Statement from the club

TFDM · Post by **TFDM** » Mon Mar 04, 2013 5:00 pm

http://www.darlington1883.co.uk/?p=3487

quakersam · Post by **quakersam** » Mon Mar 04, 2013 5:04 pm

A combination of inadequate financial awareness, a shortfall in revenues and an overspend on playing costs have also contributed to the cash demand

Dear me, when will we learn

Bogratsteve · Post by **Bogratsteve** » Mon Mar 04, 2013 5:07 pm

That's what we wanted to hear, now can someone translate into simpleton terms lol

Can someone else confirm that it reads we were having a cash flow issue BUT funds have been provided to cover this already or do we need to raise £50K? my brain has had a hard day and has given up.

quakersam · Post by **quakersam** » Mon Mar 04, 2013 5:10 pm

Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??

Darlington Football CIC has also announced that an immediate short-term cash requirement, identified within Darlington 1883 in excess of £50,000, is being provided on terms imposed by the CIC on the football club and as a result of funds offered by various supporter groups and individuals.

Spyman · Post by **Spyman** » Mon Mar 04, 2013 5:12 pm

I'm pleased they've tried to put a positive spin on all of this, but the quote that Sam picks out alarms me.

How can we have a shortfall in revenues when we apparently budgeted for gates of 800? We've consistantly had 50% over this.

Secondly, it just doesn't sit right with me that the CIC has this board of appointed people who nobody seems to know much about and seemingly have very few links with the club.

Finally, I've recently moved - who do I contact about changing my address for my certificate to be mailed to?

satchboy69 · Post by **satchboy69** » Mon Mar 04, 2013 5:13 pm

Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??

Glad I'm not the only one, but that's how it reads from me as well.

If so, I'd like to know more about the 50k - the statement says it has been 'provided', but in what capacity ? Loan, or donations ?

Spyman · Post by **Spyman** » Mon Mar 04, 2013 5:14 pm

quakersam wrote:Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??

Darlington Football CIC has also announced that an immediate short-term cash requirement, identified within Darlington 1883 in excess of £50,000, is being provided on terms imposed by the CIC on the football club and as a result of funds offered by various supporter groups and individuals.

And what are these terms imposed by the CIC, I wonder?

quakersam · Post by **quakersam** » Mon Mar 04, 2013 5:15 pm

satchboy69 wrote:
Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??
Glad I'm not the only one, but that's how it reads from me as well.

If so, I'd like to know more about the 50k - the statement says it has been 'provided', but in what capacity ? Loan, or donations ?

I think donations "funds offered by various supporter groups and individuals". I wonder if this is part of the money that we funded during the summer as well as the Trust, Uncovered + Supporters Club ??

divas · Post by **divas** » Mon Mar 04, 2013 5:16 pm

The shortfall has been covered - Trust, SC and individuals have put money in. At this point in time I'm not sure whether they are gifts or loans.

There has been revenue shortfall to budget in other areas rather than gate receipts, but I believe the biggest issue has been the amount of debt carried over plus business start up costs/legal advice.

Obviously exact numbers are financially sensitive but might have been nice to at least know what % of debt has been repaid.

Bogratsteve · Post by **Bogratsteve** » Mon Mar 04, 2013 5:18 pm

divas wrote:The shortfall has been covered - Trust, SC and individuals have put money in. At this point in time I'm not sure whether they are gifts or loans.

Thanks for clearing that up Divas, so happy days are here with no worries and just push for promotion then...............

gabbas · Post by **gabbas** » Mon Mar 04, 2013 5:20 pm

We should never really of had a shortfall and hope wherever this came from is highlighted and managed from here, last thing we need is this scenaeio in 12 months time.

ted_do · Post by **ted_do** » Mon Mar 04, 2013 5:21 pm

Great news that the CIC is now in charge. But for 1883 to need a cash bail out of over 50k in only 12 months running the club is a sorry state of affairs,

what were they thinking of running into financial difficulties so soon after "the rescue" I don't know but we move on.

notgnilrad · Post by **notgnilrad** » Mon Mar 04, 2013 5:22 pm

Sounds positive really, and I remember due to having larger attendances someone on the board had said they have upped the playing budget (maybe someone else can clarify that as well), looked like they had to take over now rather then later as the debts and costs were running out of control.
Seems like everything is ok now though and hopefully we can march on together as one voice.

