New beginnings - 25% Truth, 80% Bollocks

[RobertT]

I wouldn't be so quick to assume the vote would go against the club by Trust members (well, those with voting rights on the JV).

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Two examples give me great pause for concern with development:

a) The experience of the work the current ownership have completed - Legends Lounge & Statue Park.  Both of these have been shabby at best, low cost delivery - not being willing to describe the overall capital cost is very concerning for a "transparent" business.  The quality of workmanship is not great, the quality of products chosen is shocking - either the budgets were set for bodged work, or someone made some money on those deals.

b) Northampton Town FC showed there are some very creative ways to make personal money from capital financing for large development projects.  Given Money Laundering is one of the charges in that case, and we at least have people associated with the Strategic function of our club who have been exposed to that crime in the past, I'd have red warning lights blaring everywhere.  Especially as they now work in the construction trades.

The Legends Lounge wasn't even paid for by the club, the Eady money did. They still won't disclose it. It makes me sick.

I wasn't even aware of the Northampton case. Wonder if we'll be next.

[Family at War]

Will anybody with shares get a vote?

[tans]

Will anybody with shares get a vote?

I think so - i know what way im going

[RobertT]

The Legends Lounge wasn't even paid for by the club, the Eady money did. They still won't disclose it. It makes me sick.

I wasn't even aware of the Northampton case. Wonder if we'll be next.

And I presume the Trust were the primary funding party for what we got out the front of the DR stand, given they funded the actual bit done well, the Statue, if not the remainder.  That is frankly a fucking mess.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

The club shouldn't get access to anymore of that money, if there is anything less.

Show us where the admin expenses are going or fuck off.

[STFC_Manc]

I really don't get people demanding to see what makes up the admin expenses, or does every other club do it?

[RobertT]

I really don't get people demanding to see what makes up the admin expenses, or does every other club do it?

Some do, many do not.

Some record players wages in Admin costs, with next to nothing in Cost of Sales, some do it the way we do and have players wages in CoS.

Your point?

In our case, the club made a commitment to provide more detailed financial breakdowns and claimed it was going to be transparent.  It hasn't provided that level of transparency is all.  That makes people ask questions as to why? especially when the club retains the services of people with less than squeaky clean backgrounds through Consultancies (the type of thing that you may well pay for from the Admin Expenses line) and has a person listed as Vice Chair for two seasons who cannot pass a Fit and Proper Persons test due to financial/drug crimes.

[RobertT]

Nefarious or not - I do not think the following statement can be argued:

STFC's financial accounts paint a picture of a business in financial distress

The debate is around whether it needs to be, and what might be causing the stress.  Also, the impact of how that is being funded on the future viability and ownership transition of the business (namely the fact Axis Football Investments are owed most of the money, and by association, is a business being chased around the globe and through the Courts).

[STFC_Manc]

Some do, many do not.

Some record players wages in Admin costs, with next to nothing in Cost of Sales, some do it the way we do and have players wages in CoS.

Your point?

In our case, the club made a commitment to provide more detailed financial breakdowns and claimed it was going to be transparent.  It hasn't provided that level of transparency is all.  That makes people ask questions as to why? especially when the club retains the services of people with less than squeaky clean backgrounds through Consultancies (the type of thing that you may well pay for from the Admin Expenses line) and has a person listed as Vice Chair for two seasons who cannot pass a Fit and Proper Persons test due to financial/drug crimes.

I'm not sure the club said it would open up the books to every fan.

Management accounts to the Trust is a fair point, however management accounts still wouldn't show you the detailed breakdown of admin expenses, it would give a few high level categories of expenses.

[RobertT]

Which would be a step forward.

Take the Legends Lounge as an example - no business HAS to reveal the cost of such a project, but what skin off their nose would it be to publish that one?  It wasn't even all their money.  When behaviour shows a pattern, you do well to pay attention to it.

[STFC_Manc]

Which would be a step forward.

Take the Legends Lounge as an example - no business HAS to reveal the cost of such a project, but what skin off their nose would it be to publish that one?  It wasn't even their money.  When behaviour shows a pattern, you do well to pay attention to it.

The AB notes state it was funded by both STFC and Eady Trust?

[RobertT]

Edited for you - are you suggesting it would have been Eady Trust asking for it not to be disclosed?

[4D]

I'm not sure the club said it would open up the books to every fan.

Management accounts to the Trust is a fair point, however management accounts still wouldn't show you the detailed breakdown of admin expenses, it would give a few high level categories of expenses.

Better read this then.......

https://truststfc.com/2021/04/12/truststfc-press-release-9-4-21-clem-morfuni-outlines-vision-for-stfc-reiterates-commitment-at-trust-board-meeting/

[RobertT]

Either way, it's not the actual point.  The point is that they are trying to do the opposite of being transparent.  Fine, but you live and die by the sword.

The turnstiles bollocks - just say they haven't been opening as many as a cost cutting exercise.  If they think they fucked it up and went too far, say they are taking measures to address.  If they actually think it's working OK, then just man up and say so.  We are cutting costs so fans should expect longer queues for the remainder of the season as a result.  Instead they pretend it's actually several hundred/thousands of fans who are confused and deluded and all the turnstiles are open but they are too stupid to see it.