Date: 13th March 2009 at 1:59pm
Written by:

Thanks to the Stockport County Supporters club for last nights event. Are we fans any happier or just more confused and alarmed?

Here is my take on last night. The meeting was well attended and as you would expect quite boisterous. Mark Maguire (our ex MD) spoke and he believed the only way forward without going into administration is via his consortium. It is believed that the Lord Snape consortium will come in after administration. Not that administration is going to necessarily happen but it does look to be getting closer.

Sadly, and once again from the interested party though, no details were given. How would the business escape Administration? Where is the business plan? Where is the money coming from? How much money? Where will the future revenue come from? etc etc. I think Mark Maguire was sitting next to a council official. Does that mean the council are putting their hopes behind this consortium? And would that mean the Trusts plans for going forward are not being considered as feasible by the council? Once more speculation and uncertainty.

Sean Connolly spoke and was well received. He engendered a certain amount of confidence.

Essentially we learnt;

The are attempts to the get deal with Sale is re-negotiated;

Cheshire Sports paid a bill for us last week

We have debts of a £1million to different creditors.

Club wages of £14,000 we paid out of the pocket of an individual working for the club.

The Trust are considering a limited number (400?) of four year season tickets at c. £1000 each to inject money now into the club. Once more detail is known I will convey.

The talk of administration is getting louder. Plenty of confusion surrounds this subject and the best I can gather is that we lose 10 points if we go into administration. These points will be deducted from this season if we go into administration before March 26th (isn’t that a big date for HMRC payment also?). If we go in to admin later than that date then the 10 points are deducted from next season.

On top of that, Stockport County would have to emerge from administration before the start of the next season otherwise we would get hit with another 15 point penalty on top. Remember as well, administration itself is an expensive process.

Now, that all seems pretty awful stuff but it doesn’t end there.

The business would probably (rich investor notwithstanding) exit administration via a Company Voluntary Arrangement (CVA). Here the business is protected whilst getting back on its feet. A proportion of monies owed may be paid back. This could mean that Cheshire Sports and Brendon Elwood stand to lose a significant amount of money. The talk after the meeting was that this would be the end of County’s arrangement with Cheshire Sports over the use of Edgeley Park. Macc here we come?

Further, this morning I received an email which stated that due to the high proportion of our debts owed to Cheshire Sports then Brian Kennedy could in fact enforce liquidation instead.



Two other after the meeting topics were discussed. I must stress these were topics of conversation and no facts were put to me. The topics were:

a) More debts are emerging. Debts to directors that were owed prior to the Trust taking over. Debts owed on the construction of the Cheadle End. I hope to goodness neither of these stories are true but one or two people have pointed out to me that they believe more debts would emerge out of the woodwork.

b) That in reality the Trust have given up on getting out of this mess on their own and that there is some arrangement with Mark Maguire’s led consortium whereby the Trust retained at lease some influence. The problem with this is it will get up Trust Members noses to think that they will effectively be given a choice between one of the consortia or liquidation!

So all in all I feel uncomfortable that enough information is being given. I still feel there is much more to tell. I also feel that things may be going on behind the scenes that effectively close off other alternatives before the Trust membership get to hear of them let alone vote on them.

As regards administration – this is a dangerous road to go down unless contingencies have already been made. It looks like March 25th or 26th may see some developments but not particularly good ones.

Apologies for the somewhat fragmented and confused nature of the article. Can’t think where that particular illness was caught.

Ol Pop

(As ever please mail me your thoughts and any clarification to this ramble you may think necessary. stockport @ vitalfootball.co.uk )





 

2 Replies to “Fans Forum Feedback”

  • I will make a prediction. The game is up. The Trust is dead and some of those at the top of the Trust have not just given up but are working on what replaces it. The membership will be given no choice. Extinction or plan A. There is no plan B. Plan A may give a token Trust presence but that is it.
    I wonder if anyone can guess which consortium will triumph? I think I have an inkling. I fell absolutely gutted for those on the Trust board and those who served time on the Trust board who believed and worked for a Trust run club. Most of the members will not have a clue about what has gone on and it will pass them by.
    I say again. Option A or extinction. There will be no choice.

  • KC if you mean Mark then you have to consider a) Mark is County through and through and b) he is not stupid and will be bringing others on board who have the best interests of County at heart. You better hope he can get sufficient finance together otherwise you will end up with a club in adminstration, run by people who cant even wipe their own a*se! And I will post in the forum just like you.

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