[cite]Posted By: PeanutsMolloy[/cite]
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.
Agree with Peanuts.
Well done to the guys who have put the money up and to whoever worked out what must have been a very complicated deal (Varney?) and thanks and good wishes to those Directors who have stepped down. Some of them such as Martin Simons, Derek Ufton, Richard Collins and Roger Alwen have been there for a long term and put a lot into the club and not just financially.
If this means that we can continue a realistic challenge for promotion then great.
The key financial questions that will need to be answered, IMHO, are, failing any external investment/takeover, does the financial model allow us to maintain a balanced budget in the Championship and if we are not promoted what then?
The protracted takeover talks with what look likes more than one interested party have obviously stalled as the deals were not right for either The Club, the existing Board or both. To keep the Club afloat, the only option would have to come from internal re -investment and this appears to have been exactly what the 'Magnificent 7' have done.
Firstly, congratulations and thank you, not only to those seven, but also to the old Directors and Associates, who have agreed to stand down - particularly Martin Simons, Roger Alwen, Richard Collins and Derak Ufton who have given their heart and soul to the Club over the greatest moments I have spent as a Charlton fan.
Secondly, I am absolutely delighted that the capital assets which were to be transferred to a couple of pension funds are now back in the ownership of the PLC (Anyone know where we can get some 'Re-United' T Shirts from?). I always hate to see asset stripping of any Organisation as this is usually a sign that things are going downhill. With the freeholds still with the PLC we have some future leverage, when either trying to raise more funds or if another interested party wants to purchase the Club outright. With the North Stand mortgage getting smaller and smaller every season and only 5(?) years left to run, the reduction of debt burden can only be further good news going forward.
Thirdly, there has obviously been some internal conflict at Boardroom level as to how to progress and it would appear that RM has overseen a coup with Sir Maurice, resulting in DC stepping down and the PLC getting back to the old status quo, with one captain at the helm rather than the 'after you Derek, no after you Richard' situation that appears to have got us further into the mire during DC's reign. I welcome this particularly as I STILL have faith an confidence in RMs ability to turn things around.
Finally, this must be especially good news for Parky, who now has definite stability over the coming season to concentrate on the job in hand and is able to turn directly to the Geordie Smiler, should he wish to invest further in the playing squad - with some funds now available to him.
The final bonus is obviously the catering costs for future Board meetings will be significantly reduced - particularly with Martin stepping down :-).
''Describing people like Martin Simons and Derek Ufton as "deadwood"?''
Yes, that was an unfortunate word for Bexley Boy to use. But you still know what he means - people who have given great service to the club, but whose role is now mostly in the past tense.
I yield to no one in my admiration for Derek, both as a servant of Charlton and Kent CCC. But he is in his 80s and far more suited to the role of vice-president. And I never quite knew what Michael Grade brought to the table apart from his high-profile - valuable enough in itself, I'm sure, but which again seems to fit better with the VP role.
It all seems like a very sensible and long overdue streamlining to me.
If it safeguards the future of the club short or long term it can only be a good thing. However, what all supoorters want to really know is who we will sign or leave in January. When we get a £2M+ bid from Middlesborough for Nicky Bailey or such like then we'll see where we really are then.
[cite]Posted By: DA9[/cite]Happy with that, for a League 1 club to receive £7m worth of investment from within is excellent, well done all involved.
Exactly, there will be plenty of div 3 teams who'd love to get a 7 million quid boost and without selling any players, sends out a good message to the rest of the league we mean buisness!
This is definitely some good news, steadier ship, no asset stripping (training ground or players) and more streamlined board, got to help prospective new investment at some point. Congrats to all concerned, an in particular RM.
I would be interested to now how this has affected the ownership/equity division between board members, and what if any debt has been written off?
Also interested as to how long this took to bring about and what proportion of the quiet spell was taken up sorting all this out vs looking at takeovers?
Sure the investment generated from the training ground stuff hasn't now happened, but the club has retained that asset/value, and gained the monies which were around double that amount? This has to be positive on paper at least, and has allowed us to retain a squad capable of challenging for promotion.
[quote][cite]Posted By: stilladdicted[/cite]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.[/quote]
This.
There was always 1 unnamed director "holding up a takeover" - I guess we can work that out now.
As for new investment - I'm not sure there actually is any, just a rehash of the numbers over the training ground.
Might as well wait for the Henry Irving report from his phone-buddy Peter Varney for the fuller pcture.
[cite]Posted By: stilladdicted[/cite]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.
This.
There was always 1 unnamed director "holding up a takeover" - I guess we can work that out now.
As for new investment - I'm not sure there actually is any, just a rehash of the numbers over the training ground.
