I feel Jambons last point was 100% correct, so should we not be venting our frustratuion at S/L not the club?

The finances are not great - what's new - but that is not the sole reasoning behind the investors not going through with the deals - the amount required is well below any level which would cause any concern to those 2.

£500k - it's a lot of money to me and you, but to some it is nothing. There is a guy called Allum who has put £40m into Hull City recently - as his gift to the people of Hull! FFS, for that money you could buy the whole of SL!!!!!

Was it stated what %age of the limited company shares would potentially be represented by this £500K share offering? Would it still leave Ted Richardson as majority shareholder even if he stepped down from the board?

He would relinquish his shares - therefore the £500k would in effect control the club.

The two investors pulling out is based on the fact that unless SL is expanded we're odds on favourites to get kicked out, with Cas a close second. Crusaders seem to have a get out of jail free card so although it should be them we're the next in line.

Would you want to invest in a club who'd have the expenses of a SL one but playing in the NL? You might as well wait for it to go into admin then buy the whole club from the administrators with little or no debt and 100% ownership

Apologies for what is possibly a stupid question from an outsider, but what assets does the club have? The club doesn't own Belle Vue, right? You're not going to get someone buying the club to shut it down and take the land? How much of the debt is directors loans?

TRB

Have the club not considered offering various share amounts? Clearly, there will be fans who would be willing to put money in but not at a grand.

I think it is going to be a tough ask to get 500 people at the proposed level, but there maybe more able to pay smaller amounts (4 people paying 250 each is better than none of them contributing)

Its better than that, the RFLs IN HOUSE solicitor Rod Findlay is apparently the one who will assess the applications!

The same Rod Findlay who has just been appolnted Chief Executive of the Crusaders!

I think they have to start at a grand. If you can find 3 others, you can get a cert in joint names.

There may also be some willing to pay more - which would be much better!

There was also a suggestion of splitting the payment over 3 years - would that help?

This is my take on lasts nights meeting and the main points that were raised.

1. First we had an update on Newmarket and the public enquiry by IA and then the shareholders
were addressed how they could help with the new pledge. All the details on this are already on here on the sticky.

2.We were told about the ground situation regarding our licence application and the shareholders were
asked to show their various preferences. Plan B was carried by a massive majority. If none of you can 't work out what it is then hard luck



3. we were then told about the clubs financial shortfall and how the BOD wanted to step down etc ,all this already covered on here.

4. We were also given details of 2 possible takeover parties who both backed out at the 11th hour.

The way I see it is that our main problem is that we don't have enough supporters to give the club the financial platform to perform at the highest level. This subject has been done to death on here for years so lets leave this one for now.

However the other main problem is down to Wood and SL. This franchise system is the main cause of all our problems. There is no doubt the uncertainty is the main reason the 2 investors pulled back. Its the main reason we can't attract the loans or investment to cover our short term cash shortfall. People now refer to SL as a business first and a sport second, but how can any business plan and survive if there is a third party going to make a decision on its future in a couple of months time and you have no control over the outcome. How can any sane person invest in our club and in 5 months time it could technically disappear.
Also investors know that their money will be paying off historic debt. The same investors have just witnessed another club go bankrupt then emerge debt free along with an interest free loan of £700K over ten years. That is a really attractive proposition for any potential investor and they are asking why we can't do the same ? Both these investors approached the SL to get clarification on this and SL would not even talk to them at first. They were eventually told that Wakefield would not be getting the benefits given to the Wrexham club.

Won't spreading the payment over 3 years defeat the objective?

Not when the RFL are the ones making the call. Wakey can kick and scream about Crusaders all they like, it won't make any difference (see Leigh's reaction to the SL licence decision for an example). Wakey should just concentrate on getting their own house sorted, getting a home secured for the next three years and making the best case they can to the RFL later this year. There's no use wasting energy on asking questions about the dealings between expansion clubs and the RFL because you know as well as I do, the decision for expansion club licences was made a long time ago.

I suppose the shortfall could be made up with a loan guaranteed against future instalments.

thanks TRB very informative.
What is the significance of £500k?
Would ALL the money go into the club?
Would ALL the directors leave unconditionally?
Would any new investors inherit any debt and if so how much?
If there is debt is this what may have put off other potential investors?
If we were to go into admin, would that make us debt free (or reduced) would we be still favoured as the crusaders seem to be, and a better investment to investors?
Are the other investors available to "the supporters trust" for discussion?
What do you believe is the likelihood of us raising either the amount of £, or the amount of investors?
Is there a compromise, on either the £valuation or the make up of how/Where the cash comes from?
Will someone, figurehead this process, and keep the masses informed?
Sorry for all the questions, but they will need answering before anyone is daft enough to hand over their cash.
Lots of good answers and im in.

conflict of interests?????????????????

No because as I understand it arrangements will be made to enable you to borrow the £1,000 over 3 years so the club gets the cash up front and you get your 1,000 shares.

So if we raise the 500k and the BOD steps down, who is going to run the club?

like kinlycat says gimme some good answers and i,m in too

A new Board of Directors elected from the new shareholders.

were the investors named?

The clubs sponsor were one.

Were minutes taken and will these be made available to shareholders unable to attend?

and the other?

It may be the case that Rod Findlay was the in-house solicitor at the RFL when the criteria for Super League Licences was finalised.He left the RFL to be chief executive at Gateshead where the club was liquidated and relegated.He then set up a new company and was joint-owner and shareholder from where he has 'butterflied' to Crusaders after his new club finished the season on minus points.( I think the criteria also changed,in the meantime, to accommodate the 'bankruptcy' rule so Crusaders can remain in Super League.)

I was under the impression that Crusaders owed the RFL 700k.( Presumably for Steve Ferres et.al from the RFL to locate new investment when Crusaders/Leighton Samuels needed help when they were at Bridgend and possible for paying wages of 2 coaches no longer at Crusaders,Noble and Sharpe etc.)
If there has now been an agreement for Crusaders to take 10 years to repay the RFL then that would just continue the smoke and mirrors and dog dinners all of this has become.

Good luck.You will all need to be together to be stronger.

I imagine it would be run by a supporters trust or something similar, which may also have the side effect of making the club even less attractive to a potential new owner; who wants to run a business with 500 busybody amateurs sticking their noses in to every decision?

I'd be interested in the investment, but the drip-drip of information on an internet forum, coupled with a deafening silence from the club itself, reeks of the usual amateurish WTW way; hardly an inducement for me, or anyone else, to dust off the old cheque book.