Thetownend.com

Starnes: £1 million been spent
Listen to BBC Radio Swindon's Ed Hadwin interview with Town's acting Chief Executive Martyn Starnes
 
 http://www.bbc.co.uk/wiltshire/content/images/2006/11/29/martyn_starnes_203_203x152.jpg
 
Swindon Town's acting Chief Executive says more than £1 million, invested in the club by Bill Power this summer, has already been spent paying the club's existing losses.

Martyn Starnes revealed the cash was swallowed up ensuring the club broke-even last season as well as keeping things going over the summer.

But the club insist there is no need to worry about Swindon's attempts to re-structure a further £1 million of debt.

Starnes says they are looking at other ways of funding that payment, in case their negotiations with the administrator fail but admits the investment from Bill Power has already been used:

http://www.bbc.co.uk/wiltshire/content/articles/2006/11/29/stfc_2_291106_feature.shtml


Audio interview here...

http://www.bbc.co.uk/wiltshire/realmedia/martyn_starnes_291106.ram

Erm, but did he not pay the money AFTER the season has started? So is Starnes saying they were late with last year's CVA or that they accumulated yet more debt last season?

What did they spend it on, exactly? And was the money from the sale of Rory Fallon not enough to mitigate their losses for that season?

Are they really trying to tell me that they overspent by more than £1.3m (Power+Fallon sale)? And what about the cash a few years back from Parkin's sale? That's another approx £400,000 ...

Fucking hell ... It's accounting for infant school children.

What gets me is why they'd pay other bills before the CVA?  :shrug:

Did anybody who emailed this Starnes chap get a reply? I mailed him but got nothing......admittedly it was cheese related but still..

Well Sandy 'what VAT/CVA commitments are met' G is our director of finance so it isn't really a suprised is it?
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Incidently, why has Walsall got £5 million turnover v our £3.5. They get more or less the same number of fans in a game as us? Is the non-football side that affluent at the bescott?
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Indeed  :?:

 Walsall trouser loads from the weekly car boot sale in the car park around their ground.

Wow, £1.5m from car boot sales. I'm setting me one of them up... :)

can anyone transcribe that interview? or summarise it? please.

I have never before heard such a load of total utter bollocks spoken from someone who is supposed to be a business person :x

 :shake: shocking

Starnes is in trouble......Mrs Spacey is now on his case.

 I think its a market as well as car boot...they get 250 stalls lets say that's 100 a stall then thats 1.25 mill pa.

In his defence the Bescott does a hell of a lot of conferencing, nothing really the CG couldn’t do but I’ve suffered a couple of events there on separate occasions and they're on to a real earner.

For SY…

The 100k was in the bank in June and we still have it although it’s been decided to amalgamate it with the 900k payment next year that we’re attempting to re-negotiate with the creditors.

This was kept stum at the AGM because, erm not sure if there was a specific reason but there was mention that it was on the advice of the administrators.  Anyone?

The club hoped to be in a better position with the CG development to pay the above.  :shock:  

Bill Powers’ money was used to clear the trading deficit from last season and over the summer.  That pot is now empty.

There was mention of ITV digital deal leaving everyone skint.

Walsall have reduced a comparable 2 million annual deficit to us down to a break even figure, however their turnover is £5 million compared to our £3.5.

There was mention of cutting costs this season, nothing specific mind.

Finally the club are attempting to approach local businesses, heal rifts and bring money into the club.

Only the extremely gullible would give any credence to the utterings of a Newbury placeman like Starnes......the mere mention of ITV digital shows their desperation.

cheers daz, shame it's the same old excuses and bollocks though.

why not pay the 100k and renegotiate the 900k payment after? surely by being up to date with payments the club would be in a better position to negotiate?

what trading deficit? the budget was cut dramatically last season, how did they manage to be overbudget? if they was such a deficit from last season, how on earth did they manage a £1m overspend so far this season - is that devlin's fault too?

itv digital left everyone in the shit. that was years ago. not an excuse.

walsall have better facilities than us. do they not have good conferencing facilities as well?

the club have been "attempting" to heal rifts since the premiership days, i'm not going to hold my breath.

i'm fucking sick to death of all o fthis.

ED Hadwin did ask the same question but the answer was slightly evasive something to do with it being on the advice of the administrators.  

Can’t see why unless we are attempting to renegotiate the amount or use the 100k to cover more deficit from this season.

