Financial Fair Play

[Blue Maniac]

This is exactly what I was going to post. In normal life, £15k is a decent amount of money. With all due respect to the intentions of the trust, it is a drop in the ocean compared to the debts of the club and I can't see it being much use if the worst happens. Or maybe I'm being naive and somebody can point out to me where I'm going wrong.

Depends how ****ed we are. In this league it might pay for Nuge's wages for a few days.

In League Two it'll pay for an 18-year old goalie for six months.

In Blue Square North it'll buy a new striker.

In the Leicestershire Senior League it'll pay for a ground share with Aylestone Park for about a year.

 

[M17TT C]

I think they should just spend it on pies and pints for season ticket holders.

 

[Biffa Bacon]

I think they should just spend it on pies and pints for season ticket holders.

It makes me laugh that the trust think they can ride in and save the club with less money than I have sat in my current account.

 

[Mawsley]

With all due respect, what possible use is £15,000 going to be to revive any business let alone a football club with £M's of debt?

Quite obviously, and I'm surprised no one is seeing this, they intend to use the cash to free up the millions of dollars a dead African prince had and is now locked in a Liberian bank account.

That, or they're going to invest in donkey porn. There's a shedload of money to be made from donkey porn.

 

[Foxes_Trust]

It makes me laugh that the trust think they can ride in and save the club with less money than I have sat in my current account.

Of course we don't believe that the cash we hold alone would save the club, however the Pompey Trust started with very little cash but managed to pull together a consortium which saved their club. Pompey aren't the first club to be owned by a Trust, so therefore there exists several templates of how to approach saving a club.

We sincerely hope we never face the need to do so, however if we did there needs to be some finance in place to make an immediate start.

 

[pork pie fox]

Of course we don't believe that the cash we hold alone would save the club, however the Pompey Trust started with very little cash but managed to pull together a consortium which saved their club. Pompey aren't the first club to be owned by a Trust, so therefore there exists several templates of how to approach saving a club.

We sincerely hope we never face the need to do so, however if we did there needs to be some finance in place to make an immediate start.

Seeing as how you quote Portsmouth as an example, would you mind if I ask what sort of investment their trust made in order to purchase the club? My understanding is that it ran to quite a few million pounds. I'm not trying to be obtuse, but again I feel the need to ask, what real use is £15k in this hypothetical situation?

 

[Macky]

what real use is £15k in this hypothetical situation?

Don't be so cynical ppf they could buy a shitload of lotto tickets with £15k, probably around 15,000 actually, which means that they'd be almost guaranteed to win. If it happens to be a rollover week when they decide to win the Lotto that means they can basically save the club.
Honestly, you people just don't think these things through.

 

[fitz]

Don't be so cynical ppf they could buy a shitload of lotto tickets with £15k, probably around 15,000 actually, which means that they'd be almost guaranteed to win. If it happens to be a rollover week when they decide to win the Lotto that means they can basically save the club.Honestly, you people just don't think these things through.

It really is so simple, can't believe they haven't already bought the tickets. Unless there's a 50/50 split in voting over going for Saturday draw or the Euromillions.

 

[pork pie fox]

Don't be so cynical ppf they could buy a shitload of lotto tickets with £15k, probably around 15,000 actually, which means that they'd be almost guaranteed to win. If it happens to be a rollover week when they decide to win the Lotto that means they can basically save the club.
Honestly, you people just don't think these things through.

I knew I was missing something Mackster, I just couldn't work out what it was. Thanks for pointing me in the right direction.

 

[lazzer]

I would like to ask the trust do they think 15 grand would have any effect in the wake of a club collapse or do they think it would be a piss in the ocean ? Also I would like to state that if I had taken money from people and not used it for the what I had stated it was intended for I would be keen to get it back to them in whatever form I could . Finally I would like to ask the trust if they did spend it would it mean the trust would be defunct and is the root cause of clinging on to this amount to exist ? . Would the investment of a sum of cash in an administration strickened club no matter how small guarantee your future existence ?

