Latest Meeting with the Club.

[ldnfatso]

Does Ron wanna come to the next City Beer Club night?

 

[Kent Shrimper]

Does Ron wanna come to the next City Beer Club night?

he is more than welcome :winking:

 

[Wise Head]

I am just saying lets be positive whilst the jury is out. We know nothing for sure but there is a tendency to believe the worst. If the worst happens then we should jump up and down and smugly say I told you so. If it doesn't then years of being negative would have been a waste.

I think everyone would love to be more positive. I would love to see the team playing at FF in a 22,000 seater stadium and TBH I don't care who owns the club as long as they look after it well on everyone's behalf.

The concerns for many of us is that Ron has suffered financial hardship over the last 4 years like most, and with his group of companies having a net negative worth of £13 million in the last set of accounts available, the development at FF is crucial for him to turn round his fortunes. He has not really indicated where we are in the food chain. This is what makes me nervous as currently out of the £13 million net negative assets, most of it is on the club's balance sheet. After the move will we own the stadium, what revenue streams will we have and will we be saddled with rent that we can't pay? The move to FF was sold as a solution to the club's problems and there is no indication that anything will change, other than our owner will be financially better off.

 

[Beefy]

The debt sits on the club's balance sheet because the club is the business which has needed to be supported.

The club can't afford rent, I suspect that Ron Martin knows that better than anyone, and as the only possible tenant I don't think there's any realistic chance of the club needing/being able to pay rent unless it's in a strong enough financial position to do so.

 

[Tangled up in Blue]

Fiction or non-fiction ?

Bearing in mind a former chairman(Anton Johnson)has recently penned his memoirs perhaps we can look forward to seeing Chairman Ron's thoughts in print one day.:stunned:

 

[united we stand]

The debt sits on the club's balance sheet because the club is the business which has needed to be supported.

The club can't afford rent, I suspect that Ron Martin knows that better than anyone, and as the only possible tenant I don't think there's any realistic chance of the club needing/being able to pay rent unless it's in a strong enough financial position to do so.

this

if we get to the point of paying rent then something brillant must have happened to our finances to enable us to make those payments. The oppositie is we are charged rent , we can't pay it, we go bust, no one goes to the stadium, Ron doesn't make any money. I am missing something ?

 

[Wise Head]

this

if we get to the point of paying rent then something brillant must have happened to our finances to enable us to make those payments. The oppositie is we are charged rent , we can't pay it, we go bust, no one goes to the stadium, Ron doesn't make any money. I am missing something ?

FF was meant to be a new dawn for the club, not a re-hash of the current situation with the club owning nothing, paying a huge rent (albeit in theory), having limited revenue streams and a debt that has steadily risen to now in excess of £10 million. Ron has said much about FF, but given no actual details of the fundamentals that are crucial to the club's future. Who will own the ground we will play in? How long will our lease be? When are rent reviews due? What rent will we be charged? What revenue streams will the club be allowed to keep from the 3/4 sided stadium such as hotel income. conference facilities etc? If anyone thinks that the club will have a secure long term future with financial milestones round its neck, then they have more faith than sense.

 

[Jai]

I wish he'd give us some examples. Giving us all this speak about how revenue streams will improve is all well and good but it's not specific enough. How exactly? The most positive bit of this Q&A is the news that two more of the shops have tumbled, which is as I understand it still the main barrier to starting this white elephant stadium At least he was specific about that.

 

[McNasty]

I wish he'd give us some examples. Giving us all this speak about how revenue streams will improve is all well and good but it's not specific enough. How exactly? The most positive bit of this Q&A is the news that two more of the shops have tumbled, which is as I understand it still the main barrier to starting this white elephant stadium At least he was specific about that.

Jai, the problem is that Ron either can't or won't answer some of the questions with details the fans want. It would be ideal if he answered everything but that is never going to happen for a variety of reasons ---- some confidential, some he doesn't want to and some have circumstances currently out of his hands so, in a way, we have to be happy with the scraps we get.

I think it is in everyone's interest to try and keep up dialogue with the club, as supporters of the club, it must benefit all parties to some extent.

 

[Firestorm]

The debt sits on the club's balance sheet because the club is the business which has needed to be supported.

The club can't afford rent, I suspect that Ron Martin knows that better than anyone, and as the only possible tenant I don't think there's any realistic chance of the club needing/being able to pay rent unless it's in a strong enough financial position to do so.

I am not sure that the rental debt is on the balance sheet
Where abouts do you think it is? As I have had a look at the two lots of expenses in the accounts and i am unsure that they include such a sizable sum but I am not 100%
As for accrued liabilties they do seem to historically tie up with loans made / cash injections

 

[Beefy]

I am not sure that the rental debt is on the balance sheet
Where abouts do you think it is? As I have had a look at the two lots of expenses in the accounts and i am unsure that they include such a sizable sum but I am not 100%
As for accrued liabilties they do seem to historically tie up with loans made / cash injections

Sorry, I didn't mean that the rental debt is on the books. The post I was responding to was saying that the bulk of the debt of RM's group of companies sat with SUFC. This is because it's SUFC who have had to borrow so much from Directors and other companies.

 

[Firestorm]

Sorry, I didn't mean that the rental debt is on the books. The post I was responding to was saying that the bulk of the debt of RM's group of companies sat with SUFC. This is because it's SUFC who have had to borrow so much from Directors and other companies.

My mistake,

 

[southend4ever]

I have to say that the answers coming out of the club were positive. I don't think anything is dressed up. Seemed open and honest to me.

 

[Mick]

.................

6. Ask him if why there's been such a delay since the last Shareholders AGM which was late on the previous year or if there is ever going to be another one.
RM - The Club Secretary Helen Norbury was given instructions, earlier this month, to arrange the AGM in November. This will be held in the Council Chamber as on previous occasions and the final date is subject to availability of all Directors, some of whom are abroad frequently, and the venue. Helen will confirm the arrangements shortly.


...............

New question: just how short (or should I say, long?) is "shortly" ?

 

[Mick]

New question: just how short (or should I say, long?) is "shortly" ?

With two weeks notice required, November is looking a bit tight. Surely not another missed deadline from Ron?