   If this regime had could produce up to date accounts for their own activities, then it might be possible to have some belief in  their statements, when the transition from the Brady/Donegan era happened, it was feasible that there could be a problem sorting the accounts hence a delay.   Not now though.
 
   Its been quiet on the Cliff Puffett looking at the books front ....I think most would view Cliff as an honest broker.....STFC is only a smalll company, can't take too long to see what's going on surely.

  Ron Morse managed to run the club for 30 odd years to the mid 80's with  little more than a ledger and a John Bull set.  Quite successfully as well.

Like I said at the outset of this thread I don't believe a frigging thing here.

I simply don't believe that, considering income, there was more than a £1.3m trading deficit last season ... utter bullshit.

You lot at the County Ground want me to change my opinion? Show me the fucking accounts.

you've changed your tune a bit there Chris I thought you were giving them the benefit of the doubt the other day.

Perhaps recent events are something to do with the holding company?

BP's cash back or share issue perhaps?

http://www.ukdata.com/numbers/04320453.html

22/11/2006 Return of allotments of shares issued for cash or by way of capitalisation of reserves (bonus issues) - revised form.

22/11/2006 Notice of increase in nominal capital.

22/11/2006 Notice of consolidation, division, sub-division, redemption or cancellation of shares, or conversion, re-conversion of stock into shares

I'm not paying £18 to find out mind!

Because they are refilling their own pockets before they try and ditch the club.

This lot will cut it fine. We might be hours from a winding up order before they leave.

They really must think we're stupid.

ITV Digital! Why not just blame the Great Depression, hyperinflation and Black Wednesday!

Notice how whenever Ed asked a question Starnes had no answer to he replied 'thats a good question and I undestand their concerns'. Why not just say 'yep, you're right. But we won't admit we were wrong, or plain incompetent because Mr. Diamandis won't let me.'

Notice how Diamandis wasn't mentioned too - is there some sort of media ban on uttering it? Obviously Ed alluded to it in one of his final questions, and all Starnes said was 'oh, the club is being run ever so well, there's nothing to worry about'. Well lets see: DTI investigation, past convictions, refusal to show his face - it adds up doesn't it Martyn. Absolutely nothing to bloody worry about.

And the comment, look at the financial reports year on year - we bloody can't can we! Because your 'company' is too incompetent to publish annual reports, or maybe, just maybe its by design so we can't validate any of your conclusions.

And blaming the administrators for not mentioning the CVA default! So, your administrators advised you to break the law and lie to your shareholders because it was best to keep it confidential. First, there is no reason whatsoever to keep it confidential other than to keep the waters calm so the shareholders and fans weren't aware of exactly how you were running the company. Secondly, you BROKE THE LAW.

His fault, his fault, their fault...anybody's fault but the board. The board - the one constant through all of this. But the one innocent party.

Absolutely disgraceful.

Oh, Mr Starnes, try replying to emails that matter - with substance, rather than just the ones congratulating you on appointing a good manager.

You're just the new Bob Holt aren't you - Diamandis' mouthpiece. Stop treating us like fools you bunch of arrogant bastards and piss off back to the races.

Which is of course, assuming they do have the 100k and this won't turn out to be the latest in the long line of "I know we told you that then, but this time we really are being open and transparent ... ushering in new era of dialogue with fans .... " etc etc. I'm with Chris, too much bs for too long, simply can't trust a word these people say any more.

And I for one still want to know where Bill Power's money's gone. No, I mean really gone. We were told before the end of last season that the trading deficit was where the Parkin and Fallon transfer fees had gone but that it was OK because that would largely cover the operating loss for the season. Now we're being told that Bill Power's money was used to cover that operating loss - just like you can't spend the same money twice over, so you can't use the same black hole as an excuse for two different pots of money.

Don't believe a fucking word, myself.

And why should we believe a word after the AGM?

You've dug a hole Mr Starnes, Gray, Diamandis, time to jump down in

This is interesting - Google says a bonus issue is "new shares issued by a company to its existing shareholders, usually in a mathematical proportion to the number of shares already held. These shares are issued free of charge as an accounting exercise by the company.

What the company is doing is turning part of the profits and reserves it will have accumulated into capital. The company may also be undertaking the exercise to reduce the unit price of its shares in the market to make them more easily tradeable"

Hmmmm......

