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Supporters Meeting

Finance crisis

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56 replies to this topic

#41 soss

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Posted 21 May 2013 - 07:04 PM

I do not want to get into an argument over this but I’m very concerned especially as I’m a guarantor for the loan from last year.

 

I fail to see why a conversation with Barclays means they can’t give a required figure Paul. Whenever I approach the Bank the first thing they ask is how much do you need, how long do you need it for and can we have 24 months prediction, 13 week cash flow and a list of creditors and debtors. Without this information they will give you nothing. These reports should be updated on a day to day basis and monthly management accounts  given to the BoD.

 

This is why I cannot understand why the cash flow requirement is not available and as one of the guarantors for a loan I feel I am entitled to ask.


Edited by soss, 21 May 2013 - 07:19 PM.

The fox running with the hounds

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#42 Paul Ballantyne

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Posted 21 May 2013 - 07:24 PM

No arguments Mike... Maybe the club are not asking for cash and more along the lines of help with the repayments. As you have told us that you are a guarantor against a loan for the club why not phone and have a private discussion with the chief financial officer.

#43 D11

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Posted 21 May 2013 - 07:29 PM

Mike, in the report it does say that the BOD are waiting to speak to barclays and because they haven't they can not tell us an exact figure.

 

 

Paul  I think that the meeting with Barclays is to re negotiate the £87k overdraft that remains from 2011, I negotiated re payments with Barclays in 2011/2012 and the overdraft was being paid back quarterly.  I suspect that now the track record of making the payments is there  then the BoD will be re negotiating the interest that is being charged on the remaining payments. Barclays is no longer the  day to day operating account for the club.

 

This however will have little effect IMO on the current financial crisis situation


"we all make mistakes that's why they put rubbers on pencils"


#44 soss

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Posted 21 May 2013 - 07:32 PM

I have already been informed by the CFO and the BoD that I am not privy to the accounts anymore when I was asked not to continue with the salary cap returns for the RFL as im no longer a director. If the club is in financial difficulty no matter if its cash flow or losing money it should be the CFO and BoD contacting all those affected. I have asked the questions on here and a call from someone would have been appreciated to explain the position we are in. Who knows we may have been able to help!

If its a cash flow problem it requires a sort term cash injection that can be shown to be repaid in a given time frame, if the information is available as to the position why is it not being shared with the debenture holders and general public.


Edited by soss, 21 May 2013 - 07:47 PM.

The fox running with the hounds

When you are in deep trouble, say nothing, and try to look as though you know what you're doing

.

#45 livo

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Posted 21 May 2013 - 11:55 PM

As you are a guarantor for a loan Mike and the Bank hasn't come knocking on your door, maybe the Bod are doing something right!

You and Neil were both members of the BoD so surely you must know how a club works when giving out information regarding finances. I'm sure both of you were privy to information that couldn't be released to the debenture holders and the general public until the time was right.

As you have both read the Evening Mail article, does it not state there will be an EGM called this month where you will get all the information you need.

Why would you need to keep posting on here about the club finances. IMO it doesn't make sense.


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#46 soss

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Posted 22 May 2013 - 05:14 AM

Your right Gary I really should wait until the bank knock on the door before I ask questions regarding the BoD announcing to everyone that we are IN a financial crisis.
As for not releasing information and me constantly posting about the Clubs finances your right again how dare I ask for clarity of a situation that THEY have announced to the World and it's not as if I have a vested interest in the Club survival.
Transparency! was that not the word used when the Board took over?

The fox running with the hounds

When you are in deep trouble, say nothing, and try to look as though you know what you're doing

.

#47 soss

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Posted 22 May 2013 - 05:50 AM

My final point Livo is all I'm asking is what is required! I'm not asking for a full breakdown of the clubs finance. My concern is that they can not or will not give this figure and that rings alarm bells for me as stated in previous posts. I cannot make the EGM if it is before the 7th of June as I'm away overseas nor could I make the Last meeting where I would have raised my concerns and asked the questions I wanted answering.

The fox running with the hounds

When you are in deep trouble, say nothing, and try to look as though you know what you're doing

.

#48 Alias

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Posted 22 May 2013 - 06:01 AM

Sigh *

#49 D11

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Posted 22 May 2013 - 06:35 AM

It seems obvious that clarity  was not found at the Crisis meeting. Lets leave this thread until the next meeting were the vital questions need to be asked and answered before there is not a club to chat about.


"we all make mistakes that's why they put rubbers on pencils"


#50 beachy01

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Posted 22 May 2013 - 07:23 AM

sell CP pay off the debt, buy a new stadium, less running cost happy days :-)


Edited by beachy01, 22 May 2013 - 07:24 AM.


#51 lifer

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Posted 22 May 2013 - 11:03 AM


It seems obvious that clarity was not found at the Crisis meeting. Lets leave this thread until the next meeting were the vital questions need to be asked and answered before there is not a club to chat about.

good shout D11..

#52 Gus Tyson

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Posted 22 May 2013 - 11:52 AM

sell CP pay off the debt, buy a new stadium, less running cost happy days :-)

 

great idea, a new stadium woulndt cost much to build.



#53 morty

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Posted 22 May 2013 - 12:34 PM

I dont think selling Craven Park wouldnt bring anywhere near enough to build a new stadium. Might be enough to clear some ground and put the footings in :sclerosis:


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#54 beachy01

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Posted 23 May 2013 - 06:29 AM

im just gutted it took someone so long to bite :tongue:



#55 morty

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Posted 23 May 2013 - 08:17 AM

We could always auction CP off :D


Edited by morty, 23 May 2013 - 08:21 AM.

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#56 morty

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Posted 23 May 2013 - 08:19 AM

im just gutted it took someone so long to bite :tongue:

 

Not a bite Mr Beach just stating the bleedin obvious :tongue:


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#57 soss

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Posted 31 May 2013 - 06:29 PM

Bump..whats the latest?

Edited by soss, 01 June 2013 - 04:13 AM.

The fox running with the hounds

When you are in deep trouble, say nothing, and try to look as though you know what you're doing

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