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Post by The Verner on Mar 16, 2018 12:50:57 GMT
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camper
Reserve Teamer
Posts: 87
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Post by camper on Mar 16, 2018 16:14:49 GMT
Is this the glimmer of hope that all parties will unite and pull together to save our football club, I hope so.
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Post by Tim Munslow on Mar 16, 2018 19:47:42 GMT
So do I! Is there a glimmer of common-sense appearing on the horizon?
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steves
Squad Member
Posts: 180
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Post by steves on Mar 16, 2018 20:24:10 GMT
Whilst I like the sound of it, I’ve heard so much BS from this board over the last ten years that I’m not raising any hopes what so ever about the club around in 12 months. God I’d like to be proved wrong.
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harley
Squad Member
Posts: 241
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Post by harley on Mar 17, 2018 7:50:51 GMT
I thought the club had asked legal team who were at the EGM to provide this kind of guidance? Is that another bucketful of cash wasted?
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dragon
First Teamer
Posts: 355
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Post by dragon on Mar 17, 2018 8:45:51 GMT
Is the Trust`s financial guru totally independent or already a convinced ante-Parsonage Wayite ?
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Post by creaner on Mar 17, 2018 9:53:44 GMT
Is the Trust`s financial guru totally independent or already a convinced ante-Parsonage Wayite ? Nick is currently engaged as a financial consultant with Supporters Direct Development and is a Chartered Accountant with 32 years’ post qualification experience including 27 years as finance director. Between 1997 and 2012 Nick was West Ham United’s Finance Director. We think we his football and financial experience he is an excellent person to review the figures.
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Post by creaner on Mar 17, 2018 10:00:32 GMT
I thought the club had asked legal team who were at the EGM to provide this kind of guidance? Is that another bucketful of cash wasted? I believe the club engaged Andrew Collins LLP to look at the different models that the club could opt for. These were the same peolpe who sorted the AGM/EGM last time. I’m pretty sure they weren’t asked to look at the finances.
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Post by crosscountrymark on Mar 17, 2018 11:14:37 GMT
This is a positive move by the Trust and the Board to look at options to take the club forward, I feel the overspend on playing budgets over the last four years has drained the clubs funds. I just hope their is still a glimmer of hope that both parties can work together to the give the club a future, why has it took the board so long to except help and be transparent about the clubs finances ? , maybe a AGM on the horizon.
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Post by jupu on Mar 17, 2018 11:30:44 GMT
Is the Trust`s financial guru totally independent or already a convinced ante-Parsonage Wayite ? Why would he be the latter?
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Post by Brooksiders Return!! on Mar 17, 2018 12:17:29 GMT
Who is actually anti-Parsonage Way? If its a viable, sustainable and affordable scheme, which provides a future for WCFC, then how could anyone be against it? Whilst it's still Pie in the Sky, how can anyone form an opinion? Anyway, Nick Igoe isn't going in to even think about Parsonage Way, or Perdiswell, or anywhere in the future, he's there to look at the here and now.
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Post by Brooksiders Return!! on Mar 17, 2018 12:48:56 GMT
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Post by Noboddy aka Lord Ealing on Mar 17, 2018 13:37:06 GMT
"why has it took the board so long to except help and be transparent about the clubs finances ?" They haven't accepted any help yet. They're just thinking about the ST's offer of help. The ST has offered help/co-operation/talks on an open basis for years. There has been no up-take. Will there be this time? It would be good to see some co-operation, but I won't be holding my breath.
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Post by Mark on Mar 17, 2018 18:10:08 GMT
I really hope this isn't just more BS from the Board
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Post by downthelane on Mar 18, 2018 23:09:37 GMT
Do your research on Nick Igoe and his West Ham role people.
“Later, Igoe was also in control of the purse strings during the period of Icelandic ownership, which left the club with almost £100million-worth of debt - a potentially catastrophic situation that threatened West Ham United's very existence.”
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Post by Brooksiders Return!! on Mar 19, 2018 6:29:37 GMT
Exactly he seems very well qualified to understand the business finance in football, he's pretty much seen it all. Mind you, his remit here could be carried out by anyone qualified to value a business.
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Post by creaner on Mar 19, 2018 7:31:41 GMT
Do your research on Nick Igoe and his West Ham role people. “Later, Igoe was also in control of the purse strings during the period of Icelandic ownership, which left the club with almost £100million-worth of debt - a potentially catastrophic situation that threatened West Ham United's very existence.” “That was until current co-Chairman David Gold and David Sullivan stepped in to purchase 50 per cent of the club; Igoe has worked alongside the duo and vice-Chair Karren Brady for the last three years.” Read more at www.kumb.com/story.php?id=126618#YRF1FSvzkmsusl5F.99
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Post by Brooksiders Return!! on Mar 19, 2018 8:36:53 GMT
Maybe we should pull the man recommended to do the valuation by Supporters Direct out of this, and replace him with the man recommended by Downthelane ??
