New beginnings - 25% Truth, 80% Bollocks

[Mooneyraker]

The move signals a huge step towards complete financial security for the football club, with £2.95million cleared by our owner, Clem Morfuni, with the help of our dedicated fans, sponsors and partners.

Sponsors and partners i.e. we sold shares

Yes, you could argue there is a degree of ambiguity in there.

Interestingly this was what the Trust Vice Chair said at the time:

https://twitter.com/socialPolly/status/1577013610231971841

"This is a huge statement of intent from Clem & Co., and a lot of work behind the scenes has gone into this"

 

2+2=5 I'm sure but an amusing wording in hindsight whether it was Freudian or just a turn of phrase!

[JoeMezz]

Yes, you could argue there is a degree of ambiguity in there.

Interestingly this was what the Trust Vice Chair said at the time:

https://twitter.com/socialPolly/status/1577013610231971841

"This is a huge statement of intent from Clem & Co., and a lot of work behind the scenes has gone into this"

 

2+2=5 I'm sure but an amusing wording in hindsight whether it was Freudian or just a turn of phrase!

The thing I can't figure out is that they so openly said it's cleared, it was always going to come out how it was cleared. Perhaps they adopted the approach "it's better to ask for forgiveness over permission," but either way it seems strange...

[ChalkyWhiteIsGod]

Power did this 17 times before rocking up at the CG. Nobody wanted to hear it at the time.

This.

[Mooneyraker]

This.

I often see it said that "nobody wanted to hear it" about Power, which just isn't the case. Most didn't, which is still an important point to make, but many saw him as the shyster he is from day one. That they were drowned out and patted on the head by the famous "happy clappers" makes it all the more galling when history seems to be repeating itself.

[The Artist Formerly Known as Audrey]

It is different, though. Power was prepared to put the club into admin to clear his debts. Seeing as the club, I presume, owes Clem he is unlikely to do that.

Anyway, Clem’s ‘crimes’ are ones of lack of transparency and obfuscation after promising the opposite.

I’d say Power’s crimes were footballing crimes - the club was at risk. I don’t think that’s the case with Clem.

Hope so, anyway.

[horlock07]

I agree with your sentiment on the Adver, they are basically doing little more than me or you could do, in fact, less at times.  Your general themes of nothing to see here unless proven otherwise I think I do not agree with though.  There is clearly a thread here that can be pulled, and it may take weeks to fully unravel or be long enough to print something, but the thread almost certainly seems to be unravelling on it's own.

I think you misunderstand me, I am not doubting that is plenty to see here, which if somebody had the time and inclination to investigate properly they would inevitably unearth god only knows what (a basic look at the filings (or not) of various Axis companies on CH could set any number of hares running for instance) but it gets so clouded in conjecture, half stories becoming fact, what appears in certain cases to be personal animosity towards certain people at the club/Trust and what is now seeming to be an arranging of the deck chairs for a long upstanding chorus of 'Well I told you so' that's X becomes Y through rumour and counter rumour and the truth invariably lies somewhere in the middle.

I've said before that my education in history has made me very conscious of the importance of knowing your sources and that's what settings my mind a wander about a lot of this, its not happy clapping its my historians mind being frazzled!

I wake up in a sweat at night with the thought of entering court and seeing a jury made up of many of our fans from SM!

[RobertT]

It is different, though. Power was prepared to put the club into admin to clear his debts. Seeing as the club, I presume, owes Clem he is unlikely to do that.

Anyway, Clem’s ‘crimes’ are ones of lack of transparency and obfuscation after promising the opposite.

I’d say Power’s crimes were footballing crimes - the club was at risk. I don’t think that’s the case with Clem.

Hope so, anyway.

The risk is certainly different - we have an asset of relatively decent value vs. what Power had at his disposal to milk.  In the event Clem needed to do a sharpish exit, he can probably find a willing buyer for his 50% of the ground, which would cover off a fair chunk of anything he is owed personally (which is a murkier area now - it could be a few people owed money).

[The Artist Formerly Known as Audrey]

I said at the time of the 20% of the club being sold for £2.9m that it puts the value of the club at around £14m which is a ridiculous figure. Double what it was worth when Power was exiting.

Nobody is going to buy Clem’s 50% of the CG but excluding the actual club. Is a redeveloped CG worth £7m to anyone?

With the Trust owning 50% any future owner isn’t going to be attracted to buying an asset he can’t make a profit on.

Just how can the club be sold?

[horlock07]

The risk is certainly different - we have an asset of relatively decent value vs. what Power had at his disposal to milk.  In the event Clem needed to do a sharpish exit, he can probably find a willing buyer for his 50% of the ground, which would cover off a fair chunk of anything he is owed personally (which is a murkier area now - it could be a few people owed money).

I'm not sure that it would, in theory Clem's lump is worth £1.15m (if its even that now the market is wobbling like a jelly) and that would only give any purchaser 50% with the other 50% being held by a single objective Trust who have the scope (and total ability) to be a pain in the arse about things. Add into the equation the power the Council weild and the fact that they would be invariably incredibly pissed off if Clem tried to flip it.

And that's not even accounting for any (I imagine extremely onerous clauses) the Eady Trust will have put into the agreement to fund the purchase in the first place.  

If Clem (or whoever) has put the money into the club which he has been reported to have done, I honestly struggle to see how that money comes out again unless he is in very long term, we get up the leagues or someone with either a local interest or a fetish for fucked up football clubs comes in with a silly offer.

[Jimmy HaveHave]

The more you look into it a 50% ownership isn't sounding such a good deal.

[ThreeDrawsMentality]

Isn't the non-fan 50% ownership of the ground solely tied to the club and not to the parent company or owner? Have a feeling for it to be owned by anyone else, there's a procedure to be followed by the fan 50% voting on whether transfer of ownership should occur etc.

[ChalkyWhiteIsGod]

I often see it said that "nobody wanted to hear it" about Power, which just isn't the case. Most didn't, which is still an important point to make, but many saw him as the shyster he is from day one. That they were drowned out and patted on the head by the famous "happy clappers" makes it all the more galling when history seems to be repeating itself.

Yeah you see it now. I'd say its worse now though. People don't even want to take a moment to understand the situation, they just want anyone perceived as being negative to shut up and go away. Its absolute simpleton behaviour lauding themselves as 'proper supporters' because they blindly support and don't question anything.

These people aren't 'proper supporters' any more or any less, they're just fucking cretins that lack the mental capacity to understand anything behind the scenes and don't want to understand it anyway.

[Robinz]

Chalky.... that's not nice calling your fellow supporters fucking cretins !!! soapy tit wank
Possibly true but ......
Should read the Advert forum to see some real wacky comments.
Just proves there are more sheep in the UK than in NZ..but they have two legs and not four

[ChalkyWhiteIsGod]

Its the proud ignorance of it all that gets me. They're proud to know fuck all about it and just blindly support and think that makes them better than everyone else.

[ChalkyWhiteIsGod]

Isn't the non-fan 50% ownership of the ground solely tied to the club and not to the parent company or owner? Have a feeling for it to be owned by anyone else, there's a procedure to be followed by the fan 50% voting on whether transfer of ownership should occur etc.

Definitely how it was explained previously.