The Contingency Plan?

[billy nick]

Originally Posted By: thespursfan

5000+ have renewed, some for multi years (about 1,000 not 4,000 but we can hope!),

but still 5000 + different members right now have renewed.

Another 5000 have signed up since the 19/2 2008, and may or may not renew when their day comes.



the operator cant walk right now as membership is now at 32,203.
If or when it drops to 14,999 he has an option and decisions to make.

He can walk now though jeff, how many members now 9136,

23,000 have exercised their democratic right, the vast majority showed the operator what they thought of how MYFC was run.

[billy nick]

Originally Posted By: PatMan

Originally Posted By: thespursfan

the operator cant walk right now as membership is now at 32,203.
If or when it drops to 14,999 he has an option and decisions to make.

Surely tho, TOMORROW the membership will be less than the minimum required? And the operator can decide to walk away just like that? What kind of contract is that? Who would vote for something like that?

EUFC, agreed to this at the time of takeover.

[Jeff Hamnett TSF]

"He can walk now though jeff, how many members now 9136,"

 

 

if the wt walks i will admit ive been wrong. if we cant resolve the situation as myfc if that happens, i will admit ive been instrumental in endangering a club or worse.

Ill go to the ground with a notice on my tshirt.

 

truth is im trying to make things good. on here im trying to keep a balance against the sandwich board wearers, :"the end is nigh"

 

not if I can help it, it bloody well aint.

 

 

 

[Claudius]

Well,Jeff..you can help.

 

All it takes is say 300K.

 

You got those lying around,by all means donate it to the club.

 

God knows they will need it.

[Jeff Hamnett TSF]

say 250 k at current spend and you'd be nearer Claudius

 

I and 9-10,000 others and the club are going to have to bridge that gap for next season.

 

 

 

[eufckev]

Originally Posted By: Uncle Urchin

its a fckn disaster and will lead to ebbs dropping to part time football and a lower league..

We might be playing your lot soon! Local-ish football!
Whatever happens, we will still have a club to support... it's all that matters. See you at your mini-Withdean ground soon enough.

[American FLEET FAN No1]

If/when the Club goes bust, will Willie Brooks take over the Club with the money he has made out of MyFC?

[MrMushroom]

Unlikely, that would make him responsible for all the debts.

 

MYFC IPS rules say their shares have to go to another non-profit organisation with similar aims. So if he wants to gain control it would be more likely he would set up another IPS which he controls and transfer the shares to that.

[billy nick]

Originally Posted By: MrMushroom

Unlikely, that would make him responsible for all the debts.

MYFC IPS rules say their shares have to go to another non-profit organisation with similar aims. So if he wants to gain control it would be more likely he would set up another IPS which he controls and transfer the shares to that.

Will mr Brooks bail out? Well he got a 250k cut last year for running the web site, with the renewals doing so badly his cut is down to 70-75k for this year. Out of that he pays his full time staff on the web team, so it dosn't leave him alot.

6000 memberships expire over the next 12 months and if i said 4000 of those don't renew, i wouldn't be to far off.

So i would expect Brooks to pull the plug as his revenue stream looks like drying up.

As i understand it he can pass on the shares of MYFC to the fleet trust, and his reward will be a seat on the EUFC Board.

So you see, the society has no power whatsoever in what direction its takes, it never has really as its always been run by Brooks.

[Jeff Hamnett TSF]

"Will mr Brooks bail out? Well he got a 250k cut last year for running the web site, with the renewals doing so badly his cut is down to 70-75k for this year. Out of that he pays his full time staff on the web team, so it dosn't leave him alot."

 

it doesnt billy nick, and therein lies the rub.

 

let's see end of march?

[Claudius]

Over at the cesspit forum,and given the fact that over 70% of the original members didn

[Claudius]

Some MyFc members doesn

[Claudius]

Where is plan C?

 

It really needs to be implemented now.

 

Seems money is out in April.

[Big J R]

Very interesting piece on BBC Local TV news at lunch-time today, (Monday 23rd), which will PROBABLY be repeated tonight at 6:30.

 

Interview with Chairman (?) who admits the demise is more likely than he originally thought.

[Claudius]

Yes,well..it is not rocket science exactly is it?

 

The thing that is really amazing though is that everyone has had their head deep in sand up til now.

 

They should have reacted to the upcoming situation months and months ago..it has been a foregone conclusion since last summer.

 

Now,the problems have built since then.

 

It is not the way to properly run a football club IMHO.

[Claudius]

245K..in the Myfc kitty,communicated number.

 

10K revenue related expenses,communicated number.

125K due to prior owners,communicated number.

70K hard loan reserve,according to accountant

35K ringfenced multi years fees

10K free streaming video

10K equity reserve requirement

 

260K in liabilities.

 

Balance..-15K.

 

With this as background,the club needs cash every month because of big operational losses.

 

Numbers not by me.Comes from more knowledgeable people.

[ihadadream]

Originally Posted By: Claudius

Where is plan C?

It really needs to be implemented now.

I agree (you may be suprised to know). Plan B, despite good intentions, has all but failed. It is indeed time for plan C. I expect that following a board meeting this week, proposals will be put to the society to agree a series of cutbacks and new initiatives.

[Claudius]

Yes.

Well..it is easier said than done.

 

I really can

[ihadadream]

Contrary to your beliefs, not all ideas have been exhausted and must be tried (or at least discussed) before everyone throws in the towel. Why is it any different in this circumstance than for any other owner? It may be easy for you to walk away () without conscience, but it's not so easy for others. MyFC, as a responsible owner needs to provide EUFC with a sustainable solution for prosperity and in turn EUFC have a duty to give MyFC the opportunity to do this. As you so often put it, it's not rocket science!

[Claudius]

There is a decisive difference.

The previous owners had pockets deep enough to bankroll the monthly operational losses until a new owner came about.

This is not the case when MyFc is concerned.

Look at the numbers above..unless something extraordinary happens..MyFC will be real hardpresses to stumble over the finishing line for this season.After that the money will be spent.

 

The recession hasn