Jump to content
Sign in to follow this  
Ginock1

Workington Town , Can you help ?

Recommended Posts

The club has no debt, no overdue payments, no overdraft, no loans.

What it has is future commitments for playing contracts for the rest of the season. Those commitments have not fallen due yet. However, the non-appearance of the sponsorship cash has left the club with a cash shortfall to meet those commitments when they fall due. That is not debt it's cash flow.

No club at this level has much in the way of reserves, indeed most of them live hand to mouth. Sponsorship is a key income stream and is an integral part of the budget. We aren't talking a couple of grand here, the sum that has failed to materialise is a substantial sum in excess of £20k.

And yes the club doesn't spend what it doesn't have. It doesn't commit to expenditure exceeding its expected income, unlike other clubs it is competing with. It pays its VAT and PAYE on time, unlike other clubs it is competing with. For that it pays the price in on field results. Maybe we should be like Fev and not pay HMRC and face winding up petitions every few months (their latest is their 8th in 18 months) and put the money into buying a better squad and gamble on making Top 4 so we can pay it off eventually with the extra income ?

 

Thanks very much for the reply Mr. D.

 

By all means stand by your "cashflow" point and I'll stand by my "spending money you did not have" point, but having more integrity than Featherstone Rovers doesn't answer the point about "survival" or exactly why your club have the begging bowl out? 

 

Are the directors unwilling or unable to cover the sum, is this actually a matter of "survival"?

 

How exactly does the lack of the £20,000 impact, why can't you use a short term loan? 

 

I'm also confused as to Workington's current playing position, are they relegated now or are they playing on to still see who is relegated? Does the current erm "cashflow" problem impact on any last chance Town have to stay up and collect a bigger slice of the TV money than if they go down? is that at stake?

 

I think if the club wants our money we deserve a better explanation? 

Share this post


Link to post
Share on other sites

Don`t show Parky up for quoting misinformation will you!

 

I don't think Craig's record puts him in a position to do so. ;)

 

If you ever feel the need to look it up rather than make it up, you'll find Leigh and administration seem to have met before and have come close to meeting again after that.

Edited by The Parksider

Share this post


Link to post
Share on other sites

Its what people in the region want will prevail. 

 

Well they don't seem to want to help the board out given all the negative comments about them on the Workington Town forum. The players have taken their wage cut against a background of accusations that their poor performances, leading to below budget crowds add to the problem of balancing the books.

 

If the fans are angry enough to refuse to cough up or turn up for the board, I'm not sure about posting my £20 to Town, fresh from watching Keighley.v.Hunslet along with 383 other souls. It was a great afternoon and if Town would like to set their sights a bit lower then there is actually life outside the championship as I'm finding out.

 

Come and join us.

Edited by The Parksider

Share this post


Link to post
Share on other sites

Thanks very much for the reply Mr. D.

 

By all means stand by your "cashflow" point and I'll stand by my "spending money you did not have" point, but having more integrity than Featherstone Rovers doesn't answer the point about "survival" or exactly why your club have the begging bowl out? 

 

Are the directors unwilling or unable to cover the sum, is this actually a matter of "survival"?

 

How exactly does the lack of the £20,000 impact, why can't you use a short term loan? 

 

I'm also confused as to Workington's current playing position, are they relegated now or are they playing on to still see who is relegated? Does the current erm "cashflow" problem impact on any last chance Town have to stay up and collect a bigger slice of the TV money than if they go down? is that at stake?

 

I think if the club wants our money we deserve a better explanation?

Firstly, the club don't have "the begging bowl out". The justgiving fund was not set up by the club, it was set up by a local supporters group who are trying to help the club out.

Secondly, the directors are unable to cover the shortfall. The Town BOD is made up of 4 local lads who are not wealthy businessmen, just ordinary fellas with ordinary day to day jobs. However, they have taken steps to reduce costs and the players have agreed a pay cut to help plug the gap. Funnily enough, since the pay cut the team has put 3 wins together on the spin.

Thirdly, I am surprised you don't know how the relegation system works.

Lastly, you do know how budgeting and cash flow works don't you ? In this case, the club was contractually obliged to receive a sum of money from a sponsor. In turn they plan how and when to spend that money, just like any other club or business. It's no fault of the club that the sponsor has hit financial problems and they can't pay up.

