Lee Power

[Red Frog]

Amusingly that's only for 2019-20 so before things got really shit!

Also a bit harsh when Wellens was encouraging community outreach stuff (I'm so glad Reg - RIP - isn't here to jump on this) and we had a new social media guy who was doing good work. We were really worse than every team in L2? Below Macclesfield who I imagine stopped engaging completely after they went bust? Kinell, it's like losing a boxing match against a corpse.

[Nemo]

https://fanengagement.net/fan-engagement-index/

Digging into the detail, Town scored 0 for dialogue and transparency, 10 for governance. Each category is scored out of 80 on various criteria. It looks like one guy's passion project, so it's quite possible that things were just missed occasionally.

I actually don't think Town should have 0 for dialogue, because there are basic things like "having a Twitter account" that should score. Obviously things like structured dialogue with fan's groups are gone now, but I think there was at least some over the proposed CG purchase.

Transparency seems like the fairest 0 - no fan forums, minutes of board meetings etc.

[horlock07]

Oh to have this level of transparency (25% fan owned)... Their accounts run to 40 plus pages each year! https://find-and-update.company-information.service.gov.uk/company/00175280/filing-history

https://cumbriacrack.com/2021/05/05/carlisle-united-financial-results-2020-21-figures-show-impact-of-coronavirus/

[horlock07]

Looking at pictures on Twitter there seems to be some quite extensive work being done on the pitch, so someone must be paying for that!

[ronnie21]

Looking at pictures on Twitter there seems to be some quite extensive work being done on the pitch, so someone must be paying for that!

Must be contractors brought in or is our groundsman now out?

[Power to people]

Looking at pictures on Twitter there seems to be some quite extensive work being done on the pitch, so someone must be paying for that!

Getting things on credit, depends what actually needs to be bought though, it may just be re-seeded which Marcus does every year so may have a job lot of seeds in the shed, and may have borrowed the rotavator.

But equally, I'm sure the groundsman (the one we have on loan) has a budget, he wouldn't have been brought into not do anything with the pitch.

Wasn't there work or investigation that needed to be done on the drainage of the pitch though ?

[horlock07]

Getting things on credit, depends what actually needs to be bought though, it may just be re-seeded which Marcus does every year so may have a job lot of seeds in the shed, and may have borrowed the rotavator.

But equally, I'm sure the groundsman (the one we have on loan) has a budget, he wouldn't have been brought into not do anything with the pitch.

Wasn't there work or investigation that needed to be done on the drainage of the pitch though ?

I cannot see anyone extending credit to a company where the owner has public stated they are skint.

https://twitter.com/EcosolTurfcare/status/1389931877688094723?s=20

[horlock07]

Could this be a reason why Power is so keen to sell to Able for £1 rather than Clem for £7.5m?

https://www.swindonadvertiser.co.uk/news/18463345.swindon-towns-lee-power-taken-court-club-sale/

Court documents show share sale agreement was signed in June 2018, with Morfuni’s company Axis agreeing to pay £1.1m in return for 15 per cent of the shares in Swinton and 15 per cent in Seebeck.

The cash was paid by the end of December 2018. Under the terms of their agreement Power should have sent his new business partner documents confirming the shares had been transferred and Axis registered as a “member” on the companies’ paperwork. That is yet to happen.

In early 2019, Power flagged a problem. The court heard he told Morfuni he was worried he could face a substantial capital gains tax bill on the sale of the Swinton shares. He asked for the “consideration” in the share agreement to be revised from £1.1m to £1. Axis’ lawyers drafted a revised share agreement and another contract for a £1.1m loan between Axis and Swindon Town.

[Costanza]

Judge Thompsell mentioned during the last court hearing that he could see why Power wanted to sell for £1 as Michael Standing would only be entitled to 50p. It was definitely said but my brain was already frazzled by that point.

[jevs]

Judge Thompsell mentioned during the last court hearing that he could see why Power wanted to sell for £1 as Michael Standing would only be entitled to 50p. It was definitely said but my brain was already frazzled by that point.

At what point will we reliably discover if Able are real, independent investors or just a complex corporate structure designed to return some profit to Power at a later date? Personally I find it hard to find them plausible at this point.

This has probably been covered and I've missed it, but what does Morfuni's (?) £7.5 million offer actually cover? Is the debenture to Black and land in Highworth included in that sum, or is it purely that high a figure just for Power's (& presumably Standing's share?)

[The Artist Formerly Known as Audrey]

The £7.5mwas actually Able’s Supposed bid - according to the letter that never was.

Clem has said he has offered in excess of that figure. The Highworth golf course has nothing to do with the club sale.

I do find it difficult to see what anyone actually gets for £7.5m though.

If the club is sold for £7.5m it would see Power and Standing getting £3.185m each - if Standing does, indeed, own half of Power’s share.

[horlock07]

At what point will we reliably discover if Able are real, independent investors or just a complex corporate structure designed to return some profit to Power at a later date? Personally I find it hard to find them plausible at this point.

This has probably been covered and I've missed it, but what does Morfuni's (?) £7.5 million offer actually cover? Is the debenture to Black and land in Highworth included in that sum, or is it purely that high a figure just for Power's (& presumably Standing's share?)

Doesn't Power now hold the debenture that Black formerly had, this being after telling Standing that he paid it off with the Richie money which he didn't, despite asking Standing for more cash to cover it.

[Flashheart]

Judge Thompsell mentioned during the last court hearing that he could see why Power wanted to sell for £1 as Michael Standing would only be entitled to 50p. It was definitely said but my brain was already frazzled by that point.

But, then, Power would also only get 50p. As opposed to more than 3.5 million if he accepted clem's bid and split it with Standing.

Unless there's a load of other debt we're not being told about, but would that value of that debt necessarily be affected by how much the club is sold for. My brain is also a bit frazzled.

[Berniman]

But, then, Power would also only get 50p. As opposed to more than 3.5 million if he accepted clem's bid and split it with Standing.

Unless there's a load of other debt we're not being told about, but would that value of that debt necessarily be affected by how much the club is sold for. My brain is also a bit frazzled.

He would get 50p plus any debts owed to him.  As he is (reportedly) the clubs largest debtor, any money that he "loaned" to the club (which was probably proceeds of player sales) would be due back to him.

That's how I see it - but I am no business matermind

[Quagmire]

Power has also bought Blacks £2m debt, for less than £2m. But he of course would be owed that in full from any future sale.
He knows what he’s doing.