Lets not forget that having a bunch of rich investors on board doesn't mean instant success. No doubt Newcastle fans thought the advent of Mike Ashley was going to lead to something good? How happy were QPR fans when Ecclesdon and the Italian Guy parked their ferraris in the Loftus Road cark park? How made up were Pilgrims fans when the Japanese came a-knocking? Finally when a Icelandic Biscuit manufacturer was spotted in the West Ham board room, did the fans know that it would all crumble to dust?
Yes, it would be great to have some new dynamic and cash rich investors on the Board but until they come along, lets be thankful some of the board had rather deeper pockets than we all thought was the case.
I too am extremely pleased to see David White there in addition to RM re-assuming control.
[cite]Posted By: bingaddick[/cite]
I too am extremely pleased to see David White there in addition to RM re-assuming control.
That's where there is no logic to football supporters (myself included). 99% of Charlton fans will be pleased that RM is back in what appears to be main control. They do so because he comes across a nice bloke and you can relate to him. Yet it was under his lead and decisions that we ended up in such a ridiculous financial mess with a wage bill totally spiralled out of control, in the first place.
What does this mean (Chief executive Steve Waggott will assume full responsibility and accountability for all playing squad issues and budgets) I READ THIS TO MEAN the person or persons who carried this out before must have made a pigs ear of it.
[cite]Posted By: SaySomething[/cite]A £7m investment in the club is not to be sniffed at, so this sounds like good news to me.
I wonder if the Bank will give us back our overdraft facility now...........:-)
Credit goes to those who stumped up the cash, it keeps the predators at bay ................. for now. They (who put up this additional funding) are of course taking a calculated gamble on a number of fronts, but for the supporters and the team it is good news for the current campaign. The core, longer term problems that the club have however, will not go away as a result of this cash injection, we still spend far more than we bring in and no bank in the world is going to offer an overdraft facility under those circumstances (I guess your comment was tongue in cheek). We may need another few £M next season if new investment is not found and that will not put us in a better financial state unless the "friendly" debt is to be written off or sold onto to someone who has the same moral outlook as the current board members.
If we like it or not, the mounting debts are still ultimately securitised against the assets (mainly the ground / training ground / other property land and players etc. ) plus the goodwill of the PLC. The value of which has to date not been matched by those wishing to invest in the future of our beloved club.
More mileage in this once the current season pans out I would imagine.
My first feeling is that at least Parky and the squad, (and the rest of us!!), can get on and concentrate on the season ahead without any external distractions that the takeover rumours must have created. Let's hope complacency doesn't set in as a result.
Aside from that and wthout knowing the full background of what's gone on, I guess that the club hasn't been able to secure a decent enough deal to take the club on, so those in charge who are mostly supporters of the club, have done what they can to ensure that at least, after years of turmoil we can at least try to move forward once more.
[cite]Posted By: AFKABartram[/cite]Yet it was under his lead and decisions that we ended up in such a ridiculous financial mess with a wage bill totally spiralled out of control, in the first place.
Yes but remember decisions are made collectively and as he is not the majority shareholder he could not have taken the decisions alone. Yes as fans we do recognise him as a decent bloke and that counts for much of it.
None of us (apart from Henry and he's not talking publically) were privy to the discussions that led up to the disaster. Some, perhaps with greater wisdom than most, were critical of individual decisions, but none of us (except maybe Charlie Block by default) spotted them all.
When Curbs decided to leave, how many of us were secretly glad that his reign was over?.
When Billy Davis turned us down and time was marching on and Dowie hove into view with his pugnatious power point presentation prepared and wheeled out, would we have turned him down or have been bowled over by his bullet point skills?
When he looked Murray in the eye and said that the squad was thin and talentless and in need of some serious money spent on it, and the alternative was oblivion, would we have thrown him out of the door with a flea in his ear or swallowed hard and sanctioned the cheques?
