Michael Wilde statement in The Echo

[um pahars]

Typed up so please forgive any fck ups and shortenings (e.g. SLH PLC):

 

 

 

"It is very sad that is has become necessary to suspend the shares in SLH PLC. Although SFC Ltd continues to tarde, we are now living on vorrowed time. Investment is essebtial if it is to survive. Everyone is aware of the the current economic climate and the meltdown in the banking sector, unfortunately this has directly led to our current situation.

 

Our bankers, Barclays bank, significantly cut back our overdraft facility level in October last year, in my view effectively starving the company of working capital and frustrating our budget forecasts.

 

As a result, we needed to rase significant funds during the January window, but to no avail, again as a direct esult of the cash crisis affecting affecting many football clubs. On a personal level, I have worked continually in the background for the last three years to try and secure these much needed funds.

 

There have been many meetings and discussions, but unfortunately no one of sufficient wealth and ambition has so far come forward.

 

Hopefully, with the events of the last 24 hours, any seriously interested buyers will be inclined to show their hand at last and come forward to save this great club.

 

There is no doubt in my mind that this club represents the very best value for money any investor could imagine, with facilities and real potential for Premiership football. It would be truly wonderful for someone to come in with both the vision and resources to take us forward.

 

Certainly, no investor could fail to be impressed by the passion and commitment of oru supporters - a fundamental reason why this club would have such potential in the hands of the right person. Whilst the board has done everything in its power to continue trading, by cutting costs and player wages, the core overhead of running a new Premiership stadium together with its correspondingly high running and maintenance costs, combined with the withdrawl of a significant proportion of our financial facilities, have finally led us to a situation where we cannot continue to trade without substantial external investment.

 

Hopefully, this will materialise within the next few weeks and SFC will be able to continue operating as a viable entity for the benefit of both the local community and all supporters.

 

In the meantime, it is imperative taht we continue to fight for our Championship survival . Mark Wotte and the squad are completely focussed on the atsk in hand and I am confident that they can deliver the results we need over the coming few weeks"

[Fitzhugh Fella]

Typed up so please forgive any fck ups and shortenings (e.g. SLH PLC):

 

 

 

"It is very sad that is has become necessary to suspend the shares in SLH PLC. Although SFC Ltd continues to tarde, we are now living on vorrowed time. Investment is essebtial if it is to survive. Everyone is aware of the the current economic climate and the meltdown in the banking sector, unfortunately this has directly led to our current situation.

 

Our bankers, Barclays bank, significantly cut back our overdraft facility level in October last year, in my view effectively starving the company of working capital and frustrating our budget forecasts.

 

As a result, we needed to rase significant funds during the January window, but to no avail, again as a direct esult of the cash crisis affecting affecting many football clubs. On a personal level, I have worked continually in the background for the last three years to try and secure these much needed funds.

 

There have been many meetings and discussions, but unfortunately no one of sufficient wealth and ambition has so far come forward.

 

Hopefully, with the events of the last 24 hours, any seriously interested buyers will be inclined to show their hand at last and come forward to save this great club.

 

There is no doubt in my mind that this club represents the very best value for money any investor could imagine, with facilities and real potential for Premiership football. It would be truly wonderful for someone to come in with both the vision and resources to take us forward.

 

Certainly, no investor could fail to be impressed by the passion and commitment of oru supporters - a fundamental reason why this club would have such potential in the hands of the right person. Whilst the board has done everything in its power to continue trading, by cutting costs and player wages, the core overhead of running a new Premiership stadium together with its correspondingly high running and maintenance costs, combined with the withdrawl of a significant proportion of our financial facilities, have finally led us to a situation where we cannot continue to trade without substantial external investment.

 

Hopefully, this will materialise within the next few weeks and SFC will be able to continue operating as a viable entity for the benefit of both the local community and all supporters.

 

In the meantime, it is imperative taht we continue to fight for our Championship survival . Mark Wotte and the squad are completely focussed on the atsk in hand and I am confident that they can deliver the results we need over the coming few weeks"

 

Thanks Steve, I gather Mikey took a long time being "persuaded" to tender his resignation!!!

[offix]

 

Our bankers, Barclays bank, significantly cut back our overdraft facility level in October last year, in my view effectively starving the company of working capital and frustrating our budget forecasts.

 

"It's all the bank's fault. Not the fault of Ru**rt or myself."

What a pedantic twit.

[Dicko]

I remember meeting MW the night 'Jersey Saints' was formed & really liked him

 

He appeared to be just what Saints needed

 

Jeez, can't believe I got him so wrong

[dubai_phil]

Thanks Steve, I gather Mikey took a long time being "persuaded" to tender his resignation!!!

 

glad Leon heard that as well

[John B]

"It's all the bank's fault. Not the fault of Ru**rt or myself."

What a pedantic twit.

 

Although Wilde is seriously to blame for the situation the club is in he did try to resolve it but the reason he failed was the bank gave in.

 

With the Credit Crunch and the fact we could not sell players it is no surprise what happened.

 

 

In retrospect Hone etc did warn that the situation was dire before he resigned but SISU has been the only firm offer received.

 

 

I hope I am wrong but I seriously worry about the future of SFC because who is going to buy it?

