Quote: maurice "I wonder how the creditors would vote on the option of capitalise to shares or admin.
I have said many times DL's and PG's should be write offs and not to be expected back, what would the accounts look like if LISA had made its donations as Loans over the years?
We have potentially exciting times ahead again in RL, WE MUST NOT BE SAT AT THE LOWEST TABLE AGAIN'"
Exactly.
This is why I've maintained from day one shareholders either need to put up capital for the buisness they own to take it forward or hand back and walk away. The club lets be right is property of the town and it's fans they are after all only custodians.
Putting aside current debt/ cash flow issues If 100% share capital was made available it makes the club a completley different proposition to potential new directors and investors.
Its time for real transparency the nonesense spoken on GMR Thursday night it is misleading fans to believe its just a cash flow issue in reality the buisness has to be seriously under capitalised if it can't meet it's liabilities (i.e cant pay its staff or creditors) and its already been made public that it was budgeted incorrectly.
If you are the chairman and responsible for the finances and budgets as a director of a Ltd company that just a quarter of the way into a buisness plan can't meet it's liabilities then you are either a poor businessman or have suffered major unforeseen bad debt or exceptional circumstances. The club for all we know may even be trading insolvent As i type i do not know.
Income vs expenditure is it really that difficult??
Rather than gambling on income from friendlies and income from gates that may never happen budget right from day one and only spend what we can afford to spend. Be honest up front with fans give them honest expectations and tell them were running with a low budget squad etc as that's all we can afford at this point in time. Be honest with LSV demonstrate we can't afford to be there and either renegotiate or take appropriate action to serve notice of intention to leave and make contingencies.
It's like the Wigan partnership issue be honest come out and tell people we can't afford at this point in time as a buisness not to be associated with Wigan and explain the buisness benifits from the agreement instead of painting a picture that most see through. Im not saying all will buy into it some still won't like it and won't come but I'd like to believe the majority would respect the honesty and could crowds really have been much worse anyway???
It's about running it like a buisness all I hear is sports clubs are not like your every day buisness but the same principles apply.
People refer to the Wigan money this should be a bonus not a life saver!!!! what happens if we'd drawn say London away and Derek B hadn't done what he's done to bail us out???
Full marks to Derek But he may have only prolonged the inevitable.
Time will tell.
