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Badly run - on and off the pitch?

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moosey_club
January 7, 2018, 7:40pm
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Quoted from MuddyWaters


I think you're mainly correct Ginny but would love to see the boardroom occupied by some vibrant characters rather than Stadler & Waldorf's boring cousins. They've only invested small amounts yet seem to be enjoying all the trappings of directorship while the fans pick up the tab.


what are they exactly ?


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moosey_club
January 7, 2018, 7:44pm
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Quoted from headingly_mariner


Surely a fan owned town would see a good number of season tickets being bought and some crowdfunding done at the start of the season. We would have less room to change managers and players as often, which might be a blessing.
At the minute the board don't put anything in above and beyond the money that comes in.


so we are just left with buying another 20-30% of the shares to gain overall control, paying off JF's loans , assuming he wont just write them off, and then finding a business model and organisational structure  to run the club professionally which also accommodates the many fans views/ opinions.



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headingly_mariner
January 7, 2018, 7:48pm

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Quoted from moosey_club


so we are just left with buying another 20-30% of the shares to gain overall control, paying off JF's loans , assuming he wont just write them off, and then finding a business model and organisational structure  to run the club professionally which also accommodates the many fans views/ opinions.



Absolutely. I don't think the fans will take over until something catastrophic happens. I think fan ownership would rely on Fenty walking away and writing his loans off. I don't think for one minute the fans should buy him out.
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Gaffer58
January 7, 2018, 8:01pm
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So for £30k each year, may go up in line with season ticket price rise in future years, the trust get a place on the board and allowed to run a bar or bars. Do the trust get to keep any profit made?
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HertsGTFC
January 7, 2018, 8:22pm

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What I don't get is this..........

I work for a privately owned company, not a PLC every so often I attend a board meeting where we have 5 directors and a chairman. I'm involved in a number of business's within the group who have separate boards and some of them have 6 directors and a chairman. We operate a one man one vote system constitution in line with corporate governance rules where often the chair can have a casting vote. No director has more than 50% .

So re the board of GTFC.........

- If we don't have a chairman are we actually operating within the bounders of corporate law?

- If we are a PLC which we are detailed as at companies house should we not have non exec directors?

- In real terms are we even a PLC as I don't think I can call my broker and buy shares.

This all seems like a boys club to me.
  


"Crombie you would have got to that if you weren't such a fat ba%$@rd" - George Kerr, inspiration from the dug out 70s style  
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moosey_club
January 7, 2018, 8:44pm
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Quoted from Gaffer58
So for £30k each year, may go up in line with season ticket price rise in future years, the trust get a place on the board and allowed to run a bar or bars. Do the trust get to keep any profit made?


After the initial 30k i believe the trust can do as it chooses with its money.  


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paulgtfc
January 7, 2018, 10:21pm
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Quoted from HertsGTFC
What I don't get is this..........

I work for a privately owned company, not a PLC every so often I attend a board meeting where we have 5 directors and a chairman. I'm involved in a number of business's within the group who have separate boards and some of them have 6 directors and a chairman. We operate a one man one vote system constitution in line with corporate governance rules where often the chair can have a casting vote. No director has more than 50% .

So re the board of GTFC.........

- If we don't have a chairman are we actually operating within the bounders of corporate law?

- If we are a PLC which we are detailed as at companies house should we not have non exec directors?

- In real terms are we even a PLC as I don't think I can call my broker and buy shares.

This all seems like a boys club to me.
  


I'm not an expert in company law but have some knowledge through my job.  My thoughts:

A chairman is presumably appointed at each meeting as we don't have a nominated one.  Certainly a private company need not appoint a chairman; maybe there are similar rules for PLCs that do not trade their shares on recognised exchanges,
I'm not aware that a plc has to have non-exec directors.  Maybe the FTSE listed companies must have these.
A PLC does not have to trade its shares on the Stock Exchange, AIM / other exchanges - there are further requirements if a company wishes to trade its shares on these exchanges.
The Trust shareholding and the shares held by non-directors prevent our club being an old boys club.  And any shareholder has a right to speak at the AGM.  (I'm playing devil's advocate here - aside from the Trust rep on the board, it is effectively an old boys club)
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davmariner
January 8, 2018, 12:33am
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To be fair, re. the £200k I think it was explained at the fan’s forum that JF lent the club an extra £200k to cover the associated costs of getting to playoffs and the final. I’m fairly sure that the £200k he took out was just a repayment of that extra loan.


Up The Mariners!
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ginnywings
January 8, 2018, 12:51am

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Quoted from davmariner
To be fair, re. the £200k I think it was explained at the fan’s forum that JF lent the club an extra £200k to cover the associated costs of getting to playoffs and the final. I’m fairly sure that the £200k he took out was just a repayment of that extra loan.


That was my understanding too but it makes better reading to say he took it and bought an Aston Martin.  
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HertsGTFC
January 8, 2018, 7:24am

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Quoted from paulgtfc


I'm not an expert in company law but have some knowledge through my job.  My thoughts:

A chairman is presumably appointed at each meeting as we don't have a nominated one.  Certainly a private company need not appoint a chairman; maybe there are similar rules for PLCs that do not trade their shares on recognised exchanges,
I'm not aware that a plc has to have non-exec directors.  Maybe the FTSE listed companies must have these.
A PLC does not have to trade its shares on the Stock Exchange, AIM / other exchanges - there are further requirements if a company wishes to trade its shares on these exchanges.
The Trust shareholding and the shares held by non-directors prevent our club being an old boys club.  And any shareholder has a right to speak at the AGM.  (I'm playing devil's advocate here - aside from the Trust rep on the board, it is effectively an old boys club)


Ta!


"Crombie you would have got to that if you weren't such a fat ba%$@rd" - George Kerr, inspiration from the dug out 70s style  
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