How can the board ever be trusted again

[Aaronl]

After been lied to twice in 6 months how can the botley crew ever be trusted again?

[Greg_Dyke]

that Tony person wasnt happy with them on Talk Sport last night !

[American FLEET FAN No1]

I might have missed something(and I'm sure a Myfc member will be only too happy to point it out), but if the Boards(or some of)shares are being sold to Myfc, those members who sell sre no longer going to be in charge, or have a say in the running of the Club! Those board members then walk off with a fat back pocket!

[Santa]

Depends how much they sell the shares for, my guess is it will be a nominal sum something like 5p ?. So don't expect them to profit from their initial investment.

[rsheard]

In yesterday's press announcement, it said the board members will stay on the board in non-executive positions during a transition period. After that, they would no longer be tied to the club.

[BustaGut]

If we go to the wall EUFC I mean,While under the ownership of MyFC, are the share owners, or so called part owners,be responsible for any debts MyFC run up. The point I am trying to make but badly, EUFC do not own there own ground or anything on it, So surely all MyFC have bought is a name.so no collateral with the purchase of EUFC, Will each Share holder/part owner be responsible for ant debt incurred by MyFC while running the name of EUFC.I assume they will all be classified as debtors until any outstanding debt is paid. If any of the share holders are already classified as bankrupt.can they run another company ?

[Santa]

Someone will coreect me if I am wrong but GNFC(or Ebbsfleet)Ltd is a private limited company. The limited bit I think protects the shareholders from any liabilities should it go under.

[rsheard]

I don't know how EUFC is organized, but the MyFC members are part of a not-for-profit trust. Individually the members assume no liability, nor can they receive any profits. That's the legal structure the trust requires.

[ItsBusiness]

You won't need to ever trust the board again because you will have a new one! The old board are all about to become NON-executive directors.

You will have a new relationship which needs some fresh trust and a chance!

[doheochai]

Originally Posted By: BustaGut

be responsible for any debts MyFC run up.

MyFC will not - indeed cannot - run up debts on behalf of EUFC.

MyFC has to operate in a prudent fashion and not make any decisions that can lead to the financial vulnerability of the club.

If MyFC was to enter the club into any contracts - it would have to ensure that sufficient funds were held in reserve to cover the contracts.

[Yorkshire Fan]

All MyFC can do is put money in - we cant take money out.

[American FLEET FAN No1]

Originally Posted By: Yorkshire Fan

All MyFC can do (as a Trust) is put money in - we cant take money out.

According to your spin doctors, you are not a Trust!

[rsheard]

I've been promoted to spin doctor! Yes. Do we get company cars?

[American FLEET FAN No1]

No you don't get a company car...........I was going to tell you I would provide a pole, tell you where to stick it, and then you could spin on it!

But the mellow side of me prohibited me from telling you that!

[BustaGut]

Originally Posted By: Yorkshire Fan

All MyFC can do is put money in - we cant take money out.

But if your members get bored putting money in, as the decision they are making,say pushes the club lower down the league,so they lose interest and drop out, but before they go they have voted to buy new players, with fairly large wage bills, less people will have to find the same or even more money to keep the club going in the same manner, or sell the players they bought, putting the club into a even worse position. My god sounds like F M 2007 LOL except real people do not lose there lively hoods in the game . If you cannot come up with the money, YOU WILL CREATE DEBT. SO TO SAY YOU CANNOT PUT THE CLUB INTO DEBT IS INCORRECT. Its not about taking money out of the club, but 20,000 playing F C Manager and getting it wrong, it will create debt by losing the money you have collected, £500 or £700 k will not go far or last for ever, in the real world thats peanuts, there are houses around here worth more.

[doheochai]

Originally Posted By: BustaGut

But if your members get bored putting money in, as the decision they are making,say pushes the club lower down the league,so they lose interest and drop out, but before they go they have voted to buy new players, with fairly large wage bills, less people will have to find the same or even more money to keep the club going in the same manner, or sell the players they bought, putting the club into a even worse position.

For about the tenth time here - this cannot happen - MyFC cannot enter any contracts that make the club financially vulnerable. Proposals exist for the establishment of a reserve fund to cover such eventualities. This is coupled with the fact that a salary cap exists and the £700,000 is well in excess of the wage bill for the entire current EUFC squad.