When faced with inevitablity of having to sack Dowie for whatever he did that no one can talk about even several years later and we needed somebody quick to take things on, would we not have turned to Sir Les who, no doubt, had made it clear he was up for the challenge and prepared to die in the cause?
When Pardew, an old player, recommended by none other that Sir Hairdryer himself suddenly became available, would we not have begged him to take over in our hour of need and then given him our fulsome financial support?
I would argue it has been a chain of mistakes, each of which were not disasterous in themselves. The decsions they each spawned could have turned out successfully but ,sadly, they didn't.
Yet would we have got it right?
So I acknowledge the mistakes, am pleased it wasn't my £20M or so down the swannee, but am still prepared to back Richard Murray because with the successful period, he still has more in the credit side than the debit.
[cite]Posted By: addick2000[/cite]No word on where or if Peter Varney fits into this
My guess is the pointed reference to Waggott was done specifically to scotch rumour that PV was going to be back in his old job. Don't know where that leaves him, probably still acting as a honest broker on behalf of the board in seeking new investment.
don't know what to make of this really. They are still seeking new investment and so we obviously must need it. If we are to move forward, out of the Championship hopefully, then new investment will be required. This is a stop-gap, much needed and gratefully received, but that is all it is. In the Championship we will be a much more attractive proposition but I assume that by pumping in 7m now that the price has accordingly increased by 7m. I'm glad that the Board has been restructured numbers wise as it was ridiculously too big before and that RM, despite past mistakes, has resumed control. Rightly or wrongly I've never really been convinced of Chappell's intentions. No necessary player sales is also good news. So, not the news I hopefully expected but at least the ship has been steadied financially and the rudder refitted.
All in all I am very happy about this news. They are probably now looking at individual and/or corporate investment and not consortiums where I think we have seen that one or two dissenters can blow the whole deal.
Any chance of now formally sinking the takeover thread? I, like many, gave up reading it weeks ago and I'm not going to open it now to see if anyone predicted this outcome, or had 'inside knowledge'.
[cite]Posted By: addick2000[/cite]No word on where or if Peter Varney fits into this
My guess is the pointed reference to Waggott was done specifically to scotch rumour that PV was going to be back in his old job. Don't know where that leaves him, probably still acting as a honest broker on behalf of the board in seeking new investment.
Good point but maybe it means that SW has aplaying budget and he'll work with PP while the directors have the temptation to overspend what must still be a very budget removed.
This is good news. Yes there are questions that remain unanswered but now these questions are why we have financial stability, rather than when will we have financial stability. I wonder if this is why the Q&A session was done at such short notice, so that Parky and Breacker didn't have to field the large amount of questions that this investment will yield? It may be not what everyone wanted but this is great news and we can continue moving onwards and upwards!
It's probably only sticking plaster, I guess, but certainly good news - no, very good news - in the short-term.
But my, at £7m even sticking plaster doesn't come cheap these days, does it?
Reading through the thread, I have to say that Bing fellow talks an awful lot of sense!!! The reversal of the land sales should reassure many who raised grave misgivings on here about it. And to see RM in the ascendant over Chappell again is also reassuring.
I found this comment from Chappell intersting, too:
"After such an outstanding start to the season, it was essential that we brought stability to the club's finances and removed the need for player sales.''
There was a thread a few days ago about whether our good start to the season had materially affected thinking about the takeover, on either or both sides. Well, it looks like it did. I take Chappell's comment to mean that the very real (and perhaps unanticipated) likelihood of an immediate return to the championship, has re-energised the board and persuaded seven of them - who had been reported as having little spare cash left - to dig deep and find another million each. Perhaps the fairly dramatic upturn in the stock market has helped : I''ve got a medium-sized share portfolio and it's worth about 25 per cent more than it was at its lowest point a few months ago.
Whatever, thanks to those board members concerned for coming up with a solution. My disatisfacton with the board over the last year was not so much the wrong decisions - everybody gets things wrong from time to time - but that they seemed to have lost the will to live. Our success on the pitch this season appears to have helped them to find it again.
