Trust Update
I promised to update you on the discussions at the Trust board meeting on Thursday evening, concerning the Season ticket pricing for next season and other matters.
Firstly though, I want to explain how the Trust works with the Club in the new world where we are a minority shareholder. The Club has a board made up of 5 people, Rob Couhig, Missy Couhig, Pete Couhig, Trevor Stroud and David Cook. The last two as you know are also Trust Directors and therefore are our representatives on the Club board. Legally, the decisions they make as part of the Club board have to be in the best interests of the Club, first and foremost. However, as Trust Directors, they know what the Trust interests are and will work with the rest of the Club board to put those forward.
Rob Couhig has set up a weekly meeting (virtually) of the Club board. This is not a formal Board meeting, apart from once a month, but a general update and discussion of issues. A good example of this working well is the development of protocols with the EFL for the play-off games at Fleetwood and Adams Park.
As Trust Chairman, I have also had a number of discussions with Rob and Pete and am able to pick the phone up at any time if there are any urgent issues that need to be discussed on behalf of the Trust.
It is fair to say that this is new to all of us, and we are still working on improving it, but we have made a start.
Season Tickets.
The season ticket prices for 20/21 were announced on Friday 19th June. The Trust were not aware of the date or the detail of that announcement in advance, and Rob has put his hand up to say that was not ideal.
Discussions between Trevor, David and Rob on the 19th, confirmed that the key area that the Trust would have pushed back on, i.e. Junior pricing had already been adjusted and that there is a will to learn from what had happened on both sides, to minimise the risk of a repeat. It is important to recognise that we are in a learning process as far as working with the new owners but that we, the Trust will put forward your views and interests at every opportunity. I am certain that Rob understands that if the Club and the Trust work closely together then it will benefit everyone.
I think it is also important to recognise all of the positives which have come out of the partnership with Rob so far.
As a result of firstly a loan, and then the purchase of the Club by Rob, Gareth has managed to assemble a squad which is three matches away from playing Championship football!
We had the money to recently perform a full renovation of the pitch which looks like a carpet.
Commercial income is being optimised as best it can be in the current difficult circumstances, and we are looking at a state of the art wi-fi system being installed, which will be the envy of most Clubs in the UK.
Protecting the Quarter
The Trust as a 25% owner of the Football Club, has the right to have two Directors on the Club board. We also own a “Golden share”: This means that the dark and light blue quarters design of the shirt cannot be changed without Trust approval; a change of design of home or away shirts more than once in any two consecutive seasons cannot take place without Trust agreement; a change of the naming rights to the Stadium so that the name does not include “Adams Park” cannot take place without Trust approval. We also own the Adams Park stadium, which is free of debt.
In order to maintain our level of influence, we have to be able to contribute 25% of any capital call that is made in the future. This capital call may be needed in the next 12 months to ensure that the Club remains viable and the investment required for the future is able to be made. It is therefore vital that the Trust has the funds available for this when it is required. For example, if new capital of £600,000 was put in by the Couhig family, then the Trust would need to put in £200,000 to avoid dilution of our 25%. In order to be able to afford something like this the Trust will be looking to raise funds in the future. We will be relaunching the 500 Club in a few weeks’ time for the 20/21 season, Lisa Bowker will be launching a FUNdraising day and there will be a number of other activities to follow. Any funds that the Trust raises and passes on to the Club, will be counted as a capital credit against any future capital call.
I know that Rob is doing everything he can to avoid a cash call on the Trust, but anything we can raise, will not only maintain the equilibrium, but continue to drive our great Club forward.
Play Offs
The play off weekend is only a week away and the excitement is rapidly building. Although both matches will be played behind closed doors, I know all Blues fans will be there in spirit, in front of the TV and planning for a Wembley final on the 13th.
Regards
Nigel Kingston
Trust Chairman
Comments
A change to the naming rights of the stadium so that the name "does not include" Adams Park
Hmmm......
