Surely no one in their right mind would put money into an organisation that had so much debt. There is no way anyone would want to inherit that liability to West Yorks Windows for starters. Also which investor in their right mind
would want Jimmy as a 5% stakeholder.

The only way to attract investment would be a totally restructuring I would have thought and not knowing that much
about accounting the only way to do that would be to clear the decks with a pre pack.

No one invests for money return
You invest because you love the club, or want to give something back to the community, or most likely it is equivilant to your marketing/advertising budget and you get on Sky and in press, etc etc

People who have the money to throw away are few and far between. The main reason is that they don't usually get their money by being foolish and sentimental.

Any money being put into WTW right now would be nothing more than buying someones elses financial problems.
The decks need clearing, you need a straight edge financially and only then would someone consider stepping in I would have thought.

New investment after a Pre-pack Administration might be the key ?

And start a relegation season with a points deduction? That would be madness.

All that is needed is someone who doesn't mind giving away half a million. But that's the hard part.

How are those book sales cominmg along?

I hope you're right Bren. I know there were a couple showing an interest but neither of the names mentioned to me have the cash to back the club to the degree that some on here would like.
More a Glover than a Koucash if you like!

Pre pack should have been done this season so we took the hit now points wise.

Investment in a sports club rarely delivers a return; perhaps I should have used a different word.

From what I gather, there could be commercial opportunities that have been made possible by the restructure at the top of the business i.e cash coming in that wouldn't come in before, for one reason or another.

We all want to be fans of a thriving club, but without investment its always going to be a up hill struggle. The club need to make cut backs, in staff, match day entertainment , and match day security. Does the shop generate cash and can the lease agreement be shelved.
Im not sure the fans can provide much more, they turn up in greater numbers than they have for years, they buy the latest shirts etc etc, they buy drinks from the in house catering huts and rent out boxes.
The best policy from the club will be honesty and plan for the new season now. I believe we sold about 5,000 season tickets, our gates are about 8000 so 3000 are or should be paying £22 quid each home game. Have I got that right or am I totally off the scale.
Review the expenditure from all angles and make the cut backs now

If its done now a points deduction would be for this season.

I agree with this but the key to what you are saying is in the first line. Make no bones about it we will never achieve more than mediocrity in SL (IF we're lucky to stay there) or as a club at all without massive investment. We should scour the world to find an oil gezer or likewise to come save our great club. It would be a drop in the ocean to one of those guys.
Sadly, good intentions, hard work and sincerity are not enough to give success and stability.

I don't thinkw e know enough to say Admin is the way forward.
I'm sure WYW will be one of our big creditors so not paying them is no different to going in to Admin and not paying them with some other people

I think at this stage Admin would be bad for us. Working hard and getting out of the poo is the thing to do now.

Also, as I read it, Carter hasn't said how much debt we are in. He has said how much under capitalised to run the club we are. That's not the same as not paying the bills tomorrow.

I'd take 2 more glovers in a heartbeat please.

The part that really hurts is that to an outsider,not knowing the financial situation,we would have appeared to be a club on the up.
Superb crowds which reflects the rekindling of dormant interest in the city.
People are saying get rid of the shop ,but its presence advertises the club.
As Clan pointed out we at last seem on track re. young player development which allied to the innovative scholarship scheme is great progress.
Its not that long ago that the Sky crew were holding us up as a good example to follow.
I feel really depressed that we are in such a mess again.
Its hard to comprehend that there must have been such dire mismanagement and that a successful businessman has apparently not been sufficiently involved in the direction the club were going.
I was not expecting suddenly to be at the top,but at least be in there competing and steadily progressing.

I think that people are seeing the 400k, misunderstanding the phrase 'under-capitalised' and turning it into something they do understand - a £400k debt. As far as I can see, that isn't the case.

The club is now being run by an accountant; that's probably the best thing for us at the present time - hopefully he'll bring some financial discipline to bear and ensure that the organisation cuts its cloth accordingly; he's already shown that he has the guts to make tough decisions and for mine, that should continue.

If WTW starts to wash its own face and sheds the reputation for winging it, perhaps the business community will feel a bit more confident about getting involved.

Where have you heard that there is to be a press conference?
What time is it supposed to be?

I thought Agar said in his post-match interview that MC would be speaking to the press today; I also saw a Tweet from the WE saying that they were speaking to him today. Sounds like a press conference to me!

Midday is what I thought I'd heard??

Ok, cheers

That was my interpretation from Michael Carter's statement and I was relatively optimistic when reading the text. However, after reading the post match comments from RA and his slant on the situation. He alludes to a cashflow problem as he states that Tim Smith was sold to pay player wages. I don't know whether this is in the immediate future ie this month's wages or further down the line in the off season when we don't have as much income coming in (hence the need to buy season tickets now). The player's reaction as outlined by RA implies to me more of an immediate 'problem', but perhaps I'm (hopefully) wrong.

Apparently Radio Leeds said prior to yesterday's game that MC would be holding a press conference today, but they did not know the time.

On another note, has anyone seen a photograph of MC, either on the official website or in the general media?
Or is he really Daddycool?

I've spoken to him in person - he's a tall chap who is always suited and booted; drives a rather impressive vehicle and certainly does not have a massive furry head and fake sunglasses. I'm unaware of his ability to somersaults or his prowess in racing mascots over the length of a rugby field.

I'd laugh my t its off if he gave his press conference in a daddy cool suit!

under capitalisation from my understanding (not knowing the full details i grant you but being a chartered accountant) basically means that in order for the business to continue is current capacity will need to find £400k.

Looking at the cost base of the business that suggests that the business cannot afford to pay all the staff salaries that it is currently contracted to do so - i.e. it can’t afford all the players’ salaries that it is contracted to over the off season.

That logic would make the sale of Smith more reasonable. You reduce the financial burden by reducing your future spend but at the same time get extra funds to cover the existing burden.

It does not suggest that it has £400k of debt looming which it cant pay and therefore will default on this but the directors have looked ahead and said we need to find £x to carry on with the same level of expense that we have now.