Might as well wait for the Henry Irving report from his phone-buddy Peter Varney for the fuller pcture.
That will be a long wait If you are expecting PV to ring me : - )
Not sure who this "1 unnamed director who was holding up the takeover" is or that the so called "big egos" have been cleared out. All the major players are still there.
Those people who are no longer board members, but are vice presidents, deserve respect. A lot of them have given unselfishly to the Charlton cause, and although their influence has now waned, without the likes of Martin Simons we wouldn't have a club to support.
Thanks guys.
Excellent news...bringing some stability to the club and finances.
I think a takeover is still on the horizon though, but I'm assuming that the bids were insufficient and didn't deal with the director debt, so they have effectively taken the club off the market until investment conditions improve and/or we are back in the CCC by when the club will we worth more money. In the meantime things are going to be stable and I presume that this means that some money may be found to strengthen the squad in January to help push us towards promotion.
[cite]Posted By: seth plum[/cite]Those people who are no longer board members, but are vice presidents, deserve respect. A lot of them have given unselfishly to the Charlton cause, and although their influence has now waned, without the likes of Martin Simons we wouldn't have a club to support.
Thanks guys.
Here here Seth.
Particularly worthy of additional prominence are Roger Alwen, Martin Simons and Michael Stevens, all have played crucial financing roles somewhere down the line.
[cite]Posted By: seth plum[/cite]Those people who are no longer board members, but are vice presidents, deserve respect. A lot of them have given unselfishly to the Charlton cause, and although their influence has now waned, without the likes of Martin Simons we wouldn't have a club to support.
Thanks guys.
Here here Seth.
Particularly worthy of additional prominence are Roger Alwen, Martin Stevens and Michael Stevens, all have played crucial financing roles somewhere down the line.
[cite]Posted By: seth plum[/cite]Those people who are no longer board members, but are vice presidents, deserve respect. A lot of them have given unselfishly to the Charlton cause, and although their influence has now waned, without the likes of Martin Simons we wouldn't have a club to support.
Thanks guys.
Here here Seth.
Particularly worthy of additional prominence are Roger Alwen,Martin Stevensand Michael Stevens, all have played crucial financing roles somewhere down the line.
Roger Alwin and Martin Simons have given unselfishly to Charlton going right back to the Selhurst days and deserve special recognition, not that the others don't, but these 2 guys were instrumental, with RM, in our return to the Valley.
In my opinion if it means the club can stay afloat for the foreseeable its a great thing, the fact that the club is still in the hands of "Charlton People" is an absolute blessing.
Very good news but as has already been said its still only very expensive sticking plaster. Certainly buys time for the board to seek the right investment. Well done to the Charlton board with this one.
Nick,
just because you decide something is fact and you write it as fact doesn't make it so. I know, on this occasion, that you are wrong. There was at least one occassion that I know of where a deal was agreed and the buyer got cold feet at the last minute. Others who were prepared to do a deal wanted Administration and a 10 point penalty as part of the deal and the Board has not been prepared to accept that. Right as you are about some of the poor decision-making made by this Board that does not lead to an automatic conclusion that they are greedy money-grabbers who have made a decision which is driven by their own finnncial interests, as you imply, rather than the best interests of the football club.
Varney was NEVER leading a consortium to buy the club, he was acting on our behalf to potential buyers.
As for where the money has come from, well in the specific example that I am diretly aware of it has been hard-earned in the last 9 months and now ploughed straight into the club with no concrete prospect of its return.
Please try to think about this in a more balancd way. Perhaps some of these guys aren't as selfish and irresponsible as you think. Is that possible do you think?
The key to all this for me is the following extract
"The action we have taken today has brought much needed stability to the football club, and has allowed us time to attract the level of investment we all believe is necessary to bring future success to our great football club.”
Seems that the board were perhaps not convinced about the type of prospective buyers Charlton were attracting ? They always said that they would only sell to the right people and here is possible evidence of their integrity. Zabeel were deemed fit but the latest crop of wannabees might have fallen short. In any case the board have imho done the right thing.
Comments
Agree with Peanuts.
Well done to the guys who have put the money up and to whoever worked out what must have been a very complicated deal (Varney?) and thanks and good wishes to those Directors who have stepped down. Some of them such as Martin Simons, Derek Ufton, Richard Collins and Roger Alwen have been there for a long term and put a lot into the club and not just financially.
If this means that we can continue a realistic challenge for promotion then great.
The key financial questions that will need to be answered, IMHO, are, failing any external investment/takeover, does the financial model allow us to maintain a balanced budget in the Championship and if we are not promoted what then?