There is one question though, who put this board together or is it an interim board till the fans have their vote??

I suppose we will have to wait on and see.

Spyman · Post by **Spyman** » Mon Mar 04, 2013 5:26 pm

notgnilrad wrote:Sounds positive really, and I remember due to having larger attendances someone on the board had said they have upped the playing budget (maybe someone else can clarify that as well), looked like they had to take over now rather then later as the debts and costs were running out of control.
Seems like everything is ok now though and hopefully we can march on together as one voice.

There is one question though, who put this board together or is it an interim board till the fans have their vote??

I suppose we will have to wait on and see.

I'm sure someone said that there's been a change of plan re: the CIC board and they would now be employed/selected based on a skill-set, rather than elected.

My question would be who has selected them, and why wasn't the application process an open one?

quakersam · Post by **quakersam** » Mon Mar 04, 2013 5:26 pm

With a fans forum due very soon, I'm sure these questions will be answered and the next plan of action will be sorted

DarloBear · Post by **DarloBear** » Mon Mar 04, 2013 5:26 pm

How can the CIC have a board in place without an AGM - they seem to have secured that one nicely for themselves? What if the CIC shareholders don't want this group of people, will their assistance and access to additional funding go as well? Currently looking like the CIC is fans owned but certainly not fan controlled.

Some positive news but still questions out there.

BlackandwhiteBOB · Post by **BlackandwhiteBOB** » Mon Mar 04, 2013 5:29 pm

Sounds to me like we have tried to run before we can walk. Glad it seems to be in hand though which means we can concentrate on the next match.

PierremontQuaker03 · Post by **PierremontQuaker03** » Mon Mar 04, 2013 5:34 pm

quakersam wrote:
A combination of inadequate financial awareness, a shortfall in revenues and an overspend on playing costs have also contributed to the cash demand
Dear me, when will we learn

Don't we have an FD on the board? Any business needs a strong FD with the ability to say "NO" to the board and "NO" to Martin Gray when he wants funds, negotiating with players.
I'm sorry as a CIC member this isn't acceptable, we need to be ran within our means, if it means the players play for 50 quid a game then so be it, we cant run the club on projected revenues which may or may not happen, I don't like the sound of where we are at and how we have got to this state again.

Mikedfc · Post by **Mikedfc** » Mon Mar 04, 2013 5:40 pm

Basically we have been financially mis-managed and the CIC money has been used to cover this up with a positive spin. The money paid to Shildon, upping the playing budget, buying the extra seats that no-one sits in, paying off more debt has left. Something still not right here.

Fibonacci0112358 · Post by **Fibonacci0112358** » Mon Mar 04, 2013 5:41 pm

Spyman wrote:
quakersam wrote:Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??

Darlington Football CIC has also announced that an immediate short-term cash requirement, identified within Darlington 1883 in excess of £50,000, is being provided on terms imposed by the CIC on the football club and as a result of funds offered by various supporter groups and individuals.
And what are these terms imposed by the CIC, I wonder?

I'm guessing at resignations?

Fibonacci0112358 · Post by **Fibonacci0112358** » Mon Mar 04, 2013 5:43 pm

Spyman wrote:
notgnilrad wrote:Sounds positive really, and I remember due to having larger attendances someone on the board had said they have upped the playing budget (maybe someone else can clarify that as well), looked like they had to take over now rather then later as the debts and costs were running out of control.
Seems like everything is ok now though and hopefully we can march on together as one voice.

There is one question though, who put this board together or is it an interim board till the fans have their vote??

I suppose we will have to wait on and see.
I'm sure someone said that there's been a change of plan re: the CIC board and they would now be employed/selected based on a skill-set, rather than elected.

My question would be who has selected them, and why wasn't the application process an open one?

It's the club board that will be appointed. the CIC board will be elected by its members.

Bogratsteve · Post by **Bogratsteve** » Mon Mar 04, 2013 5:50 pm

OK I have no issue with the 4 on the CIC board, they appear to have credentials and previous history, its the number on the board I think is to small and also should the CIC board not have fan representatives on board?