Who was it said 'nothing breeds success like success' ?
Has anyone gone in the streamlining who people are upset to see 'leaving'? I know many will still be around but won't have the same input as they've had before.
Well least we can move on Parky knows where he is now and the players and the fans.onward and upwards......out of interest how much of the 7 million would just got staright away in debts payments etc....good news
Hmm. A certain touch of New Labour re-announcement of old investment as new here. As I read it, it isn't £7m of new money as the asset purchase and leaseback deals on the training ground etc are not going ahead. Can't remember how much capital that would have contributed to the Club but that has to be knocked off the £7m to derive the amount of the new investment. Absent a takeover, this simply had to be done as the only alternative was administration. We can thank Parky and the boys that the start they have made to the season has made that an impossible route to take.
Enough to keep the club going this year but Club is surely still "in play" as far as external investment / takeover is concerned as must be doubtful how willing / able the "new" board is to keep writing significant cheques year in year out.
[cite]Posted By: PeanutsMolloy[/cite]Absent a takeover, this simply had to be done as the only alternative was administration.
Absent any facts, this simply had to be said as the only alternative was a comment that was true.
I really don't think we are/were that close to admin (but then again I know as much as the next man) and we should take this development as a positive step. Why do we always need to look for the negatives? Why can't we commend Sir Maurice, Murray, DW et al for standing by the club, and us as supporters and showing commitment to the cause?
All in all I think this sets us up better if and when a takeover does happen. The board seems to be a lot less "crowded" and negotiations with potential external investors will be a lot easier. Just my take though.
HHHMmm bit of a non event really, yes i know it means the future of the club, but you just knew it was going to come from within. Dont get me wrong I think its great these guys stump up time after time but they have admitted they need new funding, so if no promotion do we have to look for more investment again? would once again the training ground be considered for sale?
What does £7 million get you in todays game?
Big Big Thanks to the Board Members for putting in, what is a huge amount of money in this financial climate and also this league. I for one am glad that Charlton is staying in the hands of people who love the club and have the clubs best interests at heart. Yes, big money is what football seems to be about at the moment - but it also ups the expectations (Look at Man city, it's now expected that they win the Prem & All The Cups & etc etc)
Just looks like the conclusion of a protracted boardroom battle. Clear out of some big egos resulting in a simpler more workable structure which it is hoped can now attract new investors.
[cite]Posted By: PeanutsMolloy[/cite]Absent a takeover, this simply had to be done as the only alternative was administration.
Absent any facts, this simply had to be said as the only alternative was a comment that was true.
I really don't think we are/were that close to admin (but then again I know as much as the next man) and we should take this development as a positive step. Why do we always need to look for the negatives? Why can't we commend Sir Maurice, Murray, DW et al for standing by the club, and us as supporters and showing commitment to the cause?
All in all I think this sets us up better if and when a takeover does happen. The board seems to be a lot less "crowded" and negotiations with potential external investors will be a lot easier. Just my take though.
Not negative, just realistic.
These guys have done a fantastic job over the years and of course they are to be applauded for stumping up this cash (much of which, though not all, is new) but there's a continuous need for funding and we shall see how ready they are to keep writing the cheques.
Streamlining the board will have virtually no effect on any takeover negotiations as none of those stepping down had any meaningful say on those negotiations.
good news well done to the board but i dont think we have heard the end of this we all want whats best for the club so lets just get on with the football and gaining promotion.
There is also the effect on the employees of the club, be they players, management or admin. It is never pleasant working for a company where there are takeover rumours and it must have affected all of them. They now know that, for the present, their employment is stable. For Parkey and the players is it is a huge pat on the back and must give them confidence for the rest of the season.
What ever the long term objective it does bring stability and help make this a promotion season.
Finally it is vindication to all us fans who have given our support to the team this season, we now have a Board with us as well!
a tad disapointed if im truthfull, having sold my soul to filthy money years back was hoping shed loads of cash was coming our way. Stability is the key word though. We can all agree that the people in charge have CAFC in their hearts 100%.