Nothing wrong with changing your mind, YR. Besides, when obvious maths don't add up I think we're entitled to ask questions. Like I keep saying, they're running the *club* as if it's a *business* ... But, what makes a football club? The fans. Players, staff, managers, chairmen come and go but the fans are the one constant. They're running the club on our behalf and need to remember that.

I think I've got my head round it now.

STFC issues more shares (bonus issue) then increases the nominal capital so that the par value of the shares remains the same.

But why issue more shares without raising new capital? It just doesn't make sense.

£18x3 ...

I've got a login for a similar webcheck firm - I'll try and pull them later.

Or to solve the issue, we all chip in the £18 and probably get to see something like this:

www.companieshouse.gov.uk/forms/generalForms/122.pdf

Presumably because they believe Seton Wills will buy the new shares and it will raise capital. I guess if he doesn't buy them then they'll do a share issue to fans ...

It all amounts to one thing. They don't have any money.

See post above. I might be able to get them shortly so hang on.

But a bonus issue is free shares. So someone has been given an increased share holding, the holding company perhaps?

Yes, most probably ...

Right.

I sort of understand why they used Powers money to cover the operating loss for last season. SSW has put a lot in and is not obliged to cover the clubs contiuning losses every year. I'm sure he was very happy that BP was there to cover this and keep his cheque book in his pocket for once.

What is not clear is how that loss was the reported £1.3m. Given the massive cuts in virtually every part of the club last season (or are we even talking about the season prior to that??)

Questions -

- How has the operating loss escalated to the claimed £1.3m despite cost cuts all round?
- How did this happen considering there have been player sales and increased commerial activity (ie concerts)
- When are we ever going to see these fucking accounts?
- Why not get SSW and BP to go halves on the CVA payment or some simlar artangement back in the summer?
- So if the loss for the last accounting period was £1.3m, does a £700k overspend this season mean that we are heading for a £2m loss in the current period?


The STFC accounting formula prior to this seasons seems to consist of: Lower Costs + Increased Turnover = Larger losses. WTF?

Keep up PM, this has already been posted

http://www.thetownend.com/forum/viewtopic.php?t=16373

 :wink:

1 - This is the worrying point - all extra revenue and sales of players we still are operating at a loss, remember only 5 months ago we had a 1 million pound cash injection. I suspect Dunwoody has alot to do with this.

2 - Again i think the money has gone to pay investors and property developers.

3 - You can publish accounts within 24 hours however untill the audits agree with everything they wont get published.

4 - Power wont come back to the club unless the dunwoody clowns go- especially after is money dissapeared in a matter of months

5 - quite possibly.

http://www.bbc.co.uk/wiltshire/realmedia/stfc_starnes_wilkes_301106.ram

Interview

that interview is an eye opener, starnes basically says fuck off no one is going to know the extent of shit we have fallen into.

mr horsfield, keep at it, there are so many of us willing you on.

How can we show our support of this consortium??

I hate to think what the consortium might uncover when/if it ever gets to that stage.

well not sure, join the trust which i presume you already have, otherwise get as many people as you can to join.

i believe a good thing would be for the trust to outline the way it would run the club if a takeover was successful.

i believe a trust manifesto of sorts would bring round many a fence sitting supporter.

the trust should be as transparent as possible from the word go.

I mean more of a visable/audible support, something to show the current board that we fully support change at the top.

100% agree

As do I. We're working on it

Regarding the investor issue, most of the money that has been ploughed in over the past 5 years has been "loaned", so it's reasonable to assume debt repayment could include paying back loans.

SSW has recently been securing his land against these loans from other parties, like St Modwen (who I think have put in over £2m).  Without him we may not have survived, but SSW has not been "giving" the club money, on the whole he or other parties are owed the money back.

Let's have an orange revolution, fans who support the trust can all turn up with something orange on, for a specified match.  Akin to the Ukrainians a few years ago when their election went pear shaped.

Luggy likes orange, it's a colour that people don't normally wear, it stands out and may show the board the level of support the trust has!!

however it also throws up the matter that mr horsfield might end up getting poisened.

Oh yeah, he may age 10 years in a week, if the "evil" Mr Diamandis gets his way.



Disclaimer - Please note the "evil" comment about our favourite greek is only said in jest and is not meant to be taken seriously.

I think the Trust should make up some placards we can hold up to say that we are members and we support them .. the club would probably ban them on "health and safety" grounds tho! :-))(

Orange ribbons would be class though, as it's not as confrontational as placards, it's a subtle hint that we as supporters will not continue to accept the way our club is being run.  Nice and cheap too.

