id love ted to go and the rest but i wouldnt waste cash being flushed down the bog. id sooner go to college grove and start again as wakefield trinity 2011, that bod can get stuffed.

The money will not be at risk as it will be kept in an ESCROW account until such a time as it is used for its intended purpose or handed back to those who donated it.

It will not be at the disposal of the current BoD in any way shape or form.

ok so why do they want it and what does that shower want out of the club or is it already asset stripped

Another question for TRB, sorry! Or indeed for anyone else who was either at the meeting or just knows the answer.
Eric France and A.N Other (do we know who?) investor, have looked at the books and at this moment aren't interested. Do we know why?
Is it too much money based on the amount of risk?
Is it due to the current BoD demands?
Is it due to an unacceptable level of debt?
Would it be prefered if we went into admin?
Or any other reason?
Could either/both be contacted to discuss a joint investment with a smaller group of investors from the supporters if £500K cannot be raised?

So you would rather have the club die then? And you think my education is bad? God help us.

If I've understood this right, the money goes into an escrow account. If the club doesn't raise the required funds, you get your money back. If they do raise the funds, then... you lose your money, but as you say, you may just save your club.

In some respects, I'd almost agree with Mopsey, in that I'd invest the money if I knew we'd unloaded our debt baggage by taking the drop, but still had a secure future with Newmarket pledged whatever. Clean slate, new board, fresh start. We might be playing in the Championship for a while, but it would be up to us to make that work.

My concern is not with what the current BoD would do with the money, as it would not be used by them, but how long the club would survive once they have gone. If there is no big investor, and it relies on a supporters trust, then it would be interesting to see how well it would go, but I'm not sure I would want them to experiment with running a club with my thousand quid, because once it is cashed in to set up the trust, the money is converted into shares. If the club doesn't survive for long after that, the shares are useless.

It's a tricky one, because it is an emotional investment that will never have a return. If it pays off and the club is able to get back into Super League in 2015, then it's a £1,000 worth paying. If it doesn't, it isn't.

Its my understanding, and I'll stand corrected, that the current BoD will step aside if A N Other group can demonstrate that they have a minimum of £500K which can be used to refinance the club and be utilised as working capital.

The money will not be used to pay off Ted or buy his shares or that of any other current member of the Board. The day to day running of the club will probably fall to those already in situ albeit with some pruning here and there, a long term solution as to the ownership of the club can still be sought and the shares could either be bought out or remain.

ESCROW accounts are used hundreds of thousands of times a day, you may well have used one yourself without knowing it when you bought something on Ebay (paypal). They are accounts that hold onto your money indefinitely until you are satisfied that you have received the goods, services or product that you were buying then and only then is the money released. If you are not satisfied or in this case if the donations do not reach £500K then the money will be repaid.

None of the money will go to any of the B.O.D, as has been stated it will go in to an ESCROW account, if the target is met then the money goes to the club, the present B.O.D resign en masse and hand over their shares to the new B.O.D and get nothing in return, legal representatives will oversee the 'take-over' if you will. If the target is not met then all potential investors get their money back. From what I understood of last night a minimum of £350k is needed but we're aiming for £500k. In these times of hardship i believe we will be hard pressed to raise such capital, (I for one cannot afford to donate a grand as much as I'd love to), to be fair the B.O.D have been let down recently by two takeover bids as discussed elsewhere and are doing their best to raise funds and stand down. I can understand why the takeovers failed, its basically because of the uncertainty of our future, had Newmarket not gone to a PI then I do believe we would be under new ownership.

As good a summary as you'll get, I reckon.

but i thought 650,000 was the figure to guarentee sl, 500 grand seems a figure plucked out of the air to me, imo a figure they see as unlikely to be met, can you honestly see that being met.

let down uptoncat, what about the way they have run the club,you cant blame anyone else and the bod certainly cant they have had years to improve things and they havnt

Why would that guarantee SL?

That'd be cheaper anyway!!!

The problem now is that I've already begun to imagine the conversation with Mrs McBatt justifying the "investment".

All of this from the tick of a politician's pen.

just one simple question from me, why do we need the 350-500k so quickly, who are we paying?

isnt that whats required for the season or the sky money, correct me if wrong but didnt we have to show we had this amount when we first came in as they didnt give us any money

Im very intrigued by this proposal and I look forward to hearing the finer detail. The nature of how the club would be constituted following the succes raising of the half million could be fascinating. FC United have a most interesting constitution run along the lines of cooperatives as indeed do Barca'. I know the circs are very different but do people feel that a club run by a supporters trust would earn more buy in by the community of Wakefield.

Depending on how its sold I think that the 500k could realistically be raised

If needs must i'll put in.

If it were to be met by 500 individuals putting in £1000 each the I agree that would be a mamoth task and almost impossible in a 4 week period.

However, I would imagine that there will be a number of individuals who might have the wherewithall to buy up a block of shares and there may be a number of people who can buy mor ethat 1.

We may not reach the target even then but consider this, if we the fans can get near to the figure required and in doing so demonstrate our commitment to the club then maybe just maybe that might give a potential new owner some confidence in our future.

So theoretically speaking if we get 500 to donate £1000 each and the board all resign. How will the new board be elected ? Via a voting system from within the 500 ? A general vote via the shareholders ? Or will it just be passed to WISCA ?

You might be right, but that was then. We can't go to the RFL or SL Europe with 650K and say "give us a franchise!" If I had 10m burning a hole in my pocket, and promised to invest it in the club, the youth set up, local clubs, etc., I reckon we might just make it. But I don't... so we're on to plan "f".

just one teensy weensy problem with your thoughs, comaparing our fan base with disgruntled man u fans and barceloanas faithful!!

I agree Mopsey, there's been mistakes, little ones and big ones. Maybe Ted held on for a little too long (or maybe a bit more than a little in some peoples eyes lol). £500k is the figure stated last night. It may all be too late we don't know but at least they are trying to do something to get us out of ths mess. One thing about Ted is he is a supporter of this club, he was once a supporter with a fair whack of money behind him, for all his faults he has kept us going over the years ((with some outside help from some anonymous people who have donated in the past and who will no doubt donate again to save the club). Some will say by keeping us going he has only delayed the inevitable and just made it slower and more painful). You could see it last night that these people (B.O.D) are genuinely bothered and they do care about the club, trouble is they are permanently in the firing line as they are the ones running it and it seems when things go wrong they go drastically wrong, we've had some fights on our hands over the years but for me this is the biggest one of them all. People may slate you Mopsey but I know you care as next as the next man about this club, you've just got a funny way of showing it!

The new board would come from the shareholders, thats all shareholders and not just the ones who put in.

ok as one who could be in line for a grands worth and as a tight swine, anyone know the answers to the following

who or what is the alleged 500k for?
is it current debt /past debt or merely to carry on the business as it stands ie pay players
should the figure be raised would all posts within the club held by bod members or their familes be effectively redundant?
and would the sale of any club assets/players be part of the same accounts as the investments made?