uck on it, the club shuts. I think that's a fair assumption. Who else is putting money in ? Other than the fans and sponsors ? That being so, does anyone know or can anyone from the club enlighten the paying cistomers as to what they are doing to attract new investment/cash OTHER THAN 'cutting cloth'. To ensure that BFC does need to rely on the generous donations from Mr Cryne ?
Answer... No-one. Made a post earlier suggesting a share issue or a call to other people to comeon board. Have we gone back to the Dennis Style closed shop?
I think someone needs to level with us. For a start, why is it taking so long to get the club on an even keel financially? Given that Cryne bought the assets (in collaboration with BMBC) rather than loaned money to the club, and that by going into administration the original company's creditors were paid, what is the long term debt? My guess is that Cryne is having to loan the club money to clear unexpected debts accrued by the previous regime and to deal with Mr Ridsdale's overspend. In terms of the day to day trading position, the gate and other commercial revenue is about as good as it can reasonably be expected to get. As far as outgoings are concerned, I am led to believe we now have player contracts more or less in line with 3rd Division expectations, but perhaps the club has still not cleared the residual financial commitments for players who have already left? The reason why I am pretty sure there will not be a share issue is that this would have to involve the assets currently held by Mr Cryne and BMBC, rather than the football club, which has no assets. A share issue would not raise funds for the club unless Mr Cryne and/or BMBC agreed to gift the proceeds from the share issue to the club. For all we know, a share issue may well be prohibited under the company's Articles of Association, or there may be legal reasons why BMBC would not be allowed to do so. As for Mr Cryne, at least he has his 50% share of the assets to show for all the money he has ploughed in, and it is understandable that he would want to keep them. So, it seems to me that we are basically back in the same position as we were before the original club went into administration. By this I mean that the club cannot raise revenue through new investment (unless it can find someone willing to put money in without having an appropriate share of the assets which, I understand, is the main reason why Cryne fell out with John Dennis), or we unearth a gem from the Academy who we can sell for several millions. The more things change, the more they stay the same.
As you say, clarity and a true picture of the current situation please BFC. Surely when the deal was established twixt Cryne/BMBC/BFC there was a plan for moving forward ? Other than cutting costs ?
A share issue aimed at supporters... who would only want to be part of the club and its future success would be best. You are correct in saying that the football club has no assests..following Cryne's rescue a company was formed, the name of which escapes me now that holds the Oakwell land and buildings as assets.Mr Shepherd is a director of this company based on information I have seen. The football club is a seperate company and therefore, I would think would be able to do what it likes where possible...
