Pages: 1 ... 9 10 11 [12] 13 14 15 ... 263   Go Down
Print
Author Topic: Lee Power  (Read 526233 times)
Flashheart

« Reply #165 on: Friday, April 19, 2013, 10:06:25 »

The only feasible scam I can think of is that they could borrow against the club and spend that money for themselves. I really don't think that plan would work for long though as they'd soon have a load of orange hatted town fans asking what the fuck is going on.
Logged
kerry red

« Reply #166 on: Friday, April 19, 2013, 10:41:23 »

I'm a shareholder in STFC, only a few hundred, but if the company made a profit, then I might expect a dividend. Similarly for a major shareholder.  The club should employ a clerk...to do the  bean counting etc. 

Ron Morse did it for years quite successfully without too much fuss.  If, the bean counter happens to be a Board member than so be it...he'll need to be paid. However, I would prefer it if the job was opened up to a proper process of recruitment...rather than being a job for your mates...

There's some interesting stuff recently come out about the eye watering sums, that Directors and CEO's pay themseves in te greed league...so for example Niall Quinn took 2.4 mill from PdC's mob in 2011/12.

I don't suppose this sort of largesse will have escaped the notice of our lot...who probably think it entirely right for them to get their snouts in the albeit much smaller trough.


So, essentially, you think it matters not who owns the club - human nature will decree their first instinct is to turn a personal profit whether it fucks the club or not.

I don't doubt for a minute that every owner in our history (and any club for that matter) is looking after number one first.

We need a (wealthy) benign dictator
Logged
Reg Smeeton
Walking Encyclopaedia

Offline Offline

Posts: 34913





Ignore
« Reply #167 on: Friday, April 19, 2013, 10:52:45 »

So, essentially, you think it matters not who owns the club - human nature will decree their first instinct is to turn a personal profit whether it fucks the club or not.

I don't doubt for a minute that every owner in our history (and any club for that matter) is looking after number one first.

We need a (wealthy) benign dictator

For most of our history, we didn't have an owner, but shareholders, based on the Rochdale Co-Op system. It was until the height of the Thatcherite 80's that the rules were changed, to allow wealthy individuals to put money into the club. The hope being of course, that they would be benign. What lessons from history tell us, is that it ain't necessarily so.

Logged
thepeoplesgame

Offline Offline

Posts: 666




Ignore
« Reply #168 on: Friday, April 19, 2013, 10:55:26 »

The only feasible scam I can think of is that they could borrow against the club and spend that money for themselves. I really don't think that plan would work for long though as they'd soon have a load of orange hatted town fans asking what the fuck is going on.

But if you've pocketed a few quid in the meantime, driven around in a nice car for a bit and had some fun being involved in a Football League club along the way maybe you don't care…

As always, that's pure conjecture, but none of the people who have traceable business histories have a history of long-term business success and could be viewed as being from the make what you can and then wind it up school.

This is why the board needs to be so much more open with the supporters. Hopefully that starts next week…
Logged
horlock07

Offline Offline

Posts: 18726


Lives in Northern Bastard Outpost




Ignore
« Reply #169 on: Friday, April 19, 2013, 11:35:43 »

Presumably you didn't live through the Donnegan/Bletchley era then. They ran a closed shop and were spending without investing. This is probably nothing like that (I hope so!), but once bitten twice as shy.

FWIW : My biggest paranoid thought isn't that they are purposely taking the club to the cleaners. Its that they don't have the cash to keep us from getting into another mess.

In any case I'd hope a meeting between the supporters groups and the board would let Jed set out his stall and give people a better understanding of things - a positive step!

No I have lived through the misery of Donegan, Brady, Diamandis etc

I suppose the point I am making is that they have lodged a bond of £1.2m with the FA if (or as many on here think when) it goes tits up. Therefore if they fleece us they will lose this, so the first £1.2m of any scam will essentially be their own money, combine that with our lack of assets, insufficient revenue etc I just don't see where this money is going to come from.

I may be wrong and this is based on sheer speculation on my part, but as I have said before if they are scamming they are either bsuiness geniuses or very misguided.
Logged
horlock07

Offline Offline

Posts: 18726


Lives in Northern Bastard Outpost




Ignore
« Reply #170 on: Friday, April 19, 2013, 11:37:52 »

But if you've pocketed a few quid in the meantime, driven around in a nice car for a bit and had some fun being involved in a Football League club along the way maybe you don't care…

As always, that's pure conjecture, but none of the people who have traceable business histories have a history of long-term business success and could be viewed as being from the make what you can and then wind it up school.

