Well, that was pretty much the same as most years recently.
I'd estimate around 50 - 60 shareholders present (not counting the board) with only Rock Spectacle pipping me for youngest person there.
All the resolutions were passed unopposed so David White is on the board officially (congrats to him) as are Peter Varney and Richard Hatter.
Richard Murray (RM), Stuart Butler-Gallie, (SBG) David Summers and David White were all on the top table along with Steve Waggott, Steve Kavanagh and the external accountant from Nunn-Hayward.
Peter Varney was there but didn't join the top table even after being voted, officially, on to the board.
Derek Chappell, Bob Whitehand, David Hughes and Richard Hatter weren't in attendance.
RM did nearly all the talking
First question up (from Richard Redden) was about the lack of a reserve team holding back youth development. RM said we couldn't afford to play a reserve team in a reserve league ("if anyone would like to sponsor the reserve team") and that Parkinson (PP) realised this and accepted this even if he (PP) would prefer to have a team in a reserve league. RM said options were a reserve team or a player. RM disagreed that the lack of a reserve side was hindering youth development and pointed to the number of young home grown players in the squad. Said that if we didn't go up the Academy, which costs £1m pa would have to be looked at.
In response to another question RM said that the club was running at a loss. Asked how other, smaller, clubs such as Crewe, survived RM said that most if not all clubs outside the Prem ran at a loss and were subsidised by local businessmen who were fans EG Millwall lost £6m last year on a smaller turnover and wage bill. Other clubs have much smaller fixed costs as well according to RM. EG to get our safety certificate we are still required to have the same minimum number of stewards as when in the Prem. Rates are high (£300k) and have risen by 85% (not sure but think this was 85% on top of £300k) which the club is disputing. SK explained that rating values are done in arrears ie the 2007 rate was set in 2009 and despite assurances no consideration was given to us no longer being a Prem club.
We also have a higher wage bill of around £6.5m compared to £3m at Brighton or Millwall and £4.5m at Norwich. Leeds pay more than us. Preston lost £9m last year and RM believed that Irvine was sacked over a dispute over selling players.
Our player budget was meant to be closer to £5.5m but the board had expected to off load Moo2 and Mcleod but then hadn't been able to. Moo2 is the highest paid player on £8k pw. Motherwell are paying only a quarter of that. RM hopes that a Rantic or Celgers, who are the only one's likely to be able to afford him, make a bid as it looks like Motherwell will send him back. RM said he gets letters about "why don't you play Moo2, he's a great player" but says if he's so great why does no one want him.
More later
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Comments
"Said that if we didn't go up the Academy, which costs £1m pa would have to be looked at"
Very sad if this happened.
Presumably because he's on £8k a week.
Really shows that we must get promoted this season, otherwise there's no way we'll be able to keep all of those players. I guess it explains why the likes of Sam aren't yet discussing new contracts.
The wage bill - do you know if that's only players, or staff as well?
Just had a look at what I've got Moutaouakil down as being on in FM - £8k a week with Motherwell paying £2k. That was a complete estimate, are you sure Murray hasn't just taken the figures from FM? ;-) I've got our total wage bill as £5.5m a year, though with Yassin it would be almost £6m.
He expected wages in the Football league to actually fall, not even stand still. RM felt that CAFC could break even in the CCC with a £6m player budget and by selling players. In league one we could run on a £3.5m (pretty much what other clubs pay) and lose £1 - 2m pa
When asked why no contingencies were made for relegation RM said that many players had relegation clauses but no one had double relegation clauses. Also that you couldn't sign people such as Danny Murphy (as an example) who had been playing in the Champions league with relegation clauses. RM said that if we went up to the Prem again we wouldn't spend big, wouldn't sign players to long contracts and budget to be relegated again. He said he knew he'd get abused for that but felt it was the right thing to do.
RM said that a number of younger players such as Wagstaff and Elliot had re-negotiated prem contracts that gave them a low basic but high appearance money and he praised them for being realistic and for wanting to play (which they wouldn't have done if it was going to cost the Club £000's for every game).
RM said when asked about discipline of players that both Sodje and Burton have been given the maximum fines possible and that money would pay for a loan (laughter). RM added that 14 sending offs is maybe why Sodje is a free transfer on £3k PW rather than playing in the Prem or CCC. On Burton he said he was disappointed as up to then he thought DB had been a model professional.
RM said agents in this division are far more reasonable and affordable. Already had players asking for extensions on deals that expire this summer at lower wages as they do can see that a long term deal in the current climate will be a good thing whereas in the past a contract ending was a chance for a bumper pay rise.
Interesting ... I like the sound of that.
RM stressed that putting the money in meant that we were no longer a "distressed seller".
RM said that current debt was £22m.
Asked if the debt and liabilities were a hindrance to selling the club RM and SBG said emphasised that they were not and that "asking too much hasn't stopped any purchase (of the club)". RM said that the directors loans were really like equity and any buyer would say how much they thought they were worth ie they might say 50p in the £1. RM said he had mentally written off the value of his shares and politely suggested that we (the small shareholders) did the same which drew some laughter.