[Dewsbury SAFC]

Originally Posted By: doheochai

MyFC will not - indeed cannot - run up debts on behalf of EUFC.

MyFC has to operate in a prudent fashion and not make any decisions that can lead to the financial vulnerability of the club.

If MyFC was to enter the club into any contracts - it would have to ensure that sufficient funds were held in reserve to cover the contracts.

This shows a fundamental misunderstanding of the whole situation. MyFC will own 51% of Fleet. However, Ebbsfleet Utd FC Ltd will remain as a separate legal entity, with its own board of directors. Like it or not, from a legal point of view, those directors cannot just follow the wishes of MyFC blindly - they are obliged under company law to take decisions for the best interests of the company that they are responsible for - Ebbsfleet Utd FC Ltd. Yes, MyFC cannot run up debts for EUFC, but EUFC Ltd is certainly capable of entering into long-term contracts, anticipating a certain level of income from MyFC in the future. If that income doesn't arrive, or is vastly reduced due to a drop in MyFC membership come renewal time, those contracts will still have to be honoured.

Your last sentence makes me laugh - for arguments sake let us say that Fleet's wage budget (gross) is £9k a week. If you wanted to put all the staff on 1-year contracts, that means you would have to have £468k in the bank at the start of the season. MyFC members need to start asking your puppet master exactly how much money will be left in the bank after MyFC Society Ltd has bought 51% of Ebbsfleet's shares from the directors. Oh, and don't forget the commitment to purchase the remaining 49% - presumably that money is already ringfenced so that there is absolutely zero chance of you getting into debt?

[Aftershow]

Originally Posted By: Dewsbury SAFC

Your last sentence makes me laugh - for arguments sake let us say that Fleet's wage budget (gross) is £9k a week. If you wanted to put all the staff on 1-year contracts, that means you would have to have £468k in the bank at the start of the season. MyFC members need to start asking your puppet master exactly how much money will be left in the bank after MyFC Society Ltd has bought 51% of Ebbsfleet's shares from the directors. Oh, and don't forget the commitment to purchase the remaining 49% - presumably that money is already ringfenced so that there is absolutely zero chance of you getting into debt?

Very interesting point mate (and a top post all round)

[paddyt007]

Originally Posted By: Dewsbury SAFC

Originally Posted By: doheochai

MyFC will not - indeed cannot - run up debts on behalf of EUFC.

MyFC has to operate in a prudent fashion and not make any decisions that can lead to the financial vulnerability of the club.

If MyFC was to enter the club into any contracts - it would have to ensure that sufficient funds were held in reserve to cover the contracts.

This shows a fundamental misunderstanding of the whole situation. MyFC will own 51% of Fleet. However, Ebbsfleet Utd FC Ltd will remain as a separate legal entity, with its own board of directors. Like it or not, from a legal point of view, those directors cannot just follow the wishes of MyFC blindly - they are obliged under company law to take decisions for the best interests of the company that they are responsible for - Ebbsfleet Utd FC Ltd. Yes, MyFC cannot run up debts for EUFC, but EUFC Ltd is certainly capable of entering into long-term contracts, anticipating a certain level of income from MyFC in the future. If that income doesn't arrive, or is vastly reduced due to a drop in MyFC membership come renewal time, those contracts will still have to be honoured.

Your last sentence makes me laugh - for arguments sake let us say that Fleet's wage budget (gross) is £9k a week. If you wanted to put all the staff on 1-year contracts, that means you would have to have £468k in the bank at the start of the season. MyFC members need to start asking your puppet master exactly how much money will be left in the bank after MyFC Society Ltd has bought 51% of Ebbsfleet's shares from the directors. Oh, and don't forget the commitment to purchase the remaining 49% - presumably that money is already ringfenced so that there is absolutely zero chance of you getting into debt?

membership of MYFC has gone "through the roof" in the last few days so there is lots more money in myfc.
with all these members attendences will be up.
at worst if attendences fall to the level they were at prior to the potential take over then financialy things go back to the way they were before. so ebbsfleet are no worse off.

[Hirsty]

Financially.....maybe not....for now....but morally bankrupt !!