[eelpie]

Although Wilde is seriously to blame for the situation the club is in he did try to resolve it but the reason he failed was the bank gave in.

 

With the Credit Crunch and the fact we could not sell players it is no surprise what happened.

 

 

In retrospect Hone etc did warn that the situation was dire before he resigned but SISU has been the only firm offer received.

 

 

I hope I am wrong but I seriously worry about the future of SFC because who is going to buy it?

 

Although Wilde was/is a fool imho, he did at least put his money where his mouth was in buying shares to force Rupert out. A pity he was not man enough to see it through.

[dubai_phil]

Although Wilde is seriously to blame for the situation the club is in he did try to resolve it but the reason he failed was the bank gave in.

 

With the Credit Crunch and the fact we could not sell players it is no surprise what happened.

 

 

In retrospect Hone etc did warn that the situation was dire before he resigned but SISU has been the only firm offer received.

 

 

I hope I am wrong but I seriously worry about the future of SFC because who is going to buy it?

 

nobody

 

but they may buy SLH if they are quick

[Doctoroncall]

Three years searching for an investor without success, that's the worrying part for me. We now have about three weeks to find one, at least the shareholders will not get in the way if there is interest.

[John B]

Three years searching for an investor without success, that's the worrying part for me. We now have about three weeks to find one, at least the shareholders will not get in the way if there is interest.

 

Yes I agree

 

But not many clubs go into oblivion

[John B]

nobody

 

but they may buy SLH if they are quick

 

Sorry I dont understand what you are saying

 

I thought SLH was selling SFC to reduce the debts

[um pahars]

Yes I agree

 

But not many clubs go into oblivion

 

Not many clubs have been looking for a buyer/investment in such dire times!!!!

[John B]

Not many clubs have been looking for a buyer/investment in such dire times!!!!

 

Yes I know I was just trying to look on the bright side.

[dubai_phil]

Sorry I dont understand what you are saying

 

I thought SLH was selling SFC to reduce the debts

 

IMHO

 

Nothing is as easy as it seems.

 

There are assets in SLH and there are very big debts. SFC is one of the assets.

To find somebody in 24 days in a recession who wants a football club that doesn't have a training ground, stadium and world class catering may be as difficult as (some think) getting the shareholders to sell to an interested party.

 

There has to be a lot of work done and horse trading by the administrators, that is one reason why they sounded so "concerned" at the press conference

[John B]

Even if there was no overdraft

 

 

We would have difficulty surviving in the Championship , paying off the last years of the outstanding high wage earners contracts somehow paying rent or Mortgage on the Stadium and bringing in better players without a significant amount of capital.

 

 

And what if we got relegated?.

 

 

 

It certainly is going to be difficult to get a buyer I would have thought before they know what league we will be playing next season

[um pahars]

Even if there was no overdraft

 

 

We would have difficulty surviving in the Championship , paying off the last years of the outstanding high wage earners contracts somehow paying rent or Mortgage on the Stadium and bringing in better players without a significant amount of capital.

 

 

And what if we got relegated?.

 

 

 

It certainly is going to be difficult to get a buyer I would have thought before they know what league we will be playing next season

 

Your last line is very valid as it would certainly affect the finances. I also agree that we are still a loss makign business, but maybe, just maybe a decent spirit and sense of togetherness could see some good attendances and £££'s on the top line.

 

I reckon our drop of about 6,000 punters has cost us something like circa £3million this season!!!!!

[John B]

Your last line is very valid as it would certainly affect the finances. I also agree that we are still a loss makign business, but maybe, just maybe a decent spirit and sense of togetherness could see some good attendances and £££'s on the top line.

 

I reckon our drop of about 6,000 punters has cost us something like circa £3million this season!!!!!

 

Yes I would have thought the average attendance may increase significantly if we were still in the championship but surely only if we were a better team with better players which cost more.

 

 

It is easier to attend St Mary's on a nice Spring Day in April but not so easy on a wet Tuesday in November so I estimate an extra £1.5 million in income

 

What happens with the Academy?

Edited 2 April, 2009 by John B

[Doctoroncall]

Your last line is very valid as it would certainly affect the finances. I also agree that we are still a loss makign business, but maybe, just maybe a decent spirit and sense of togetherness could see some good attendances and £££'s on the top line.

 

I reckon our drop of about 6,000 punters has cost us something like circa £3million this season!!!!!

 

I can't remember where I saw it (maybe the Times) but a drop to league 1 will cost a CCC club £2.5m in lost TV revenue.

 

Add the EPL handout reduces from a £1m+ to about £250k, League 1 football will be very costly.

[lenwilkins]

Thanks for the transcript Steve tho I think you'd give Frank's Cousin or me a run for our money with your typos.

 

I still think with the supposed value of the shares stadium debt either zeroed and the stadium debt either revalued or converted to a rent one of the previously interested parties will buy us.

 

Is it going to be Saltz/Davies or Fulthorpe/Cousins. I don't doubt Leon would also like to join in too.

[Chez]

To find somebody in 24 days in a recession who wants a football club that doesn't have a training ground, stadium and world class catering may be as difficult as (some think) getting the shareholders to sell to an interested party.

 

when you put it like that it doesn't look good.