SBG pointed out that is it a "buyers market" for football clubs. RM said that, when finally asked about a take over (this wasn't asked until long after the reserve team, red card etc had been asked) that we are open to investment either minority or takeover. We are talking all the time informally but not to read too much into that. RM said that "the two davids know that we are available but we are not first choice." Surprisingly little questioning on this topic but RM said that Peter Varney role was mainly, but not only, to bring in external investment for which he was well suited due to his in depth knowledge of the club and his independence ie that like SBG he wasnt a major shareholder.
RM said that there are many clubs for sale but few deals have been done since Southampton. SK pointed out that Portsmouth had been sold since then 3 times to laughter. RM said he was glad that he wasn't selling a non-London club as it was hard enough when you are. The Valley was an asset in that while it cost £37m to build it would perhaps cost twice that much now given higher steel costs and this was a big advantage over other clubs.
Pardew got a pay off which was less that the total he might have been entitled to and it has been paid to him monthly with the last payment next month.
Dowie still feels that he is owed more so "there is a dispute".
Lisbie could be going back to Ipswich as Col U are only paying a fraction of his wages. ITFC want them to pay it all but Col U won't.
Norwich are similar to us financially and need to go up.
Asked if we risked losing Sam for nothing RM agreed but said that we were aware of that and would be talking to him while PP likes the way he is playing without a contract. He's a London boy unlikely to want to move north and no, newcastle haven't been in touch. RM said that he has spoken with Sam and feels that if we go up we can compete with most if not all the other teams likely to want him.
Ideally PP would like Mooney, a left midfielder and a defender but RM stressed that that is what the manager wants not necessarily what the club can afford. RM stressed that they are being "creative" so players may be swapped ie a French midfielder for a left sided player.
Meeting ended then after about 50 minutes.
I wonder who?
Surprised our wage bill is £2m higher than Naarwich
Sam Sodje and before the Swindon game.
No surprise that we are still paying for Moo2 (mostly). Could the same be true of Christensen?
london waiting
ty henry
Now that integroup are about to make a £100 mill pound bid for West Ham, that surely rules out Gold and Sullivan for West Ham. Do they go for Pompey on a cheap deal or go for palace or us? At least with us you know what you are dealing with financially.
Worryling thought it is busimensmen that is financially keeping football clubs afloat (just). As a football fan it is horrible that no club can run on its own without business investment. We need a Minsiter for Football otherwise in a 10 hundred years time there will be about 32 cliubs left if that !!!!
Randomly like Racon for Puncheon ? :-)
Wild speculation there I think ; - )
Plymouth were originally keen on Racon weren't they...... I wonder
Could be anyone
Does he play for Plymouth as well as Noone ?
Any one / No one, this speculation is all getting too much
Could be Victor Moses : - )
If Argyle play the 'Bouazza card' ......... then hypothetically Racon would be signing for Argyle.
Argyle then recall Puncheon from MKD and tell him to get his arse over to Charlton.
After an AGM, all the financial issues and worries and the main point of discussion is a hypothetical transfer that was a throw away remark at the end of the meeting.
Only at Charlton : - 0
Steve Waggott was there, I wonder if he uttered any words at all, or explained what work he actually does. Were any questions asked regarding paying any third division chief executive (lets pick a figure out of thin air) say, nearly £4000 per week?
Did Richard Murray talk at all about non-player wages, or simply the likes of MooToo and Sodje?
We have a higher wage bill than most clubs in the Third Division (£6.5m) because there are still a few players on Prem/CCC contracts. That's the major difference.
You can't just dump players in contract without cost. If you did, invariably you'd have to pay up their existing contract with a lump sum in full. If you did that, you lose the benefit of having that player, and you can't spread the cost over the period remaining of the contract.
Moo2 was cited as being the highest paid player at £8k a week ..... and all the while he has a contract at Charlton, he'll not want to earn less elsewhere - which is why we can't get rid. Motherwell pay £2k of that at present - so £6k each week of the club's funds go down the Swanee.
McLeod's not far behind and Nicky Bailey must be doing okay because he's a Pardew signing.
Sam had a 5-year Prem contract signed under Dowie, so that'll be costing us too.
But most players more recently signed are much lower, eg the hint from RM that Sam Sodje is on £3k pw.
In fact, RM said that if we didn't get promotion this year, he'll expect in future the club to run on a £3.5m wage budget - which is around the average of most League One clubs.
Anyway, funds have been put in by directors to cover this and other financial contingencies - for this year.
I agree about frightening. If we don't go up, and that is a more than possible, we have to make yet more radical cuts.
We may well be then living within our means but with a far smaller and weaker playing squad. As seen with Forest, Leeds and Sheff Wed you can get stuck in this division for a while.
If we do go up while it will not be all sunlight and roses it sounds like we can break even and compete in the way we did in the mid-90s but still selling a Bowyer every so often.
Thanks for the offer but you're not my type Steve ; - )
More like a Bailey.
Or a Semedo.
Maybe even wonderkid Omo Suzuki ..... if we sign him first.
Incidentally doesn't his loan thingy run out after the 28 Decembre?