I think the situation is even worse than we think it is.
In a discussion last night, the topic turned to the accounts, and a little point which hadn't been brought up before.
The bank debt was restructured, for good reason, into a bank loan. The reason for this was the problem with the finance was always attributed to bank interest. The loss every year was predominantly down to bank interest, if there was no bank interest then there should be little or no debt.
In the first year of the new arrangement, with zero interest charged on the £800,000 loan, there should be maybe just a small loss - as interest was running at around £50k. However, even with the interest free arrangement, the company managed to turn in a record loss of £80k!! So this suggests two things, firstly that without the arrangement, the loss could have been as a much as £130k and secondly, somehow the directors have managed to run up a debt of £80k without the problem of bank interest!! How have they managed that?
I agree with Ealing - the chairman has always said to me that the directors need help, and the frustration has always been that when that help was offered up, as it has been on so many occasions, it has been shunned. Help has been offered on so many levels in the past
1. Financial and bookkeeping help from a Financial Director
2. Free web delivery from a professional web designer
3. Stewarding for events from volunteers
4. Volunteer mascot
5. Fundraisers for both football and non-football events
6. Profit guarantee in a turnround plan for the Social Club
7. Volunteer support for sponsor hosting and entertainment
8. Support network for engaging local kids football clubs
9. Both Professional and volunteer support in assisting the ground move team
10. Supporters Forums engaging all supporters groups and directors
There are just 10 things that the Board of Directors have, for reasons unknown, decided not to participate in, 10 things that could offer either direct revenue or indirect cost saving to the club, but not only that, could generate a feeling of unity between the club and the supporters. That is the frustration, this is our club, but we are not allowed to do a damn thing even to help it, apart from pay our gate money!! And that is why I won't pay my gate money. In so many ways I've wanted to help the club, I've wanted to help the chairman and the board of directors. I don't mind if one of the directors says, after a presentation of the concept of the Supporters Trust "They'll neve set foot in the Boardroom" I can take that kind of negative attitude from nidividuals, I can take being called an ****hole by a Director, I still want to be of assistance to the club.
There is a saying used by many successful people in business "keep your friends close, and your enemies even closer" Unfortunately, again for reasons unknown, Mr Boddy has chosen the route of "turn your friends into enemies, and totally ignore them!" I fear that there is no way back now, that day died when Mr Boddy tried to call the bluff of even his own friends who were trying to call for a compromise. At that point, everyone with an understanding of the situation, from both sides of the divide, left the party. We are now left with four directors who quite frankly have no idea what is going on, led by the nose by St. Modwen's plans for a retail park, and not even a significant pretail park. Led by the idea that St. Modwens think that WCFC are important to them, well check out
www.stmodwen.co.uk and you'll see that WCFC Ltd. aren't even listed as a joint venture partner, its just so insignificant. Where have St. Modwen been during the last 12 months? what have they done to promote the scheme? They've done all they need to do, nothing! They bought the land for £3.15 million, a drop in the ocean, an insignificant little development which, if it doesn't happen, won't cause even a ripple on their bottom line!
Here's the irony in all this. When this goes to public consultation, and then to the planners, the objectors will come to the fore. There will be objection to the retail scheme and to the football ground. It will be B&Q all over again. However this time round, ironically, I do not think the supporters of the club will be as vociferous in their support of the scheme, with some quite likely to support the actions of objectors - that is the price the board will inevitably pay for keeping everyone in the dark, and refusing offers of assistance.