But I'll say it again, Town are up to date with all payments to players, HMRC and other suppliers. The issue is future liabilities, which they maybe won't have the cash to cover due to the sponsorship shortfall. But the club will survive, this isn't a situation where we are on the brink, the budgets just need to be reworked to reflect the actual cash coming in. If necessary we can always withhold payments to HMRC and use that money elsewhere, seems to work for other clubs.


I’m not prejudiced, I hate everybody equally

Share this post


Link to post
Share on other sites

1. Firstly, the club don't have "the begging bowl out". The justgiving fund was not set up by the club, it was set up by a local supporters group who are trying to help the club out.

2. Secondly, the directors are unable to cover the shortfall. The Town BOD is made up of 4 local lads who are not wealthy businessmen, just ordinary fellas with ordinary day to day jobs. 

3. Thirdly, I am surprised you don't know how the relegation system works.

4. This isn't a situation where we are on the brink, the budgets just need to be reworked to reflect the actual cash coming in. If necessary we can always withhold payments to HMRC and use that money elsewhere......

 

1. The local supporters club should maybe push their fellow supporters on the issue?

 

2. You weren't a bit scathing about them at one time were you? ;)

 

3. I don't exactly know, thought you'd let me know? But no matter.

 

4. Pleased to hear that, I think the unofficial public appeal for funds was misguided. Have you got £20 you can send me to help Hunslet in their push for promotion (however the system works)

Edited by The Parksider

Share this post


Link to post
Share on other sites

Wasnt there some involvement from Wigan when the brown stuff hit the fan for you?

 

Please remember to tick Derwent's box post#54

 

How much did you put in BTW?

Edited by The Parksider

Share this post


Link to post
Share on other sites

1. The local supporters club should maybe push their fellow supporters on the issue?

2. You weren't a bit scathing about them at one time were you? ;)

3. I don't exactly know, thought you'd let me know? But no matter.

4. Pleased to hear that, I think the unofficial public appeal for funds was misguided. Have you got £20 you can send me to help Hunslet in their push for promotion (however the system works)

1. Most people I know have signed up to purchase shares directly from the club rather than contribute to the supporters club appeal, so given the minimum share purchase is £100 then don't judge the amount raised on the basis of the unofficial appeal.

2. I have been very critical of the BOD at times, but more on matters of communication than anything else. They work hard for the club, can't fault them for effort, just lack a bit of expert nous on certain matters at times.

3. We are in the bottom 8s, whoever is in the bottom 2 spots of that league after 7 more games goes down. Still all to play for, we are 3 points behind Oldham who we play on Sunday.

4. Not misguided, just a bit over-dramatic but I suppose it serves a purpose for those who can't afford the share purchase scheme.

Edited by Derwent

I’m not prejudiced, I hate everybody equally

Share this post


Link to post
Share on other sites

1. Most people I know have signed up to purchase shares directly from the club rather than contribute to the supporters club appeal, so given the minimum share purchase is £100 then don't judge the amount raised on the basis of the unofficial appeal.

2. I have been very critical of the BOD at times, but more on matters of communication than anything else. They work hard for the club, can't fault them for effort, just lack a bit of expert nous on certain matters at times.

3. We are in the bottom 8s, whoever is in the bottom 2 spots of that league after 7 more games goes down. Still all to play for, we are 3 points behind Oldham who we play on Sunday.

4. Not misguided, just a bit over-dramatic but I suppose it serves a purpose for those who can't afford the share purchase scheme.

 

 

Many many thanks, good luck.......

 

I shall beat DKW to the tick

Share this post


Link to post
Share on other sites

Please remember to tick Derwent's box post#54

 

How much did you put in BTW?

You really are an odious buffoon. 

Share this post


Link to post
Share on other sites

I don't want to be negative about the setting up of the fund, but surely the club's biggest asset at the moment is the team's fantastic performances on the field, the financial utilisation of which should be a priority for both the club's short and long-term future. The issuing of shares is a great idea, but setting up a fund for an apparently debt-less club does seem rather desperate and might have the opposite effect of alientating supporters from contributing. Should Workington escape relegation it would be one of the greatest stories in Rugby League history given that the club only had five points a month ago! Being a part of this story is what the club should be promoting to the hilt, attracting both new and disaffected supporters to the club with the inevitable financial rewards.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...