Meeting 'TrustSTFC' Members meeting
Venue Executive Lounge STFC
Date 22/11/2001
Time 8.00 - 10.00 pm
Present TrustSTFC members, Peter Rowe, Danny Donegan, STFC Staff Several members raised concerns that Cliff Puffett was backing away from previous public pronouncements about a Trust representation at Board level. Following further questions from the floor, Cliff Puffet then went on to give his views on the clubs present position.
He stated that
Sir Seton Wills still has a majority shareholding
In the original deal with Terry Brady, £10m was promised and an agreement was signed.
£2m to pay off debt
£2m for players
£6m to pay off the Wills family
Donegan stated that
When he came in it took 6 months to sort the accounts out
There were no accounts for the period before administration
After Terry Brady left, he and Ian Blatchly got involved with the club, as there was still a good prospect of the development going ahead.
He had meetings with the Council and progress was slow
He decided to force the Council's hand, as there was no point putting money it to something that was going nowhere.
He had tried to talk to members of the consortium several times. And had offered them the chance to take over the club for a nominal amount and offered them full access to the books. The consortium failed to get back to him. On one occasion he had driven down for a 2.00pm meeting only to find it cancelled at 1.50pm.
He felt the consortium had seen that there might be something in the development plans for them and had him removed on a legal technicality.
He stated that there would have been £3m available in December if he was still in control
He believed that the consortium had been spreading rumours, the Council had behaved spitefully and that a club employee had been giving the consortium information.
Danny Donegan added that the £1m the consortium was going to put in was nowhere near enough to keep the club going. He stated that the club is losing £120,000 per month.
asked about why the creditors had not been paid, he said some had but many hadn't and added that this was the case when he first arrived.
:roll:
