Stewart’s Law to ask court to dismiss WUP proceedings - settlement reached with SUFC

[Firestorm]

So inflation is 300%

250K to 400K is an increase of 60% or 4.6% pa over the 13 years ...

 

[Jay_SUFC]

The bond is to satisfy the National League we can make it through the season, totally separate from the embargo/WUP. The bond will not be needed if the club is sold to COSU, if the club remains in Rons hands we need to pay the £1 million bond.

The WUP sounds as though Stewarts are happy but we haven't yet cleared PG Site Services, if we can settle with them then we just need the WUP officially to be dismissed and then the embargo should be lifted I would imagine. but the bond is separate.

Sorry, you can't issue one club a bond for just that reason, otherwise you should be asking every other club to provide a 1M bond!

 

[Swiss Tony]

If all goes well and we get through this ****e I long for the day when we can say goodbye to this Micky mouse league with a large.

 

[Spaceman Spiff]

If all goes well and we get through this ****e I long for the day when we can say goodbye to this Micky mouse league with a large.

i’ve really enjoyed the competition on the pitch / fans banter and so on.

However the league administration is obviously riddled with conflicts of interest, and has established a ‘set of rules’ so general and open to interpretation that they seem to / do literally make up the rules as they go along.

For example, we should know about slapping a bond requirement on a club in advance because the rule book says in X or Y circumstance a bond will be required, and the sum of that bond will be calculated this way (e.g. relating to some of the numbers in the previous year’s accounts). It shouldn’t be a complete surprise, or where we all scratch our heads trying to understand how they arrived at the number.

They may actually have acted fairly throughout (I don’t personally believe that), but they are not transparent and this creates suspicion and uncertainly - both corrosive for the competition and for the prospects of clubs in crisis.

 

[Hooly]

If all goes well and we get through this ****e I long for the day when we can say goodbye to this Micky mouse league with a large.

Edited for accuracy & I suggest when we hopefully & eventually get promoted we organise coaches to Birmingham to cr@p all over their doorstep, or at least in the lift to the 4th Floor of Waterloo House where they lurk.

 

[Firestorm]

They haven't, but they'll point to the fact they did a very similar thing to Wrexham in 2011. That bond was only £250k (just under £400k when you account for inflation) but I'm not sure if our balance sheet is worse than Wrexham's was:

Wrexham FC asked to provide £250k guarantee to Football Conference

Wrexham FC have been asked by the Football Conference to provide a £250,000 bond or bank guarantee by Monday, as well as proof that all players and staff have been paid.

www.dailypost.co.uk

Wrexham were in a different position having been reformed in 2006 after going bust but in 2011 the latest accounts were to 2009 and showed they owed about 5M , so nowhere near our 25M even after inflation

 

[Tommy2holes]

250K to 400K is an increase of 60% or 4.6% pa over the 13 years ...

It was 250k and it's now 1,000,000

 

[Medway Blue]

Sorry, you can't issue one club a bond for just that reason, otherwise you should be asking every other club to provide a 1M bond!

All the other clubs have provided detailed finance and accounting info which demonstrates that they can be fully funded and meet their financial obligations throughout the season.

SUFC have not.

 

[gatecrasher]

I can't wait to get out of this league, fairly sure if it wasn't run by idiots it would of been accepted as a 4th league in the EFL by now.

 

[Shrimp and two veg]

Oh what a summer we are having ! Lurching from one drama to another, trying to dig out the details of each, weekly.
Wish i had the money to **** this **** off and let this proud club and its amazing fans enjoy their holidays.
Give us our club back, Martins, what a headache it's all been.

 

[kaymac]

It’s a Mickey-Mouse league run by a bunch of amateurs who despise the ex-FL clubs in ‘their’ league.

 

[Maldon Shrimper]

At last some postitive news long may it continue.

 

[Holy Joe]

All the other clubs have provided detailed finance and accounting info which demonstrates that they can be fully funded and meet their financial obligations throughout the season.

SUFC have not.

Have they? Not publicly they haven't. Most clubs don't publish accounts anywhere near as detailed as ours.

 

[Medway Blue]

Have they? Not publicly they haven't. Most clubs don't publish accounts anywhere near as detailed as ours.

No, not publicly. It gets submitted directly to the National League.

 

[JD]

No, not publicly. It gets submitted directly to the National League.

I would imagine that proof of funds would be required for clubs, who have negative balance sheets being covered by wealthy owners, as well

 

[LBBlue]

If anyone is bothered, the National League Rules for the 23/24 Season can be downloaded here


https://www.thenationalleague.org.uk/downloads/rules

For a League that make it up as they go along so far there are 129 pages of rules.

Appendices D and E pages 77 to 88 cover detailed financial monitoring for all clubs.

With our financial accounting record is hardly surprising they have kept a close eye on our financial situation.

 

[kaymac]

All the other clubs have provided detailed finance and accounting info which demonstrates that they can be fully funded and meet their financial obligations throughout the season.

SUFC have not.

No club can, with any certainty, guarantee in advance they are (and will remain) fully funded for a whole season.

 

[kaymac]

If anyone is bothered, the National League Rules for the 23/24 Season can be downloaded here


https://www.thenationalleague.org.uk/downloads/rules

For a League that make it up as they go along so far there are 129 pages of rules.

Appendices D and E pages 77 to 88 cover detailed financial monitoring for all clubs.

With our financial accounting record is hardly surprising they have kept a close eye on our financial situation.

Tin-pot is as tin-pot does. They’ve always been sh1te!

 

[cerbera45]

That the vice chairman despises us and always has ?

who's vice-chairman?

 

[Smiffy]

who's vice-chairman?

Stephen Thompson MBE (Daggers MD)