No Michael O'Leary, No Davids Gold and Sullivan, no Mike Ashley/ Dennis Wise, no Arabs/ Americans/ Russians/ Nigerians...
Better the devils we know for the time being at least.
No Michael O'Leary et al....Yet
The protracted takeover talks with what look likes more than one interested party have obviously stalled as the deals were not right for either The Club, the existing Board or both. To keep the Club afloat, the only option would have to come from internal re -investment and this appears to have been exactly what the 'Magnificent 7' have done.
Firstly, congratulations and thank you, not only to those seven, but also to the old Directors and Associates, who have agreed to stand down - particularly Martin Simons, Roger Alwen, Richard Collins and Derak Ufton who have given their heart and soul to the Club over the greatest moments I have spent as a Charlton fan.
Secondly, I am absolutely delighted that the capital assets which were to be transferred to a couple of pension funds are now back in the ownership of the PLC (Anyone know where we can get some 'Re-United' T Shirts from?). I always hate to see asset stripping of any Organisation as this is usually a sign that things are going downhill. With the freeholds still with the PLC we have some future leverage, when either trying to raise more funds or if another interested party wants to purchase the Club outright. With the North Stand mortgage getting smaller and smaller every season and only 5(?) years left to run, the reduction of debt burden can only be further good news going forward.
Thirdly, there has obviously been some internal conflict at Boardroom level as to how to progress and it would appear that RM has overseen a coup with Sir Maurice, resulting in DC stepping down and the PLC getting back to the old status quo, with one captain at the helm rather than the 'after you Derek, no after you Richard' situation that appears to have got us further into the mire during DC's reign. I welcome this particularly as I STILL have faith an confidence in RMs ability to turn things around.
Finally, this must be especially good news for Parky, who now has definite stability over the coming season to concentrate on the job in hand and is able to turn directly to the Geordie Smiler, should he wish to invest further in the playing squad - with some funds now available to him.
The final bonus is obviously the catering costs for future Board meetings will be significantly reduced - particularly with Martin stepping down :-).
Yes, that was an unfortunate word for Bexley Boy to use. But you still know what he means - people who have given great service to the club, but whose role is now mostly in the past tense.
I yield to no one in my admiration for Derek, both as a servant of Charlton and Kent CCC. But he is in his 80s and far more suited to the role of vice-president. And I never quite knew what Michael Grade brought to the table apart from his high-profile - valuable enough in itself, I'm sure, but which again seems to fit better with the VP role.
It all seems like a very sensible and long overdue streamlining to me.
Exactly, there will be plenty of div 3 teams who'd love to get a 7 million quid boost and without selling any players, sends out a good message to the rest of the league we mean buisness!
I would be interested to now how this has affected the ownership/equity division between board members, and what if any debt has been written off?
Also interested as to how long this took to bring about and what proportion of the quiet spell was taken up sorting all this out vs looking at takeovers?
Sure the investment generated from the training ground stuff hasn't now happened, but the club has retained that asset/value, and gained the monies which were around double that amount? This has to be positive on paper at least, and has allowed us to retain a squad capable of challenging for promotion.
This.
There was always 1 unnamed director "holding up a takeover" - I guess we can work that out now.
As for new investment - I'm not sure there actually is any, just a rehash of the numbers over the training ground.
Might as well wait for the Henry Irving report from his phone-buddy Peter Varney for the fuller pcture.
That will be a long wait If you are expecting PV to ring me : - )
Not sure who this "1 unnamed director who was holding up the takeover" is or that the so called "big egos" have been cleared out. All the major players are still there.
I suppose it was his taste in shoes that swung it.
Don't think that is public yet and in any case all the ex-supporters' Directors got it. No big deal.
Thanks guys.
I think a takeover is still on the horizon though, but I'm assuming that the bids were insufficient and didn't deal with the director debt, so they have effectively taken the club off the market until investment conditions improve and/or we are back in the CCC by when the club will we worth more money. In the meantime things are going to be stable and I presume that this means that some money may be found to strengthen the squad in January to help push us towards promotion.
Here here Seth.
Particularly worthy of additional prominence are Roger Alwen, Martin Simons and Michael Stevens, all have played crucial financing roles somewhere down the line.
Martin Simons, even?
Or Martin Simons perhaps? :-)
"The action we have taken today has brought much needed stability to the football club, and has allowed us time to attract the level of investment we all believe is necessary to bring future success to our great football club.”
Seems that the board were perhaps not convinced about the type of prospective buyers Charlton were attracting ? They always said that they would only sell to the right people and here is possible evidence of their integrity. Zabeel were deemed fit but the latest crop of wannabees might have fallen short. In any case the board have imho done the right thing.
has he changed his name on there?