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Post by jupu on Mar 19, 2018 12:31:25 GMT
I really struggle to understand what downthelane is driving at. This is a chance to make some progress surely?
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Post by Croc on Mar 19, 2018 12:51:49 GMT
I really struggle to understand what downthelane is driving at. This is a chance to make some progress surely? Unless downthelane wants this to fail and the club fold completely. Maybe there’s something it doesn’t want investigated and revealed?
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Post by Brooksiders Return!! on Mar 19, 2018 12:53:40 GMT
Its not as if Nick Igoe is going to be taking over the club, or operating as our Financial Director. All he's doing is a due diligence exercise for the Supporters Trust to evaluate the viability of the company - something which could and should have been done by the Board, if they were looking to find new investors. The Chairman would most likely say that a company valuation would cost money, which it would, which is why the Supporters Trust, via Supporters Direct, are funding this. Why try and be negative about this? Whilst at West Ham he also did this - Fund raising, including securing finance for stadium redevelopment in 2000/01. Managing financial strategy following relegation in 2003, culminating in the club’s return to Premier League in 2005 with significantly reduced cost base and debt. Maintaining financial stability of club through a succession of challenges, including ownership changes, major litigation, insolvency of club’s owner, banking crisis of 2008 and default of club’s main sponsor.
Of more relevance, he has worked with clubs looking to move to a fan ownership model like Grays, St Mirren, Peacehaven and Newport. He might be completely rubbish, but he comes recommended. If Downthelane has a better suggestion, then please, do get in touch - worcestercityfcst.co.uk/contact/
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Post by Woodenose on Mar 19, 2018 13:42:44 GMT
I am surprised that Down the Lane has come out of hibernation, as it is still a little cold
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Post by Noboddy aka Lord Ealing on Mar 19, 2018 14:37:04 GMT
I'll be surprised if anyone gets near any accounts at WCFC.
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Post by auldreekie on Mar 19, 2018 19:06:51 GMT
Of more relevance, he has worked with clubs looking to move to a fan ownership model like Grays, St Mirren, Peacehaven and Newport. An extract from a testimonial from St Mirren Supporters Trust on the help from Supporters Direct Scotland on assistance in the first successful step towards community ownership of St Mirren FC: “ Part of that work included a report into St Mirren’s financial position and the insight and advice we received from their football finance expert Nick Igoe was utterly invaluable at a crucial point in the negotiations.”
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Post by jupu on Mar 19, 2018 22:08:56 GMT
Thank you, for anyone with doubts that's surely good to know.
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Post by Woodenose on Mar 20, 2018 9:17:12 GMT
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Post by Croc on Mar 23, 2018 13:22:46 GMT
Statement from the “Board”:
In order to clarify the Boards response to the Trusts request for financial information and a potential discussion with the Trusts nominated Financial Adviser and Fund Raiser the Board can confirm that it has had no approach from either the nominated Financial Adviser or any other individuals that may take this project forward.
If an approach is not made sooner rather than later it will be difficult to fulfil the Trusts request for information to be supplied for their upcoming meeting planned for the end of this month.
Board of Directors
Updated 13:18 - 23 Mar 2018
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Post by alwaysnextyear on Mar 23, 2018 13:40:42 GMT
The Board under Hampson has had 10 years to work with an independent financial advisor, and to open up its books for examination, so what's the sudden rush...................other than he's led the club to the brink of extinction, overseen over a million pounds in losses, has almost spent all the cash, and is a desperate man ! Apart from that............
Besides which, the books now, are hardly worth looking at. A rapidly reducing bank balance, losing £ 1,000 to £ 1,500 a week won't make pretty reading whenever they're looked at. The only thing in their favour, is that Andy Jones will present an up to date factual position.
Now, what we'd all like to see and analyse, and I'd be happy to volunteer my services free of charge, are the financial records, financial controls, minuted financial details, bank statements, cheque books, etc since 2008 when Hampson took charge.......the receipts of millions and disposal of millions pre and post SGL............that's if they are still in existence of course. If Celia Adams couldn't get to the bottom of it 6 years ago, I suspect that they've long since been shredded or made a lovely bonfire. They are the interesting bits that need due diligence, not the perusal of the petty cash tin that remains.
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Post by Brooksiders Return!! on Mar 23, 2018 13:59:17 GMT
We are doing this properly. This isn't a publicity stunt, or something to be hawked via the Worcester News. This is a full dud diligence process that we are looking to engage in. A Non-Disclosure Agreement has been drawn up, together with a Scope of Works document, which will all be sent through to the club, with a definition of the scope, the parameters of the work, the expectations and the deliverables. Not sure why the football club Board considered this to merit a Board Statement - if there are some time dependencies that they need to factor in, perhaps an email or a phone call would suffice?
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Post by alwaysnextyear on Mar 23, 2018 14:07:01 GMT
I suspect that the club has never ever done " full due diligence ", and has no idea of what's involved, and how to go about it properly. The Board sadly appear to prefer attempted petty point scoring communications via the club website or the Worcester News.
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