New beginnings - 25% Truth, 80% Bollocks

[ChalkyWhiteIsGod]

Not sure why you would refer to the CEO and CFO by first name in that email like they are your mates but here we are.

Because they are and that's why the Trust are obsolete and not fit for purpose.

[Frigby Daser]

All I see is a list of costs. Not where those costs go, and not proof that those costs are accurate. That’s not the Trust’s fault. The elephant in the room is that we are spending significantly more than our competitors. (And that we have the Disorganised Crime Group running our club, obviously).

[Legends-Lounge]

I suspect many will be drawn to this statement -

"
The cash flow forecast for the next 12 months was also provided and this showed when further funds will be required. Scott was able to see movement in loan accounts and the figures confirmed that Clem Morfuni had put significant funds into the club this year to keep the club afloat and is forecasting to do so next."

And will say that without Clem we'd be in the shit and he's saved us and continues to. I remain unconvinced.

If Clem is putting money into the club, it gets banked a a directors loan, fair enough. Even if there is no interest payable (sorry, visible interest payable) then the loans accrued are mounting significantly and will have to be paid by any future purchaser of the club plus any intrinsic and agreed value. I guess my point is at what time or at what figure does he decide it’s time to cash in? Because he cannot keep this cycle of pumping money into the club with out an exit strategy.

[theakston2k]

If Clem is putting money into the club, it gets banked a a directors loan, fair enough. Even if there is no interest payable (sorry, visible interest payable) then the loans accrued are mounting significantly and will have to be paid by any future purchaser of the club plus any intrinsic and agreed value. I guess my point is at what time or at what figure does he decide it’s time to cash in? Because he cannot keep this cycle of pumping money into the club with out an exit strategy.

There’s also the question of is it really his money going in or is he just a funnel?

[The Million Pound Man]

Not sure why you would refer to the CEO and CFO by first name in that email like they are your mates but here we are.

Same with Morfuni, he's not a mate doing us a favour.

[Bob's Orange]

If Clem is putting money into the club, it gets banked a a directors loan, fair enough. Even if there is no interest payable (sorry, visible interest payable) then the loans accrued are mounting significantly and will have to be paid by any future purchaser of the club plus any intrinsic and agreed value. I guess my point is at what time or at what figure does he decide it’s time to cash in? Because he cannot keep this cycle of pumping money into the club with out an exit strategy.

My read is whenever someone meets his (probably unrealistic) asking price. Quite what that is, is anyone's guess.

[RedRag]

Happy (even desperate) for alternative opinions on Clem.  However, there has been a breach of trust between Clem and the fans based on his PR when taking over the club and his subsequent conduct, especially on internal ownership matters.  It is what it is and generally a case of no change there, then.

What I find completely unnecessary is the mealy-mouthed patsy approach of the Trust to this state of affairs.  First and foremost it should be independent.  That does not involve being grateful having a load of unspecific, unverified twaddle presented to it on running costs - nor accepting that knowing who/which characters own and/or control the club with which it interacts is none of its business.

If it is to have a valuable role, it is surely to be a critical partner.  If the Club has too much to hide, then the Trust would do well, imo, to distance itself and at least present a business-like synopsis of the challenges and barriers it has faced.  Rob Angus resigned for "personal reasons".  I sincerely hope he is a well man but I can't help feeling he had the wisdom to back off because he knows a conflict of interest when he sees one.

[Nomoreheroes]

Impressive that there has been 4 (or is it 5) pages of ranting today after a Trust statement that says nothing other than they saw some figures that show the club is losing money, but, due to legal reasons, they are unable to quote them.

P.S. I did like the quote about us having a Disorganised Crime Group rather than an Organised Crime Group running the club! 

[The Artist Formerly Known as Audrey]

Tbf, they are unable to quote them now. Come when the accounts are lodged at CH we should become aware of the minutiae of what the costs actually are - supposedly.

There are only 2 alternatives to Clem’s ownership. He purchased the club unaware of how much others had their claws into the club and it’s impossible to get rid of them. Or he knew full well and was prepared to go along with whatever shenanigans are going on.

I suspect that if any of the stuff going on in the background came out it would add more fuel to the EFL’s fire.

[tans]

Tbf, they are unable to quote them now. Come when the accounts are lodged at CH we should become aware of the minutiae of what the costs actually are - supposedly.

There are only 2 alternatives to Clem’s ownership. He purchased the club unaware of how much others had their claws into the club and it’s impossible to get rid of them. Or he knew full well and was prepared to go along with whatever shenanigans are going on.

I suspect that if any of the stuff going on in the background came out it would add more fuel to the EFL’s fire.

When did he come to STFC? 2015?

I cant see that he didnt have an inkling of everything going on, been involved long enough

[The Artist Formerly Known as Audrey]

Well, you’d have thought that. Then remember he handed over £1.1m to Power for nothing in return.

Don’t think he’s the smartest monkey wrench in the toolbox.

[Berniman]

Well based on the Trust statement and the worthless email that i got sent, i am going to cancel my £10 per month contribution to the trust, as far as I am concerned they are not doing their job of representing me as a fan, not representing the wider fanbase and not providing the communication that I expect for my contribution.  By positioning themselves so close to the club they are in effect an extension of the current ownership and I am not interested one bit in contributing to that.

If anyone says to me that I could get involved and join the board, go fuck yourselves.  If you think that is the answer to any criticism aimed at the trust then you are as good as in bed with them and the shady cunting ownership that we are currently watching dismantle our club brick by brick..

[RobertT]

When did he come to STFC? 2015?

I cant see that he didnt have an inkling of everything going on, been involved long enough

2017 I think, but was involved with sponsorship before coming onboard.  Somehow got involved via Zav Austin, didn't he?  Says quite a lot really.  I am sure he was sold the dream of milking a football club of money via a ground development and to chuck in over a million without proper written agreements and solicitors all over it shows what we should have expected from him.  The plan for all the people who have been involved over the past 10 years or so has been to keep as little as possible in formal agreements.  The murkier the better.  It shouldn't be forgotten he liquidated his UK company and pretended it was just a restructure of the business - he stiffed nearly 1m of creditors through that process.  An altruist he is not.

[Bennett]

According to this Clem was shirt sponsor from 2013
https://www.forbes.com.au/covers/investing/clem-morfuni-buys-swindon-town-fc/

[The Grim Reaper]

Club falling apart right in front of our eyes and the trust about as much use as a chocolate fire guard. Left today’s match feeling as low as I have ever done in the past watching STFC. Another disgruntled fan here who has just cancelled their direct debit to the trust.