This is why the board needs to be so much more open with the supporters. Hopefully that starts next week…

But what assets can they borrow against, we own next to nowt and don't have revenue streams that cover bills even now, unless they engage in some clever borrowing with Wonga I just don't see it happening.
Logged
Batch
Not a Batch

Offline Offline

Posts: 55172





Ignore
« Reply #171 on: Friday, April 19, 2013, 11:45:11 »

Well we don't actually know where the 1.2M came from, or what it costs. Based on what I have read it seems it was going to be Greogory Hall, but he left so now its either Power or someone else. The bond could have been Powers money, could have been Jed's, or a loan or even bridged from ST money while investment was sought.  Who knows

But the important thing is I think we need to keep an open mind about Jed & co, but that keeping an eye on things is merely prudent.

I didn't feel this way when Fitton and Co took over. Could be because of the relief then from not going down the shitter, but they came in, spelled it out clearly then did what they said. I've not been to impressed by how its gone so far under the new board, though that is clearly only personal opinion.

And FWIW my expectation is not that they keep on going where Black left off. That's wishful thinking. Just that we don't deviate back to the brink of self destruction while maintaining league status.
Logged
thepeoplesgame

Offline Offline

Posts: 666




Ignore
« Reply #172 on: Friday, April 19, 2013, 11:57:17 »

But what assets can they borrow against, we own next to nowt and don't have revenue streams that cover bills even now, unless they engage in some clever borrowing with Wonga I just don't see it happening.

But you don't have to cover the bills if you're not worried about keeping the business going. We've just had well over a million quid come into the club in season ticket sales, so no need to borrow to make money.

I really am not saying this is what is happening, but just because there is no money to be made from Swindon Town FC if it is run honestly, does not mean there is no money to be made from Swindon Town FC full stop.

Some open answers from Mr McCrory next week could do a lot to sooth any such concerns, let's hope he takes the chance.
Logged
dalumpimunki

Offline Offline

Posts: 1075





Ignore
« Reply #173 on: Friday, April 19, 2013, 12:35:13 »

I think my concerns with the current board are similar to a few others expressed within this and other treads already, and can be summarised in one word - competence.

The business track record of the board members collectively and individually is hardly sparkling, and any hope that the "shadowy money men" might be bigger guns with more about them has had the legs kicked from underneath it if Lee Power is one of them. His business history makes the rest of them look Bransonesque in comparison. I'm not massively comfortable that my club looks like it's going to be funded at least in part with money extracted from the creditors of one or more of the 13 failed business this fellah has left in his wake.

However, I'll say again, doubts about how competent and effective they might be, an whether they have the resources required to make the level of investment required to really grow the club are one thing, and accusations that they're a bunch of fraudsters out to gut the club and do a runner are another, and I wash people would stop hinting at the latter.

I keep reading forum posts about "paying themselves fat consultancy fees" with nothing to back them up. Other posts suggest that the board are collecting income but not paying bills to build up a cashbox to pay themselves wages and fees, again seemingly plucked out of someone's arse.

All such suggestions basically amount to the same thing, that a group of slightly wide, but perfectly law abiding, as far as I can tell, business people, have entered into a criminal conspiracy to purchase STFC and effectively run it as some sort of "long firm" con. Using the club to collect income which they leech out whilst making purchases on credit, staving off paying bills etc. until the whole thing collapses.

One little point. The long firm con relies on a couple of things:
- A firm with a good reputation that suppliers will give credit to and cut some slack to if bills are a bit overdue
- Nobody noticing the con as it runs

If you were a conman, do you think a football club with a history of financial irregularity, one HMRC investigation, a couple of fraud cases, a court case over ownership, two periods of administration, a recent threatened third administration, annual losses of over £1m, no tangible assets, and a fan base that having been caught out by the Brady/ Doneghan period, and been fucked over by pretty much every board since, now spends its time poring over the track records of anyone that thinks of getting involved with the club, would look like an attractive proposition for that sort of game?