I'm a School governor, we have parent govs, govs from the Local education/authority, govs from civil groups, teachers etc totaling around a dozen or more who decide policies, funding, staffing etc OK the school is more a bit larger and bigger financially than DFC but I still think 4 is a very small number to start making majority shareholding decisions

Mikedfc · Post by **Mikedfc** » Mon Mar 04, 2013 5:51 pm

Fibonacci0112358 wrote:
Spyman wrote:
quakersam wrote:Same with me Steve, it's not totally clear but from what I can make out, the funds have been made available from the CIC??

Darlington Football CIC has also announced that an immediate short-term cash requirement, identified within Darlington 1883 in excess of £50,000, is being provided on terms imposed by the CIC on the football club and as a result of funds offered by various supporter groups and individuals.
And what are these terms imposed by the CIC, I wonder?

I'm guessing at resignations?

Exactly due to financial mis-management the CIC has had to step in basically to bail us out the s***

Bogratsteve · Post by **Bogratsteve** » Mon Mar 04, 2013 5:55 pm

And whats the problem with that Mike? It has been done in time, no upset or disbanding of the squad, were 24 points clear and the new directors of CIC have started early and stabilized the problem, looks pretty good to me.

In the past this would have not been done and we would be approaching admin again

ted_do · Post by **ted_do** » Mon Mar 04, 2013 5:58 pm

Phew...Thank god the supporters club, trust and CIC were there with a few quid in the coffers,

Darlofan97 · Post by **Darlofan97** » Mon Mar 04, 2013 6:00 pm

Bogratsteve wrote:And whats the problem with that Mike? It has been done in time, no upset or disbanding of the squad, were 24 points clear and the new directors of CIC have started early and stabilized the problem, looks pretty good to me.

In the past this would have not been done and we would be approaching admin again

Exactly. We shouldn't have paid off more debt than what we needed too but, we all make mistakes. It seems that the costs that have crippled us are one-off costs, like solicitor fees, Shildon and paying Craig McKenna, that were incurred setting up the new company.

super_les_mcjannet · Post by **super_les_mcjannet** » Mon Mar 04, 2013 6:03 pm

Let's hope this brings in a new era of transparency.

Hope this is all sorted quickly and we don't lose our concentration on trying to win this league.

This has been a very enjoyable season and I don't want this to sour the way we finish and have regrets in the summer.

Mikedfc · Post by **Mikedfc** » Mon Mar 04, 2013 6:03 pm

I get your point Steve that it has to happen, but why couldn't this wait till the end of the season. All of a sudden Denis resigns, 3 days to get a statement from the club. Cash flow problem. I just feel we shouldn't be in this financial position and were lucky the CIC money is there.

Still a rabbit off for me but onwards and upwards. Hopefully it can get sorted out ASAP and not drag on so we can concentrate on winning the league and promotion.

Mr_Tibbs · Post by **Mr_Tibbs** » Mon Mar 04, 2013 6:07 pm

Isn't a large part of this shortfall due to the £50k one-off legal costs which we were all told about a couple of weeks ago? Might be wrong, but everyone seemed quite happy with that at the time - at least, this forum never went into meltdown about it.

Anyway - there's a shareholders meeting and a fans forum mentioned so everyone will have a chance to pop along and ask their questions there, not here.

Markodarlo · Post by **Markodarlo** » Mon Mar 04, 2013 6:14 pm

Spyman wrote:
notgnilrad wrote:Sounds positive really, and I remember due to having larger attendances someone on the board had said they have upped the playing budget (maybe someone else can clarify that as well), looked like they had to take over now rather then later as the debts and costs were running out of control.
Seems like everything is ok now though and hopefully we can march on together as one voice.

There is one question though, who put this board together or is it an interim board till the fans have their vote??

I suppose we will have to wait on and see.
I'm sure someone said that there's been a change of plan re: the CIC board and they would now be employed/selected based on a skill-set, rather than elected.

My question would be who has selected them, and why wasn't the application process an open one?

Absolutely spot on, they say the fans are now in control, but how?

Darlo Uncovered

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