Spin

[vos 155]

A common theme throughout the threads is that the firm belief of the fans is that the Club lacks transparency. Main examples being ED Balls and CEO situation, McNally did he resign or was he dismissed, the Coffee shop fiasco. I am afraid we live in a world whereby the standards of honesty and integrity of most corporate companies has collapsed. I suppose commonly known as Greed/Americanisation. Examples: Up to 50% off, deals offered to attract new customers only, size of chocolate bars being quietly reduced, pension funds raided, over exaggerated product claims etc. etc. The list is never ending. I am afraid football clubs are no different, possibly even worse if foreign owned, as politically incorrectly stated by MW-J . The regularly mentioned comment last night was that we were debt free. Totally wrong. At the time of the accounts the Club had creditors of £62 million which are manageable, but they do include bank borrowings on overdraft of £2.6 million plus about £10 million we have paid upfront to renew our season tickets. OK I know they are referring to outside loans but they are glossing over the facts.

I think there is no doubt that it would help matters if the minority shareholders were given a seat on the Board. After all there seemed to be about 400 very active ones in the room last night, and all the questions raised were fair, relevant and to the point. Their views must be regularly aired at Board level. I would have thought that such a recommendation must have the support of socially inclined Ed and Delia. Furthermore we are repeatedly told we are a Community Club.

[lappinitup 629]

[quote user="vos"]I think there is no doubt that it would help matters if the minority shareholders were given a seat on the Board.[/quote]There are already five minority shareholders on the Board.....

[vos 155]

Lappinup

I see where you are coming from. Can''t recall either Foulger or Phillips saying a word at a meeting. But my point is that a shareholder member can speak more freely as they should not be too concerned about roughing up a few feathers. At the end of the day minority shareholders will never make much progress.

[Bill 1,788]

" At the time of the accounts the Club had creditors of £62 million"really ?and who might they be ?

[vos 155]

To answer your question ZH-P. They are as follows in £millions at the time of the accounts were finalised :

Bank overdraft 3 Player Creditors i.e. tfd in but not yet paid for 24 Receipts in advance i.e. season tickets paid up front 11 Tax and social payts 10 Accruals i.e. rates etc becoming due 9 Trade creditors 2 Sundries 3. Total 62. Incidentally we are still owed £22 million for players we have sold !! All part of the football financial merry go round. For this size of business the creditors are manageable and are reduced as and when the TV monies come in. However they do suggest to me that there is not a lot of spare cash available.

I do realise, by the way, that when they say there is no debt, they are basically referring to external loans etc.