Lee Power siphoning off funds

[RobertT]

If there was, they would have come forward when we were in the shitter, a basically free club....... but supposedly only 2 people came forward, and the main one died (not sure how true?) hence we got left with Jed.

The issue at the time of sale was the fact that we were not liquid - expenses were so high that anyone buying the club needed to immediately be able to fund it.  Black may have wiped out debt, but he was essentially passing on a business that would need to be liquidated quite soon after sale without new access to funds.  SSW with Diamandis may have been far dodgier, but they'd run the footballing side down in the meantime, so anyone buying was faced with a different prospect.  They wanted money to pay back their investment but left a club stripped down (aside from Bill Powers investment for a year) that you needed less initial working capital.

[The Artist Formerly Known as Audrey]

from what he said on the radio interview, if he was to sell the club it would be sold to the new owner in a "bundle" with the club (so it's a club asset) but until then he will rent it to the club for a "Peppercorn rate".

So, the golf course has been split into 2 legal entities - the training ground and the rest. I presume Power has something in mind for 'the rest'.

[RobertT]

The club has a long term lease at a low rent.  The club wouldn't get ownership in any sale, and he's got some plans with the rest of the land for himself.

[garethgillman]

So, the golf course has been split into 2 legal entities - the training ground and the rest. I presume Power has something in mind for 'the rest'.

Supposedly housing and stables, as he has interests in horses (and magazines) so yes, the land would be split up, Power uses what he wants and the club get their share which they rent from Power.

[garethgillman]

The issue at the time of sale was the fact that we were not liquid - expenses were so high that anyone buying the club needed to immediately be able to fund it.  Black may have wiped out debt, but he was essentially passing on a business that would need to be liquidated quite soon after sale without new access to funds.  SSW with Diamandis may have been far dodgier, but they'd run the footballing side down in the meantime, so anyone buying was faced with a different prospect.  They wanted money to pay back their investment but left a club stripped down (aside from Bill Powers investment for a year) that you needed less initial working capital.

I know that but if Power saw how he could turn it around, anyone with an STFC interest would have as well, but they wouldn't have the connections he does. The usual facebook lot keep saying put up for sale and someone will come forward, but every other time we have gone up for sale, there hasn't ever been big interest.....

[garethgillman]

The club has a long term lease at a low rent.  The club wouldn't get ownership in any sale, and he's got some plans with the rest of the land for himself.

I am going off what was said on his radio interview when he announced the training ground, his words were "peppercorn rate" and "sold to the new owner"....

Unless he has the intention of raising the rent once the club is sold, I can't see why he would want to keep hold of it?

[horlock07]

I know that but if Power saw how he could turn it around, anyone with an STFC interest would have as well, but they wouldn't have the connections he does. The usual facebook lot keep saying put up for sale and someone will come forward, but every other time we have gone up for sale, there hasn't ever been big interest.....

It also needed cold hard cash which is why Power was drafted in, Jed had neither pot nor piss to put in it, and when mixed with debts and the scale of contracts handed out in the Di Canio era it was always going to need someone to take a punt (something I have a small grudging thank you to Jed for doing as the alternative was administration and possible oblivion! I also admire Jed for his efforts to get Roooooaaaarrrr greater use in the English language!).

Finding a STFC fan with the money needed to move the club forward (and the thickness of skin to put up with the dog abuse which comes with it) seems ever more distant.

[horlock07]

I am going off what was said on his radio interview when he announced the training ground, his words were "peppercorn rate" and "sold to the new owner"....

Unless he has the intention of raising the rent once the club is sold, I can't see why he would want to keep hold of it?

 I suspect that the 'community' element of the clubs training ground may be something of a sweetener (in planning terms 'public benefit') to smooth the progress of his other aspirations.

[RobertT]

and I think he meant ensuring that the entitlement to the lease is transferred with the club, not that he'd give up freehold.

[theakston2k]

It also needed cold hard cash which is why Power was drafted in, Jed had neither pot nor piss to put in it, and when mixed with debts and the scale of contracts handed out in the Di Canio era it was always going to need someone to take a punt (something I have a small grudging thank you to Jed for doing as the alternative was administration and possible oblivion! I also admire Jed for his efforts to get Roooooaaaarrrr greater use in the English language!).

Finding a STFC fan with the money needed to move the club forward (and the thickness of skin to put up with the dog abuse which comes with it) seems ever more distant.

If I ever had the money I wouldn't even entertain the thought of buying the club, not worth the hassle and all the abuse you would get during a poor season. You couldn't have any real hands on role as you would make decisions from the heart rather than the head which when dealing with business is a recipe for disaster.
An absolute thankless task and I'd probably end up reading social media and banning people out of spite!

[chalkies_shorts]

If you had the money you'd be better off buying the Scum. Every bit of abuse would be music to my ears.

[Ells]

If you had the money you'd be better off buying the Scum. Every bit of abuse would be music to my ears.

I just started thinking about this. If you deliberately bought a club like that and tried your hardest to be deliberately incompetent and fuckwitted, do you think you could actually be any worse than Jed?

I don't think you could 

[axs]

I can't see us ever getting a new stadia.

We only need one. A stadium.

[JoeMezz]

I just started thinking about this. If you deliberately bought a club like that and tried your hardest to be deliberately incompetent and fuckwitted, do you think you could actually be any worse than Jed?

I don't think you could 

ROOOAAARRR

[Berniman]

I know that but if Power saw how he could turn it around, anyone with an STFC interest would have as well, but they wouldn't have the connections he does. The usual facebook lot keep saying put up for sale and someone will come forward, but every other time we have gone up for sale, there hasn't ever been big interest.....

I have seen your posts on the FB page..  Word of advice, don't bother.  If you have any other opinion other than Power out, Power is a crook, Power is bleeding the club dry then you will just be told to fuck off and play with your playstation..

They don't seem to get the fact that at this present time, Power out means the end of STFC, unless there is a rich investor that we are unaware of..

As much as I don't trust Power one bit, they are too dense to realise what they are actually asking for...  which is STFC probably into administration and then liquidation..