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.

Some very pertinent questions which indeed do need answering. To try and answer as many questions as I can from what I heard last night:

All the money would go into the Club
All the Directors would resign (and become supporters of the Club just like us)
New investors would not inherit the clubs debts on a personal level, the Clum is a Limited liability Company.
I dont think the debts are that great (don't know figures but we were led to believe they were small compared with some clubs - £8m) and I don't think the debt put off investors but more the uncertainty with the franchise.
Administration would remove debts but in my opinion we would not be treated like Crusaders and would more than likely be relegated/fail with the franchise bid.

I believe there will be investors who will invest substantially more than the £1,000 so we will not need 500 @ £1,000 but the more investors the better.

Ted and the Board want out and this gives all those who would like to see him go an opportunity to see a new BOD but it needs people to put their money where their mouths are.

I personally would like the see some form of incentive given to new shareholders to enourage the purchase of shares. Not thought it through yet but say for an investment of £1,000 you be given in addition to your 1000 shares say a season ticket at Newmarket for a period of time so that you feel that you are getting something tangible as well as shares.

So how does Ted and the crew get their money back for the value of their shares ? or do they just say thats it, you can have them for free, Or is the money for the share issue to actually pay Ted off

They don't get their money back, they don't want their money back.

Whatever people feel about Ted he is a supportor of the Club and has been since a kid. All he wants to do is step down and let someone else run the club but until there are new investors there is no one else to run it.

His shares will be put into Trust.

#

Thats generous i suppose, but why issue an exra share holding, surely that will de-value the share holding in its entirety, why not just sell his shares to the investors and give the money to the club, just seems to be a strange way as who would manage the trust shares ? i dont know and tbf its nothing to do with me, but i suppose it will all come out in the wash.

that would make sense to me also, ted gives his shares up, on the proviso that the required amount is raised they ere then redistributed between investors pro rata.

I guess he could but I don't think even at a 75% holding Ted has any where near 500,000 shares.

The aim is to bring new money into the Club and the Trust (Supporters or Community ?) could hold the shares as a stake in the Club and who knows have a representation on the Board.

I guess it will all become clearer shortly.

Whatever you say about Ted thats a generous decision to make after all the money he has put in. So everybody who has a go how the club is run, a £1,000 isnt that much or get some friends together to make it upto a grand and you too can have a go!!


Cant have say I'm worried though...