Having touched on the Brady / Doneghan era, it's worth pointing out that not even the chancers that ran the club then came here with the intention of leeching off the club. Those people were more interested in property development, and the clubs role was pretty much as their key to unlock the front garden site.  When Brady worked out it wasn't happening and walked Doneghan took the chance to hang about and see if he could revive it and play at being football club chairman at the same time.

To my mind what we've got in the boardroom now aren't crooks or conmen, they're just not very effective, slightly small time business men, who liked the game and fancied having a go with a bigger club. My hope is that they get lucky, we get promoted via the play-offs and, as a Championship club, we attract someone with a bit more about them, in all senses to take over, or take a prominent role in the clubs affairs.

Fingers crossed.
Logged

..never go back.
Iffy's Onion Bhaji
petulant

Offline Offline

Posts: 15863




Ignore
« Reply #174 on: Friday, April 19, 2013, 14:32:49 »

I personally feel that the board think they can run the club without having to put their own money in. However if they are to achieve this then the wage bill will have to be reduced dramatically from it's current level. With that in mind we would struggle next season whatever league we are in.

I like the idea of being sustainable without someone else's investment but the business background of this lot does worry me. I'm also concerned that cutting the wage bill isn't going to be easy given that we have plenty of players half way through 2 year deals who aren't exactly going to be earning small wages. They will need to find an investor willing to cover that shortfall or sell.

Judging by the recent Adver article i'm still not convinced Jed has enough investment on board or lined up. I think he has a plan for the club but that plan relies very heavily on who is willing to jump on board and support it.

So basically my thoughts are that in the long run this lot might not be a bad thing but the issue is we might not get to the long run as the short run is going to need a lot of investment to ensure the club keeps going.
« Last Edit: Friday, April 19, 2013, 14:34:24 by Iffy's Onion Bhaji » Logged
mrverve

Offline Offline

Posts: 1429





Ignore
« Reply #175 on: Friday, April 19, 2013, 15:10:17 »

I just hope if the board do cut the playing budget and spend relatively low figures on fees and wages from next season they then also slash the ticket prices and food etc.

Sustainability works both ways.

Logged
Flashheart

« Reply #176 on: Friday, April 19, 2013, 15:14:28 »

I just hope if the board do cut the playing budget and spend relatively low figures on fees and wages from next season they then also slash the ticket prices and food etc.

Sustainability works both ways.


Not quite sure it works like that!

Logged
RobertT

Offline Offline

Posts: 11649




Ignore
« Reply #177 on: Friday, April 19, 2013, 15:15:32 »

Not really, for the past 3 or 4 years an individual has been subsidising the cost of your season ticket.  Sustainability = spending no more than you receive.  I'd actuall expect there to be a bit of an adjustment both ways over the next year if we stay in this league - a bit less on players a bit more on season ticket prices.
Logged
fatbasher

« Reply #178 on: Friday, April 19, 2013, 15:16:18 »

I personally feel that the board think they can run the club without having to put their own money in. However if they are to achieve this then the wage bill will have to be reduced dramatically from it's current level. With that in mind we would struggle next season whatever league we are in.

I like the idea of being sustainable without someone else's investment but the business background of this lot does worry me. I'm also concerned that cutting the wage bill isn't going to be easy given that we have plenty of players half way through 2 year deals who aren't exactly going to be earning small wages. They will need to find an investor willing to cover that shortfall or sell.

Judging by the recent Adver article i'm still not convinced Jed has enough investment on board or lined up. I think he has a plan for the club but that plan relies very heavily on who is willing to jump on board and support it.

So basically my thoughts are that in the long run this lot might not be a bad thing but the issue is we might not get to the long run as the short run is going to need a lot of investment to ensure the club keeps going.

Your first paragraph echoes what I feel. I have this 'orrible feeling that relegation beckons next season irrespective of what division we end up in. God I'd love to be sssooooooo wrong but that is how I feel.
Logged
ahounsell

Offline Offline

Posts: 232


WWW

Ignore
« Reply #179 on: Friday, April 19, 2013, 15:18:58 »

You have to be very naive to think the only way to make money out of the club is if it turns a profit.

The club has been making big losses for years but lots of people have made money during that period. Players, managers and agents for a start. Mike Diamandis didnt do too badly for himself either!

Not saying the new owners are seeking to line their own pockets as I have no reason to believe this is the case. No harm in keeping a close eye on things though.
Logged
Pages: 1 ... 9 10 11 [12] 13 14 15 ... 263   Go Up
Print
Jump to: