the reason why the club had to be sold to MyFC, an option that was seen by many as the greater of two evils, was becuase of the dire financial situation. Is that now not the case? Also I was told by someone, I won't name names but everyone knows who this person is, that had the club not been sold to MyFC then in January the budget would have been cut and there would have been no way we could carry on our Trophy run to Wembley.

So had the "old directors" remained in power at the club how long would it actually have been before the budget would have been cut and we'd have to give away our best players?

I must say I've been a bit dissapointed by all this. It seems we got told whatever is the best thing to tell us at the time just so that we keep our mouths shut. I'm not saying you're wrong or that you're lying but I feel that what we have been told previously doesn't quite match up with what you've told us.

Happy to talk about this over a beer.
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Harry that is Business I am afraid. The people that need to know, do know. The rest are like Mushrooms and kept in the dark. To be fair in the main it's the right move. This keeps rumours down,and uninformed opinions to a minimum. I think that as much as we may not always like it, things have been carried out with the clubs interest at heart.

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Originally Posted By: Harry J Allstars

So had the "old directors" remained in power at the club how long would it actually have been before the budget would have been cut and we'd have to give away our best players?



Originally Posted By: BrianK
We recognised for the club to go on to the next level we needed new capital in the club. I worked for some time on trying to find a new owner rather than downgrade the club ambitions. The new owner we found was MyFC. If we hadn't then we would have made cutbacks and the loans converted to shares in the club.
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I've had my set to's with Harry but i must say well done for questioning Brians post. Your the only one to see that it dosn't add up.

 

The way i read it was the club was well run and the debt was managable while the old Directors where in charge. So well run they snapped up MYFC'S offer!

But the talk of the club going bust is bollox?

MYFC take over and plough a significant amount of money into the club yet the club is losing more money than ever.

 

Now how can this be, i just can't understand it. Football fans have always been kept in the dark. But as a member of MYFC we can ask questions, are the right answers coming back?

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Originally Posted By: doheochai
Originally Posted By: Harry J Allstars

So had the "old directors" remained in power at the club how long would it actually have been before the budget would have been cut and we'd have to give away our best players?



Originally Posted By: BrianK
We recognised for the club to go on to the next level we needed new capital in the club. I worked for some time on trying to find a new owner rather than downgrade the club ambitions. The new owner we found was MyFC. If we hadn't then we would have made cutbacks and the loans converted to shares in the club.


Yes, thanks Dom, I can read.

My point was that at the turn of the year we were told that if we don't sell to MyFC the club would be bust, Brian is saying that that would not be the case. Which is it?
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Have been reading with intrigue! to say im worried is an understatement.... I am an accountant - but to my trained eyes even, this doesnt all add up!!

 

I just hope we can get through this without losing any more players!! we have every chance of going up - but can we afford to - do we want to??

 

We will never get this close again to league football its almost now or never!!!

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Originally Posted By: Harry J Allstars

Yes, thanks Dom, I can read.

My point was that at the turn of the year we were told that if we don't sell to MyFC the club would be bust, Brian is saying that that would not be the case. Which is it?


What Brian is saying is that if the Directors could not find someone to take over running the club then they would have converted the debt into shares and then begun the process of reducing the losses, no doubt by going back to part-time and allowing the team to re-find it's natural level.

I think if you go back and look and what was actually said at the time was that the club's current position was unsustainable not that we were going bust.

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Harry - I'm not wrong as I was involved and know the facts. I'm also certainly not lying. I have also never told you something just so it will shut you up or thought it was what you might want to hear. I don't think you necesarily mean any harm with your comments but you perhaps ought to engage first gear before coming out with stuff like that.

I believe most of your queries are covered in my previous message, but just to clarify, we recognised that unless we got new funds in to the club we would have to rein back our ambitions. We were always looking out for new shareholders to help progress the club. To be successful in the Conference now means being ambitious and being able to finance those ambitions. We had personally taken it as far as we could and if we had failed to find the new funding, the playing budget amongst other things would have had to be cut. That would not have been what we wanted and something we had never had to do before, unlike many many clubs. But it would have happened and our aspirations would have had to be tempered. Any cuts would likely have been around November after we were knocked out of the FA Cup, so it would have made an FA Trophy Final win a much less likely outcome. The takeover by MyFC obviously therefore massively helped us in winning the Trophy. There were no other people out there looking to take the club onto the next level other than MyFC.

I have never said to anyone the club was going to go bust. If others have said that there is nothing I can do about that. The "dire financial circumstances" you talk about would have been dire for the ex-Directors, not the club itself, as we always underwrote the club's spending.

Hopefully you have a clearer picture. I don't post often as you know and propose to leave this now as I don't have time to get involved in the forum. I have given you the facts. All else is conjecture which is the nature of forums.

It is all about the future now. We have new owners who have the potential to take the club further which is all we want.

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Originally Posted By: David Holden
I think if you go back and look and what was actually said at the time was that the club's current position was unsustainable not that we were going bust

My impression was that it was because the situation was unsustainable that unless drastic action was taken then we'd go bust.
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Originally Posted By: billy nick
I've had my set to's with Harry but i must say well done for questioning Brians post. Your the only one to see that it dosn't add up.

The way i read it was the club was well run and the debt was managable while the old Directors where in charge. So well run they snapped up MYFC'S offer!
But the talk of the club going bust is bollox?



Er, yes bollox. The playing budget would need to have been slashed, costs cut elsewhere, hell possibly even relegation as a result. But that doesn't mean bust in any way, shape or form.

Believe me, Billy, if you're impressed with fans questioning posts on here, perhaps you ought to observe the same and start questioning where you're getting some of your info from.

EDIT: Just seen Dave and Brian have explained the same.
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Originally Posted By: billy nick
I've had my set to's with Harry but i must say well done for questioning Brians post. Your the only one to see that it dosn't add up.

The way i read it was the club was well run and the debt was managable while the old Directors where in charge. So well run they snapped up MYFC'S offer!
But the talk of the club going bust is bollox?
MYFC take over and plough a significant amount of money into the club yet the club is losing more money than ever.

Now how can this be, i just can't understand it. Football fans have always been kept in the dark. But as a member of MYFC we can ask questions, are the right answers coming back?


As your a member of MYFC, I Suggest you ask It on the MYFC forum, rather than try to stir it up on this one.
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Originally Posted By: doheochai
Originally Posted By: eufckev

Maybe we shouldn't go by what is said on an internet forum, and leave it to the experts.

As you can see from Yorkie and myself above - an internet forum can come up with ideas and can get things done.


But that's only if the people in charge want to listen to those ideas. At this point, The Operator and his merry men have been acting like only they have an idea on how to save the club, everyone else, in their opinion, don't know their butt from a hole in the ground. So sad and a club is destroyed.
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Originally Posted By: BrianK
Wobbly, how have the ex Directors led you astray on the financial position? Our accounts were audited and presented to the shareholders at an AGM every year where there was an open forum for questions on the accounts. There is no legal obligation for EUFC to have their accounts audited, but we did so in order that there was full disclosure.
From 1999 to this year the players were paid on time every month, no suppliers to my knowledge have written off a debt from the club and the Inland Revenue and VAT man are happy men. This compares to 50% of the 92 clubs in the Premiership and Coca Cola League who are in tax/VAT arrears. This is not to mention the many Conference clubs who have had well documented financial problems, in some cases leading to expulsion from the League.
From 1999 onwards the "ex-Directors" put donations, share capital and time into the club. The management team of the club was often voluntary work by ex-Directors. If wages had been taken for the voluntary work over that period you are looking at well over
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Originally Posted By: BrianK
Sorry forgot - please advise re dubious practices. That sort of throw away statement does you no credit and I'm happy to take this allegation further if you so wish.


Dubious is the wrong word and as I am no expert on shares, you are correct that my comment was ill informed and throw away and totally based on my own shares previously purchased being devalued from 25p a share to 5p a share overnight, and then I now believe degraded again to a lower status. I apologise for any confusion caused by my lack of understanding, and take back that comment.
You are correct I should stick to football matters only.

To be honest, its academic for me as the share purchases were just a way of me giving the club money when I thought it needed it, and no return is/was expected.


right now to business - Out of town tonight so its Lord chas and the interweb for me.

Come on the Fleet

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Originally Posted By: Chopper TN


But that's only if the people in charge want to listen to those ideas. At this point, The Operator and his merry men have been acting like only they have an idea on how to save the club, everyone else, in their opinion, don't know their butt from a hole in the ground.

Chopper - you need to find a different watering hole than the place where you are getting this stuff from

So sad and a club is destroyed.
Wow - I didn't know the club was destroyed - I was under the impression that we finished last season winning the FA Trophy, many fans consider this seasons squad an upgrade on last, we've had a decent start to the season and indications are that gates are a little improved.
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BrianK, many thanks for your explanation, particularly about the club not having a debt to the Inland Revenue (as was). The IR is very unforgiving on debt and will foreclose on a club to get it's money. I can understand that the fact that the debt was all to the ex-directors (who were much more forgiving) means that the club was not in danger of liquidation - the ex-directors would not have done that, unlike the IR.

 

However, I can see that the liklihood of part-time football and a resulting demotion was a prime factor in agreeing to the MYFC takeover.

 

But what of the future? It seems we are on a course where the club may be unable to pay its way and may fall into the clutches of HM Customs & Revenue (as they are now called). That must be prevented.

 

There is no need to panic about this and to rush into precipitate action, but 'the owners' do need to monitor the situation carefully and closely and plan for a shortfall in funding.

 

Of course, we can all help to improve gates by publicising games and trying to persuade friends and colleagues to attend. It is easy to criticise but much more difficult to be part of the solution.

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Originally Posted By: doheochai
Originally Posted By: Chopper TN


But that's only if the people in charge want to listen to those ideas. At this point, The Operator and his merry men have been acting like only they have an idea on how to save the club, everyone else, in their opinion, don't know their butt from a hole in the ground.

Chopper - you need to find a different watering hole than the place where you are getting this stuff from

So sad and a club is destroyed.

Wow - I didn't know the club was destroyed - I was under the impression that we finished last season winning the FA Trophy, many fans consider this seasons squad an upgrade on last, we've had a decent start to the season and indications are that gates are a little improved.
Try coming to a home game Doh, you might find that an increase of 75% on last year is a bit more than a little improvement.
But then again, not not the best at maths, as we have all found out.
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