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Keith T

Red's for sale!

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It seems a bit melodramatic in tonights N & S saying that Reds could go out of business in weeks if a new investor isn't found.    I thought the direcxtors were staying on until an investor was found!!!!!

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Nope Keith, they are stepping down in 2 weeks. Either current share holders forum a BOD or the club is wound up.

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HD is stepping down due to ill health. And the other two guys have had enough. Between the Three of them I don't think they own that many shares. It will be a case of if none of the other share holders form a BOD they will wind they club up.

Personally I can't see dale brotherton just letting the club fold he had somewhere between 50-60,000 tied up in shares

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If that's the case it must be losing money is it?

And if so, why would an 'investor' put anything in as he is sure to have to foot the bill when the existing cash is spent.

Is it a case that the existing board have got their money back from the bridge money and are getting out before they lose it again?

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I don't know GT I am not a share holder so don't know.

What I do know is that they are old men, who should now be sat Witt their feet up not running a

Football club.

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Going by what Alec Graham says in tonight's N & S they need £300,000 per year just to break even.    That's a tidy sum to have to find each season.

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Certainly is Keith, I think romar sponsor £15k a season. At the fans forum at the start of this season HD told the fans he had wrote the

Club a cheque for £25k to pay the travel costs for the season.

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And with the average attendance being so low it's hard to see how long the existing cash could last before the club needs another cash injection.

Very sad situation but not a very attractive proposition for an investor.

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Both really. They money in the bank will only last for so long.

all the more reason for one multi use stadium in workington staging events as well as footy and RL.

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It has never been ran like a buisiness tho. Real business men could make it viable.

There is teams in our league with lower gates than us.

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It has never been ran like a buisiness tho. Real business men could make it viable.

There is teams in our league with lower gates than us.

 

I don't know about that rockerlad, it certainly looks as if it has been run like a business going by the figures on Company Check website.

 

In May 2012 - cash at bank £110,000; liabilities £16,000;  net worth £166,000 and assets of £115,000.

 

http://companycheck.co.uk/company/00176420

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Don't forget Keith there was a big cash injection due to compensation from the bridge disaster

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Like I said we need our board to tell them how it is take over and merge!! Credit crunch times! Time too see the light

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Like I said we need our board to tell them how it is take over and merge!! Credit crunch times! Time too see the light

Realistically do you think town could afford to but the reds? Your looking at £100k plus

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It could at least be looked into dont you think? I'm not saying barroom balloon the goon but there could be someone out there who would like a footy speedway and rugby league business to work with!

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If you look at the net worth (which gives a better indication of the value of the business) you can see the graph showing it being negative up until the cash injection from the bridge money.

Although it's currently a positive figure that valuation would be written down based on year on year losses. Although the net worth is positive its artificially inflated by the cash savings which would disappear if a new stand was built and although the new stand would be a fixed asset because it's (the stadium) a leasehold property that valuation would also be written down the further into the lease they go.

For my mind, why spend it on Borough Park when it could be spent on Dwrwent Park if they moved across the road. Another £100k would surely go a long way.

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Our rent to the council is 5k. Would town settle for such a low ammount given the ammount speed way pay?

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It shouldn't affect what speedway pay. There would also be the add ons from bar sales and town could ask for a higher rent as reds wouldn't have any maintenance or light/heat/water to pay

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How about moving into brough park when/if the stand goes up. Sell DP to speed way use the cash to invest in the team and your closer to the pitch as well ;0)

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Speedway wouldn't want to buy Derwent Park they wouldn't get enough use out of it to justify a big outlay I wouldn't have thought.

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