So why at the shareholders AGM do we vote on board members etc etc etc (all bollox with the numbers involved) yet there has been major movement in the PLC without any involvement of the SHAREHOLDERS ?
[cite]Posted By: WSS[/cite]I usually think you speak a load of crap bexleyboy ;-) but I agree with most of what you say there, and thats how me and my RTS see it.
Describing people like Martin Simons and Derek Ufton as "deadwood"?
Comments
Yes, it would be great to have some new dynamic and cash rich investors on the Board but until they come along, lets be thankful some of the board had rather deeper pockets than we all thought was the case.
I too am extremely pleased to see David White there in addition to RM re-assuming control.
That's where there is no logic to football supporters (myself included). 99% of Charlton fans will be pleased that RM is back in what appears to be main control. They do so because he comes across a nice bloke and you can relate to him. Yet it was under his lead and decisions that we ended up in such a ridiculous financial mess with a wage bill totally spiralled out of control, in the first place.
I READ THIS TO MEAN the person or persons who carried this out before must have made a pigs ear of it.
Credit goes to those who stumped up the cash, it keeps the predators at bay ................. for now. They (who put up this additional funding) are of course taking a calculated gamble on a number of fronts, but for the supporters and the team it is good news for the current campaign. The core, longer term problems that the club have however, will not go away as a result of this cash injection, we still spend far more than we bring in and no bank in the world is going to offer an overdraft facility under those circumstances (I guess your comment was tongue in cheek). We may need another few £M next season if new investment is not found and that will not put us in a better financial state unless the "friendly" debt is to be written off or sold onto to someone who has the same moral outlook as the current board members.
If we like it or not, the mounting debts are still ultimately securitised against the assets (mainly the ground / training ground / other property land and players etc. ) plus the goodwill of the PLC. The value of which has to date not been matched by those wishing to invest in the future of our beloved club.
More mileage in this once the current season pans out I would imagine.
Love it myself. Good luck Rm.
Think ill get DW to do a City Addicks very soon and see if we can get RM back. An most likely Martin Simons too to hear what he has to say.
Aside from that and wthout knowing the full background of what's gone on, I guess that the club hasn't been able to secure a decent enough deal to take the club on, so those in charge who are mostly supporters of the club, have done what they can to ensure that at least, after years of turmoil we can at least try to move forward once more.
Yes but remember decisions are made collectively and as he is not the majority shareholder he could not have taken the decisions alone. Yes as fans we do recognise him as a decent bloke and that counts for much of it.
None of us (apart from Henry and he's not talking publically) were privy to the discussions that led up to the disaster. Some, perhaps with greater wisdom than most, were critical of individual decisions, but none of us (except maybe Charlie Block by default) spotted them all.
When Curbs decided to leave, how many of us were secretly glad that his reign was over?.
When Billy Davis turned us down and time was marching on and Dowie hove into view with his pugnatious power point presentation prepared and wheeled out, would we have turned him down or have been bowled over by his bullet point skills?
When he looked Murray in the eye and said that the squad was thin and talentless and in need of some serious money spent on it, and the alternative was oblivion, would we have thrown him out of the door with a flea in his ear or swallowed hard and sanctioned the cheques?
When faced with inevitablity of having to sack Dowie for whatever he did that no one can talk about even several years later and we needed somebody quick to take things on, would we not have turned to Sir Les who, no doubt, had made it clear he was up for the challenge and prepared to die in the cause?
When Pardew, an old player, recommended by none other that Sir Hairdryer himself suddenly became available, would we not have begged him to take over in our hour of need and then given him our fulsome financial support?
I would argue it has been a chain of mistakes, each of which were not disasterous in themselves. The decsions they each spawned could have turned out successfully but ,sadly, they didn't.
Yet would we have got it right?
