Lee Power siphoning off funds

[garethgillman]

If power walked out it wouldn't mean the end. When was the time a league club ceased to be?
someone else would just take over. Worst case scenario is building again from scratch. Would that be such a disaster?

How would the club be able to get a team together?
How would they be able to pay the rent on the ground when we are in national league or lower?
How would the staff who run the club get new jobs?

Unless there is a mystery fan owner with £10m burning holes in their bank account, we have no other option apart from Power, who else would want to run a L1 club which has no assets, a stadium which is falling apart and a team which is thread bare because it's been cut to the bone?

[Arriba]

How would the club be able to get a team together?
How would they be able to pay the rent on the ground when we are in national league or lower?
How would the staff who run the club get new jobs?

Unless there is a mystery fan owner with £10m burning holes in their bank account, we have no other option apart from Power, who else would want to run a L1 club which has no assets, a stadium which is falling apart and a team which is thread bare because it's been cut to the bone?

History tells us someone would take over if Power wanted out.
He's just the latest in a long line of em.

[Reg Smeeton]

How would the club be able to get a team together?
How would they be able to pay the rent on the ground when we are in national league or lower?
How would the staff who run the club get new jobs?

Unless there is a mystery fan owner with £10m burning holes in their bank account, we have no other option apart from Power, who else would want to run a L1 club which has no assets, a stadium which is falling apart and a team which is thread bare because it's been cut to the bone?

I think a lot of people are now assuming, that it will be Power who'll take us into non league.....much the same way as Kassam did with Oxford, and so it will be Power who needs to address those issues.  Kassam wanted to make money, Power wants to make money.

[Tails]

Everyone wants to make money.

[ChalkyWhiteIsGod]

History tells us someone would take over if Power wanted out.
He's just the latest in a long line of em.

This.

[horlock07]

I think a lot of people are now assuming, that it will be Power who'll take us into non league.....much the same way as Kassam did with Oxford, and so it will be Power who needs to address those issues.  Kassam wanted to make money, Power wants to make money.

Kassam built a three sided stadium and through that process is making some money by screwing the club for money, despite also selling the club, Power bought a club with no assets, no real estate and no prospect of either, I suspect he is unlikely to achieve his objective, if that is his sole objective?

[Don Rogers Sock]

Kassam built a three sided stadium and through that process is making some money by screwing the club for money, despite also selling the club, Power bought a club with no assets, no real estate and no prospect of either, I suspect he is unlikely to achieve his objective, if that is his sole objective?

Exactly. Some seem to think that he will screw us on the training ground when/if he leaves. The club won't HAVE to train there will they so won't be screwed on that surely.It's how much he charges us while in charge we need to look at.

[Reg Smeeton]

Kassam built a three sided stadium and through that process is making some money by screwing the club for money, despite also selling the club, Power bought a club with no assets, no real estate and no prospect of either, I suspect he is unlikely to achieve his objective, if that is his sole objective?

Strictly speaking Kassam finished building the 3 sided ground that a previous regime had begun then abandoned. Such was the level of gratitude shown by the people of Oxford, for saving the club, he was given an honorary degree.

Power is no Kassam, we know his model is to produce players and then sell on, here is the present disconnect, the model has broken down, we're left with an inadequate squad for Div 3, and nothing to sell.

I don't suppose it escaped Power's notice that Oxford got decent bucks for Roofe, after 1 season in Div 4, and a sizeable fee for the Irish kid who came through their youths, despite him playing his early years in the non league.  In other words, no real incentive to try and stay in Div 3 when Div 4 fits the model just as well.

[The Artist Formerly Known as Audrey]

He must be making/has made money owning STFC otherwise he wouldn't be here. He's hardly the altruistic type.

He has got the golf course out of it. If we are, as Power says, running sustainably and he adjusts the budget according to incomings anything over and above what is needed to cover costs is money in his pocket.

He has lent the club money which will attract interest at a rate unknown. He may well take a % out of any player sales.

He's the owner and can structure his financials to suit.

[Don Rogers Sock]

He must be making/has made money owning STFC otherwise he wouldn't be here. He's hardly the altruistic type.

He has got the golf course out of it. If we are, as Power says, running sustainably and he adjusts the budget according to incomings anything over and above what is needed to cover costs is money in his pocket.

He has lent the club money which will attract interest at a rate unknown. He may well take a % out of any player sales.

He's the owner and can structure his financials to suit.

This is what confuses me. Who bought the Land, Power or the club.

[The Artist Formerly Known as Audrey]

Power bought the golf course. Whether that was from funds from player sales, who knows.

The club gets a (rented) training ground. Power is both tenant and landlord.

[RobertT]

and nothing to sell.

Well, that's not true is it, even you are engaged on a discussion about the inevitable sale of our keeper.  Thompson is probably worth a few quid and Goddard may be with some more games under his belt at this level.

You are right on one thing, league level doesn't break the model - he's bringing in younger players, so even if one in ten is the success rate, they have value.  Bringing in older players at this level means zero resale value even if they are good, generally speaking.  So we can be bad as a team and still have some assets to realize under this model.

[horlock07]

Power bought the golf course. Whether that was from funds from player sales, who knows.

The club gets a (rented) training ground. Power is both tenant and landlord.

Which is very common in business. As I have said before on the Planning Application Swindon Town FC are the applicant and they have completed the certificate that states they are the owners of the land, although there is nothing to stop it being moved into another Power controlled company, for instance Seebeck or Swinton Reds or perhaps another vehicle, for instance RACING AHEAD WEEKEND LIMITED which is also registered at the County Ground?

If he is to be believed Power is charging the club a peppercorn for the training ground rent so he isn't going to make cash that way, as I touched upon before I wonder whether this is the first attractive part of a wider scheme to develop the site for racing purpose, playing on the community angle of the club - perhaps that's where the money is to be made?

[Samdy Gray]

Power owns the land. He paid £1,300,000.

[Reg Smeeton]

Well, that's not true is it, even you are engaged on a discussion about the inevitable sale of our keeper.  Thompson is probably worth a few quid and Goddard may be with some more games under his belt at this level.

You are right on one thing, league level doesn't break the model - he's bringing in younger players, so even if one in ten is the success rate, they have value.  Bringing in older players at this level means zero resale value even if they are good, generally speaking.  So we can be bad as a team and still have some assets to realize under this model.

My point about the keeper was that as a rule they don't fetch much in the market....Nathan is out of contract in the summer so will leave for free.

Goddard has a lot to do.....he's supposed to provide goals from midfield, he may make it, but not there yet.