 

[Han]

What would happen if Biffa Bacon set up his own Trust and outbid yours, using the funds from his current account?

 

[fitz]

What would happen if Biffa Bacon set up his own Trust and outbid yours, using the funds from his current account?

It would stall his takeover of Man City

 

[M17TT C]

Didn't Pompey have a number of local entrepreneurs that contributed the majority of funds but the takeover was still fronted by the Trust?

Perhaps Biff could be ours after his jaw dropping revelations?

 

[Biffa Bacon]

I'm not quite dumb enough to invest any money into football, my stash is staying exactly where it is.

 

[The Walrus]

I just want the trust to follow up on their post in the 'who will be next' thread.

In that thread the trust say:-

"The club stated when releasing those accounts that they had an intention to convert loans to equity, but we don't know if that is all of the loans or some of them. We have requested a meeting with the Finance Director to go through the accounts..."

Aside from telling me that I had made a rash assumption that they would actually follow up on something they themselves posted, I have not actually heard what the outcome of that meeting was.

If the outcome is that you don't know that is fine. I simply thought that a lot of people would be interested.

 

[Mawsley]

I would just like to extend my gratitude to the Trust for the great service they provide which goes unappreciated by most. At this time of year there is usually nothing to entertain me.

 

[Foxes_Trust]

Seeing as how you quote Portsmouth as an example, would you mind if I ask what sort of investment their trust made in order to purchase the club? My understanding is that it ran to quite a few million pounds. I'm not trying to be obtuse, but again I feel the need to ask, what real use is £15k in this hypothetical situation?

Best way to answer this is to read this link which explains their current club ownership
http://www.pompeytrust.com/index.ph...ions-and-their-answers&catid=34:demo-category

 

[Foxes_Trust]

I would like to ask the trust do they think 15 grand would have any effect in the wake of a club collapse or do they think it would be a piss in the ocean ? Also I would like to state that if I had taken money from people and not used it for the what I had stated it was intended for I would be keen to get it back to them in whatever form I could . Finally I would like to ask the trust if they did spend it would it mean the trust would be defunct and is the root cause of clinging on to this amount to exist ? . Would the investment of a sum of cash in an administration strickened club no matter how small guarantee your future existence ?

To answer various points-
Already stated the £15k + other funds we have raised would be utilised in a similar way that the Pompey Trust used early funds in getting the ball rolling to put together a plan for saving the club, which is likely to end up in some form of consortium

We have used the funds raised to help save the club (the purpose of those contributing into buckets) by being part of the consortium (the consortium would not have reached the level of funds required without the initial £100k invested by us - this was stated to us, so everyone who contributed played their part). With a further subsequent £51k investment, £135k remained within the club. Despite a few posts on here, we firmly believe the funds were used as intended by those donating - to save the club.

The Trust still receives annual membership fees, so even if the majority of funds currently held were used, would still exist from on going membership contributions, however if the club hit a crisis, experience elsewhere indicates that fans will then join/re-join a Trust as the active fans organisation trying to keep a club in existence, backed by the knowledge of the full Trust network and case workers from Supporters Direct.

 

[Foxes_Trust]

What would happen if Biffa Bacon set up his own Trust and outbid yours, using the funds from his current account?

To be a legal Trust, it has to be registered as an IPS, following all democratic principals, however Supporters Direct will only back one Trust for each club.

However we have noted Biffa's financial claims, so would certainly make contact to see if any of those funds could be made available in a crisis

 

[Foxes_Trust]

I just want the trust to follow up on their post in the 'who will be next' thread.

In that thread the trust say:-

"The club stated when releasing those accounts that they had an intention to convert loans to equity, but we don't know if that is all of the loans or some of them. We have requested a meeting with the Finance Director to go through the accounts..."

Aside from telling me that I had made a rash assumption that they would actually follow up on something they themselves posted, I have not actually heard what the outcome of that meeting was.

If the outcome is that you don't know that is fine. I simply thought that a lot of people would be interested.

This was covered during the Radio Leicester programme http://foxestrust.co.uk/2441/financial-fair-play-ffp-2#more-2441