So I acknowledge the mistakes, am pleased it wasn't my £20M or so down the swannee, but am still prepared to back Richard Murray because with the successful period, he still has more in the credit side than the debit.
My guess is the pointed reference to Waggott was done specifically to scotch rumour that PV was going to be back in his old job. Don't know where that leaves him, probably still acting as a honest broker on behalf of the board in seeking new investment.
All in all I am very happy about this news. They are probably now looking at individual and/or corporate investment and not consortiums where I think we have seen that one or two dissenters can blow the whole deal.
Any chance of now formally sinking the takeover thread? I, like many, gave up reading it weeks ago and I'm not going to open it now to see if anyone predicted this outcome, or had 'inside knowledge'.
Good point but maybe it means that SW has aplaying budget and he'll work with PP while the directors have the temptation to overspend what must still be a very budget removed.
Gives the manager the knowledge of where he stands in regards to his budget and stability in not having to sell in January.
In the current economic climate, it is major money.
We continue onwards and upwards for this season, and we haven't said that for a while!!
But my, at £7m even sticking plaster doesn't come cheap these days, does it?
Reading through the thread, I have to say that Bing fellow talks an awful lot of sense!!! The reversal of the land sales should reassure many who raised grave misgivings on here about it. And to see RM in the ascendant over Chappell again is also reassuring.
I found this comment from Chappell intersting, too:
"After such an outstanding start to the season, it was essential that we brought stability to the club's finances and removed the need for player sales.''
There was a thread a few days ago about whether our good start to the season had materially affected thinking about the takeover, on either or both sides. Well, it looks like it did. I take Chappell's comment to mean that the very real (and perhaps unanticipated) likelihood of an immediate return to the championship, has re-energised the board and persuaded seven of them - who had been reported as having little spare cash left - to dig deep and find another million each. Perhaps the fairly dramatic upturn in the stock market has helped : I''ve got a medium-sized share portfolio and it's worth about 25 per cent more than it was at its lowest point a few months ago.
Whatever, thanks to those board members concerned for coming up with a solution. My disatisfacton with the board over the last year was not so much the wrong decisions - everybody gets things wrong from time to time - but that they seemed to have lost the will to live. Our success on the pitch this season appears to have helped them to find it again.
Who was it said 'nothing breeds success like success' ?
;-)
Enough to keep the club going this year but Club is surely still "in play" as far as external investment / takeover is concerned as must be doubtful how willing / able the "new" board is to keep writing significant cheques year in year out.
I really don't think we are/were that close to admin (but then again I know as much as the next man) and we should take this development as a positive step. Why do we always need to look for the negatives? Why can't we commend Sir Maurice, Murray, DW et al for standing by the club, and us as supporters and showing commitment to the cause?
All in all I think this sets us up better if and when a takeover does happen. The board seems to be a lot less "crowded" and negotiations with potential external investors will be a lot easier. Just my take though.
What does £7 million get you in todays game?
Not negative, just realistic.
These guys have done a fantastic job over the years and of course they are to be applauded for stumping up this cash (much of which, though not all, is new) but there's a continuous need for funding and we shall see how ready they are to keep writing the cheques.
Streamlining the board will have virtually no effect on any takeover negotiations as none of those stepping down had any meaningful say on those negotiations.
There is also the effect on the employees of the club, be they players, management or admin. It is never pleasant working for a company where there are takeover rumours and it must have affected all of them. They now know that, for the present, their employment is stable. For Parkey and the players is it is a huge pat on the back and must give them confidence for the rest of the season.
What ever the long term objective it does bring stability and help make this a promotion season.
Finally it is vindication to all us fans who have given our support to the team this season, we now have a Board with us as well!
So why at the shareholders AGM do we vote on board members etc etc etc (all bollox with the numbers involved) yet there has been major movement in the PLC without any involvement of the SHAREHOLDERS ?
Describing people like Martin Simons and Derek Ufton as "deadwood"?
No, he's still speaking crap.