Lee Power

[suttonred]

Not the content I was expecting, nothing really earth shatteringly bad imo. Maybe it was watered down at the last minute?

[brocklesby red]

Confused as to why Steve mentioned a figure of £800,000 to cover running costs which became £500,000 in the advers article. Some people on thisis saying that the players hav'nt been paid but surely if that was the case,we would'nt have been allowed to sign Ben Gladwin.

[suttonred]

Its clear there is a struggle going on, maybe Jed changed his mind about moving aside. The bills I can understand as it would be like me and someone else paying the gas whilst bidding for a house we haven't bought, putting in money that might be wasted. Needs to resolved asap though as will only hurt us if it rumbles on. Lets hope the board meeting goes ahead and everything is thrashed out and we can get back to not being a constant car crash waiting to happen.

[Batch]

Not the content I was expecting, nothing really earth shatteringly bad imo. Maybe it was watered down at the last minute?

Guess he just wanted it on record that the claimed £2.2M invested is more like 500/800k.

Suppose there is not much to gain for either party by laying all the issues on record while there is still a chance of being able to negotiate.

Shame Murrall wasn't slightly more descriptive about who put pressure on him to leave. Presumably at that point it was Power and Jed in agreement? Or Jed was being lent on.

What worries me is that if Jed has no funding to go it on his own, the debts most certainly will mount up to our suppliers and all the good the previous regime did in that area will be ruined. As you say, why would Power chuck more money in as things stand.

Its clear there is a struggle going on, maybe Jed changed his mind about moving aside

I'd be a lot happier if he said it was due to personal/financial structure of the exit strategy and not about future direction of STFC.

[chalkies_shorts]

Not that much vastly interesting other than Steve can legally turn up at the next board meeting. The bills thing is interesting, however, as on one hand we all probably wait for reminders. On the other hand Jed keeps talking about this being a community club and not paying the locals given the current economic conditions is not going to go down well.
It also doesn't say where Jed got the money to repay the £1.2m. Who else is lurking?

[otanswell]

Well there we have it.

[Batch]

Well there we have it.

Some of it

[PetsWinPrizes]

It also doesn't say where Jed got the money to repay the £1.2m. Who else is lurking?

Perhaps he just gave the same 1.2 straight back. They needed it to satisfy the football league and get themselves out of embargo, perhaps that's why it was a short term loan, put it in the account, show the FL, pay it straight back.

[otanswell]

That's false accounting though isn't it?

[pauld]

So basically that was a prolonged whinge about how badly he feels he was treated (which he may have been) and

1) Power hasn't put in as much as he's claimed to. Well, that's always the case in football, as somone else pointed out the other day that's why they all use phrases such as "has made available to", "facilitated the injection of" blah blah. From what I understand that £1.2m was solely required to be deposited in an escrow account for a few weeks so the FL could see it was there as proof of funds. So no-one invested it in the club, not Power, not Jed

2) Unspecified bad things have been going wrong for some time, but he didn't see fit to mention it until now because he was worried about Jed's health. Which is very touching, but perhaps not a great way to run a business. Or maybe the unspecified bad things are, actually, quite trivial and this is just a bit of spreading FUD

3) Unspecified bad things have definitely gone wrong since he left, but he's not in a position to say what they are, because he's not there any more. But they are definitely bad and run the risk of undermining all the great work he did while he was there. So when it all goes to shit, it definitely won't be his fault, it'll be those bad things that have been done in the last 6 weeks. Not the bad things he didn't get round to mentioning.

[pauld]

That's false accounting though isn't it?

If it was on the club's books, maybe (Si Pi will know) but this is proof of funds. I believe it doesn't need to go into the club's account, just into a bank account the FL can look at and verify the funds are there. It's one of many ways in which the football authorities' regulatory tests are laughably full of holes.

[ronnie21]

Perhaps he just gave the same 1.2 straight back. They needed it to satisfy the football league and get themselves out of embargo, perhaps that's why it was a short term loan, put it in the account, show the FL, pay it straight back.

That sounds very feasible, 1.2 was the figure mentioned all along, obviously Jed did not possess 1.2, so to satisfy the powers that be he was loaned it, yes, I buy into that one. Interestingly that Steve is now claiming he was leant on to leave, when we made redundancies we were told that all had been voluntary plus one other - whom I believe to be Fredi!  Must be something of a poisoned chalice in the corridors of STFC.

[Batch]

I think he already hinted/said he was leant on to leave in these very forums.

[PetsWinPrizes]

If it was on the club's books, maybe (Si Pi will know) but this is proof of funds. I believe it doesn't need to go into the club's account, just into a bank account the FL can look at and verify the funds are there. It's one of many ways in which the football authorities' regulatory tests are laughably full of holes.

Indeed, I'm not an expert but I suspect it was simply a case of this. We wanted to sign players , the FL, concerned we couldn't afford it demanded to see 'proof of funds'. That wouldn't be a set of formal accounts, they'd only just taken over after all, they'd merely have to prove the 1.2 million existed at that point.

[otanswell]

If it was on the club's books, maybe (Si Pi will know) but this is proof of funds. I believe it doesn't need to go into the club's account, just into a bank account the FL can look at and verify the funds are there. It's one of many ways in which the football authorities' regulatory tests are laughably full of holes.

So in theory I could show the football league little johnny lends me 2 million I show them my bank statement with it in and I can run a football club?

On that shit soapy tit wank