Salford financial issues(again…)

[LeytherRob]

https://x.com/m_shaw1/status/1859278557123424536?s=46
 

Emergency meeting apparently called by Salford to get their central distribution early again. Doesn’t make for good reading.

[Ant]

Maybe they can get a refund from IMG? 

[Segovia Carpet]

Unfortunately we don`t have a benefactor for this bottomless pit called Super League.

[dboy]

3 minutes ago, Segovia Carpet said:

Unfortunately we don`t have a benefactor for this bottomless pit called Super League.

As someone said to me... "Fortunate that they managed to sign Hill, Marsters, Sangare, Davis and Bullock before the problems came to light."

Feel free to decline your place in SL and let a club in who can run a business properly and pay their bills.

[Agbrigg]

1 minute ago, Segovia Carpet said:

Unfortunately we don`t have a benefactor for this bottomless pit called Super League.

Yes as a club you have performed admirably of late, since the departure of you great benefactor ' Marvellous Marwan'. But it must be a worry for fans when they hear these things. Hope you work through it

[LeytherRob]

Not sure if any of the Salford fans on here bought shares, but if so I’m curious as to whether there has been anything in terms shareholder meetings since the share issue? I haven’t seen a single post mentioning shareholders since the ask for money.

[Tommygilf]

2 minutes ago, LeytherRob said:

Not sure if any of the Salford fans on here bought shares, but if so I’m curious as to whether there has been anything in terms shareholder meetings since the share issue? I haven’t seen a single post mentioning shareholders since the ask for money.

I don't think it was a proper "share" was it?

[dboy]

2 minutes ago, LeytherRob said:

Not sure if any of the Salford fans on here bought shares, but if so I’m curious as to whether there has been anything in terms shareholder meetings since the share issue? I haven’t seen a single post mentioning shareholders since the ask for money.

As shareholders, shouldn't they be the ones bailing the club out, not the RFL?

[dboy]

Just now, Tommygilf said:

I don't think it was a proper "share" was it?

No it wasn't. Though the Salford fans wouldn't accept that at the time.

It is not a community owned club, in the sense they like to keep quoting.

[gingerjon]

1 minute ago, Tommygilf said:

I don't think it was a proper "share" was it?

They had votes according to this: https://www.crowdfunder.co.uk/p/salford-red-devils

[LeytherRob]

1 minute ago, Tommygilf said:

I don't think it was a proper "share" was it?

It’s how it was advertised, whether it was or not is another matter. I remember  Paul King saying he’d have to stand for reelection at a shareholder meeting to remain in charge.

[Tommygilf]

It's frankly dire that this situation comes around annually. It's pretty disrespectful to the league and other clubs.

[langpark]

With regular sub-4k crowds, the only thing shocking me is that this did not happen sooner.

[gingerjon]

There is an owners website. No news since the AGM.

https://www.wearesalford.co.uk/

[LeytherRob]

7 minutes ago, dboy said:

As shareholders, shouldn't they be the ones bailing the club out, not the RFL?

I and several others on here at the time did point to the fact that all functioning community owned clubs(FC Utd being prime example) are shares based on a subscription basis rather than one off payment which only plugs a very small hole.

[dboy]

1 minute ago, gingerjon said:

There is an owners website. No news since the AGM.

https://www.wearesalford.co.uk/

I don't understand - as shareholders, surely they were all well aware of the issue before it became public.

They were a funding source to get them out of the last hole. That's it. It can't be repeated.

[Red Willow]

14 minutes ago, dboy said:

No it wasn't. Though the Salford fans wouldn't accept that at the time.

It is not a community owned club, in the sense they like to keep quoting.

I think you will find most fans at the time considered it a donation. I certainly did.

[dboy]

Just now, Red Willow said:

I think you will find most fans at the time considered it a donation. I certainly did.

That's not how the club sold it.

Maybe you can all make another donation?

Or sell some players.

[Bulls2487]

54 minutes ago, Ant said:

Maybe they can get a refund from IMG? 

Salford had issues before IMG

[LeytherRob]

20 minutes ago, Red Willow said:

I think you will find most fans at the time considered it a donation. I certainly did.

That may be how you saw it but I don’t think that’s an accurate portrayal of the communication from SRD. I would also say that donations don’t typically have a minimum of £100.
 

This is the wording from the crowd finder page for the lowest tier of ownership-

You get: One Vote, Share Certificate (Available to download), Eligibility to stand for election, Bi-weekly exclusive owners newsletter, Exclusive owner pin badge, Special match event ticket priority

Considering the club even partnered with a loan company so fans could invest money they didn’t even have, I think the least they could do is keep their shareholders informed that they are back in the creek without a paddle. 

[whatmichaelsays]

1 hour ago, Segovia Carpet said:

Unfortunately we don`t have a benefactor for this bottomless pit called Super League.

Not sure the local council will see it quite that way: https://www.manchestereveningnews.co.uk/news/greater-manchester-news/revealed-salford-council-owed-nearly-30169994

[phiggins]

Forgive my ignorance, but how would a billboard have solved these problems?

[Worzel]

1 hour ago, Ant said:

Maybe they can get a refund from IMG? 

Yeah, I'm not sure £40k of marketing support is the problem. It's everything else to do with the club, from lack of paying supporters, lack of enough commercial partners, lack of a financial backer given they don't have those things and then yet still signing a squad costing a certain amount despite not having the money to do so. 

I'd rather have Salford in the league, but if they can't afford to be in it - and over the long term it really does look that way now - then at some point we have to be honest with ourselves and say "c'est la vie". Especially when with Toulouse we do have a club who want to be in, and who look like they can afford it. 

[Agbrigg]

12 minutes ago, whatmichaelsays said:

Not sure the local council will see it quite that way: https://www.manchestereveningnews.co.uk/news/greater-manchester-news/revealed-salford-council-owed-nearly-30169994

Well I was lead to believe earlier in the thread that Salford were disadvantaged in SL without a rich benefactor. From reading this, it seems they have one after all. I suspect they will be getting another council donation quite soon.

[sweaty craiq]

Wasn’t the share fiasco to get the PG off a directors back? Followed by we won’t be selling players, followed by the exodus with big fees paid to them whilst all along not paying rent and getting bailed out by the council?? That shepherd boy must be close to falling on deaf ears soon