I think it's best to join the trust and let Mr H and the consortium to get on with it.

If they get blocked to the point of no further progress can be made then it's "open season" on protests. I kind of picture a smaller scale gladiator scene with Paul Davis shouting "on my command, unleash the placards .

summary anyone please?

orange is good...my Ukrainian wife Zina (see L&P lovlies) and I were fervent supporters of the Orange revolution and stood in Kiev Independence sQuare to show our support...I think this is a fantastic idea.

I presume you can't listen but can read stuff?

http://www.bbc.co.uk/wiltshire/content/articles/2006/11/30/stfc_301106_feature.shtml

Fuck off am I writing you a transcript.

Wilks: We've got the money and proof of cash but don't want to reveal who it is.

Starnes: Then sod off. And a letter from a banker isn't enough.

Wilks: Then what do you want?

Starnes: For you to leave us alone 'cos we ain't playing.

I think the reason why it would work is that, this kind of show of support, isn't vocal, it's just a visual, non threatening, way of showing our support for your consortium.

It also doesn't detract from our support of the lads on the pitch and the manager, you can sing, shout, be as animated as you want, even with an orange ribbon attached to your shirt/coat.

i don't have realplayer installed, i do now though. just listened to it.

Absolutely ridiculous.

The club asks for investment.

The club gets offered investment.

The club says no.

Had enough. Fuck off Diamandis. get some self respect Mr Starnes - you can see exactly why someone doesn't want to deal with Diamandis.

Mike, if push comes to shove, will the investors not deal with Diamandis whatsoever?

I think this sounds like a great idea would show what big support the consortium has without being vocal and effecting the team.  It would also get some great publicity to bring it more into the media spotlight  :\/

Call out the instigator,
Because there's something in the air
We've got to get together sooner or later,
Because the revolution's here

And you know it's right
And you know that it's right
We have got to get it together
We have got to get it together now....

Thunderclap Newman.

Arthur Horsefield wrote:  orange is good...my Ukrainian wife Zina (see L&P lovlies) and I were fervent supporters of the Orange revolution and stood in Kiev Independence sQuare to show our support...I think this is a fantastic idea.

Wow how cool is that....good on ya!!

You can tell from my avatar where my loyalties lie....mind you, it's a shame Yushchenko and Tymoshenko could remain on task together after the revolution....a lesson there methinks.

Still orange will do for me....

Viva la revolucion....

Donkey

So any chance of getting hold of a Fidel Castro or Che Guevara cut out!!  Let's embrace the revolutionary approach, subtlety is the key to success though!!!

Viva la revolucion e viva la republica!!!!

I'm not supporting anything that involves communist revolutionaries :|

Yeovil gave a big Che flag to the L & P crew

You capitalist bastard!!!!

Come Comrade Piemonte, join the orange revolution!!!

You'll never take me alive!  

All hail the free market!

sub commondante marcos led the zapatista rebellion in chiapas mexico

http://i26.photobucket.com/albums/c116/mexicored/sancris-marcos.jpg

he is fucking ace.

Revolutionaries are cool.

That Castro programme on C4 the other night was class.  Those yanks have been made to look beyond stupid by Fidel!

An STFC revolution would rock!!

"there isn't anything to worry about"

why can't we just trust him?

 Oh yes.

   Heady days, summer of 69....STFC have won the league cup.....men have landed onethe moon and Thunderclap Newman are number one in the charts.

  Young Reg and comrades get hauled up in front of the school Nazis, for publishing an underground magazine....in the style of OZ  and IT.  Will we be silenced?  Well yes actually.....but radical chic proves to get you into the knickers of a better class of bird,  so that'll do for me.

I like his pipe

Piemonte - don't worry about Communists when it comes to the Orange Revolution.  That was a revolution about Ukrainians not wanting Russians to rule their country, after clearly forged election results.  As we all know the Ukrainians won that one!

A similarity might be football supporters being annoyed about their club being run by those from a place up the road.  And as we all know, the football supporters will win this one to!  

Viva la revolucion

Donkey

What! a Campaign for Homosexual Equality flag ? He's a quiet one eh?

I'm getting all militant, I'm even thinking of joining The "Calne United - Needing Total Sports" campaign to stop the closure of the White Horse Leisure Centre.