Quite
Rob's Intergalactic Bouncy Fun Castle at Adams Park rolls off the tongue...
you could have the Dormeo Stadium @ Adams Park I guess !!
or any other sponsor u choose I guess .......
The Ruth is Coming Back Adams Park Soccerdome
That was the wording attached to the deal that was voted on, so not a new development.
So if the trust was unable to provide the full amount asked for by any ‘cash call’ that would presumably put their ‘golden share’ at risk?
yes and Couhigs will soon own us lock stock !
The "golden share" remains unless the trust percentage falls below 12.5% I believe (Ie if the trust no longer has any representation on the board).
If the Couhigs are going to announce season ticket reform without it being discussed at board level then the Trust are really up against it.
I'm a bit confused here. There are two representatives from the Trust on the club board. The club board meet weekly.
Either the club board didn't discuss the new season ticket prices and policy. Or the Trust representatives didn't then inform the Trust board of the relevant details. Both scenarios seem pretty unfathomable?!
Mr Stroud has a longstanding reputation for keeping important information on the running of the Club to himself @Last_Quarter!
I love that the Couhigs hold a meeting with Trevor Stroud every single week and yet didn't bother to tell him about major changes to season ticket prices before announcing it publicly. The contempt that shows is remarkable, on so many levels. It's like a cat toying with a mouse.
Does anyone seriously expect the Trust to retain any shares within a year? How much did the 500 Club raise last year? I suspect significantly less than this £200,000 figurative example thrown in above.
On a positive note, I appreciate the newfound openness shown by the Trust here. Much better to be honest about the situation they find themselves in rather than sweep it under the carpet.
What evidence do you have that Stroud was not told @aloysius?
He doesnt just thinks it will cause a stir so putting it out there to cause shit !
@mooneyman I guess this extract from the Trust update is the evidence if you take it at face value.
I think @aloysius you may be missing the important clarification of the standing of Trevor and David when they sit on the club board:-
"Legally, the decisions they make as part of the Club board have to be in the best interests of the Club, first and foremost."
It would be a serious breach of the duties of a director to reveal details of a board meeting through improper channels, i.e. The Trust. It's a matter for the Football Club to choose how and when they release ticket pricing information.
Do you really believe that if the Trust Board members who sit on the Club Board revealed sensitive information from a Club Board Meeting the relationship between Club and Trust would last very long?
What do you see as the purpose of the Trust Directors on the board?
What is interesting is not what they have told us about last week's meeting but what they have omitted to share with us.
Details to be revealed (hopefully) shortly.
Can any accountants make a stab at establishing a date for when the Trust board forego their 25% stake?
Classic @NiceCarrots
Dangling something juicy he tells us he know that we don't. What a man and what an appropriate user name.
So pleased you are back either throwing a friend under the bus or making up something that's pretty obvious to us all.
Hang on I thought keeping Trevor 'Dark Lord' Stroud out of the loop would be quite popular with gasroomers who hated Trevor 'Arch Demon' Stroud and his power group? All this stuff gets more confusing as time goes on. I lose track.
@peterparrotface to represent The Trusts interests.
That doesn't mean they can break the confidentiality of discussions at a Club Board Meeting.
Anyway that's not the point of what I said to @aloysius, who seemed to want to make yet another personal dig at Trevor Shroud conveniently forgetting that David Cook, the other Trust appointed director, was in the same meetings so if it had been discussed then he could have reported to the rest of the Trust Board.
@Twizz cheers for answering
As long as nice carrots or (whisper the name because it always gets a few people upset...marlow chair) keep us up to date with who we're to slate.
Is it stroud, the trust, the Couhigs or someone else.
Just keep us up to date.
Like all good conspiracy theories, the enemy is both simultaneously an all-seeing, all powerful, malignant being, as well as being a bumbling, incompetent, powerless fool.
You have succinctly described the late and sadly missed Richie.
did he die ?
I heard he was reincarnated as a flightless bird or summat...or was that Ruth?
Came back posting even sillier drivel under a new account apparently
Sadly the doctor put him to sleep!