Vote of No Confidence in the Board
I believe that getting an investor/investors into the club, vetted professionally IS the ONLY way forward for the club but by not getting permission from the trust to use Adams Park as collateral this Board have made their positions untenable and they therefore tarnish any bid they propose.
The Board now have the eyes of 5000+supporters young and old focused on them like Hawks. Remember it is not just the 800 that have an interest here...many many more supporters maybe 2/3 year season ticket holders or 20 years + season tickets holders that lapsed due to moving away/circumstances but still support the club are now wondering if the Board thought they would get the bid process approved without anyone spotting that Adams Park had been put up as collateral.
Otherwise it would have been put to the Trust at meetings in the Autumn when the loan was being arranged - and if the votes had gone ahead earlier this month perhaps it would not have come to light in the way it has - without anyone raising it on 3 Counties Radio (!), so it is now aired for thousands outside Gasroom and the Facebook Fan Club to hear!
Only after due diligence has been done on the legalities of the loan offer can the American's bid be considered as the current Board is now tarnished by the very act of putting the main asset of the club into the deal by borrowing from the same party tabling the 'only' bid.
They have made their position untenable.
If they HAD got full legal backing, then that would have been the first thing the Board would have said in its recent letter. 'We took out the loan and offered the ground as collateral only after taking full and considered legal advice from X&Y lawyers who advised us that, further to rule 102, we could use Adams Park as collateral for a loan without notifying the Trust...
'What else have the Board done without fully reporting to the Trust in their meetings with the Americans' is what some may now be thinking...not just the Gasroom but the thousands of supporters around Buckinghamshire and beyond who are now aware of the situation.
This, I am afraid is the rod they have made for their own back.
Hence they should resign before any bids are tabled - or a vote of no confidence tabled - and turn over all correspondence regarding the loan to the Trust to hold for a new Board and its legal representatives to examine - it is the only honourable thing to do.
Only after this correspondence is examined and the issue of using Adams Park as collateral is sorted out, should any bid presentations take place.
Likewise with only a cursory reading of the rule book the Americans will have KNOWN they should not be asking for Adams Park as collateral without permission from the full Trust - their lawyers certainly would - so they make their bid untenable too...they knew EXACTLY what they were doing when they offered the loan and asked for Adams Park as collateral - they should have had their lawyers run over the rules of this Fan Owned Club with a fine toothcomb before parting with £500,000, and if they didn't they are not the right people to guide the club forward either!
If Board members are found to have breached the rules of the club what legal recompense does the Trust have - can it notify the Bank that it does not legally hold Adams Park as collateral after all?
Also to Note again - ONLY the efforts of some much maligned (by some) members of this Gasboard raised the issue of the loan and ground as collateral as well as many other behind-the-scenes insights - whistle-blowers rarely get a good reception at first.
Comments
Too late I'm afraid, Stroud has well and truly stitched the club up..
Anyone know what the process for triggering a no-confidence vote would be?
Quite right that this concerns far more than just the 800. I've only recently been able to have a season ticket again, work commitments having got in the way for several years, and as such I don't have a vote - I feel powerless enough because of that, but the way things seem to have been handled almost intensifies that feeling.
I'm in exactly the same position and have the same feelings @th100
I came back from a similar break just in time to be able to vote. I'm not a 'local' having only been a regular for just over a decade. This vote is weighing very heavily on me and the need to make the 'right decision for the club. Don't feel that the powers that be have helped any of us whether by incompetence or design.
Think that last sentence sums it up for me.
It's such a shame this view is taking hold but should it have any impact on whether this US investment is right for the club?
It seems be a major factor but in essence aren't the Trust board irrelevant in the final decision?
They’re entirely relevant because we are asked to rely on their due dilligence, process and judgement, and undertakings that the US bid is the best bid available and has been adequately tested and financially modelled by our board .
The very suitability of any bid that has been tabled with an expectation of preparation , core competency and thoroughness by our board must surely be questioned in light of the widely accepted view that thr entire process has been butchered by our -well intended - board of volunteer glaziers ( or Ashley’s ) elect.
Perhaps worth noting that when there was an opportunity to join and then influence the board just a couple of months ago very very few people stepped up to put themselves forward.
given what I have just shared in terms of the behaviour and way the board is run in another thread, that's hardly surprising.
In practice how would this be carried out? Reading the trust rules any member can propose a resolution. But could take 28 days to convene a meeting which would be too late to have any impact whatsoever.
Never thought we'd need those black and white scarves again, but here we are.
I did offer to stand a while (maybe 3 years) ago on a "communication" ticket, but was persuaded not to as the person they wanted had financial expertise, which I definitely do not have. I agreed with the reason given, and have not considered standing again, I have applied for a different role at the club, which seems to have taken fallen down the priority list since the USA v AH bid has become the #1 issue.
@Fit2drop - Fits the perceived closed shop attitude of the Board.
I think we need to get this vote out of the way and see where we are. The us bid may prove too tempting to 75% who don't bother with the gasroom so the board will survive. @trublue any bookface reaction to Mr Harman's pitch?
As long as @devc is not one of the international.election observers we need it to play out.
Wendoverman - The good news is the 150+ who attended - many of them by show of hands being legacy members, will all tell 2/3/4+ friends/supporters and other legacy members about the meeting - about a proposal that the Board did not what us to hear - as I said in first post, the Board will soon have the 5000+ supporters watching them and the Americans next move like Hawks...not just a couple of whistle-blowers with a 'personal vendetta' .
This post reproduced below for those that do not have access to the site, seems to have gathered momentum on the Wycombe Facebook Fan club site and posts further in refer to the more detailed months of debate on Gasroom. Apologies if it has also been posted here earlier...
Interesting how both sites can work together on an issue like this, we need the Gasroom to remain anonymous as it allows whistle blowers to raise their points and we also need the Facebook page to give a wider view of the proceedings...DevC and Glasshalfful - have you talked to current and ex Trust Board members who attended the meeting to get their perspective on yesterday...or indeed listened to the interview with Phil Catchpole...
or perhaps AHarman will get another chance to pitch his proposal to you in the future when you can make a meeting...
Post on Wycombe Facebook Fanclub Page - from named poster if you want to visit the site...
''I have just returned home from the meeting probably attended by around 150 people. The truth is now finally out in the open and after hearing it both during the meeting and having it confirmed afterwards in conversations, it is important the facts now get out to as many people as possible, as quickly as possible. Particularly Legacy Members who are going to be voting in the coming weeks.
Andrew Harman has been in conversation with members of the Trust Board for some time (over a year). No bid was tabled at that point but it was only when Harman was re-approached by a member of the ex players association in November that he realised there might still be an option to table a bid should the American bid not be voted through.
Talks have since happened and a bid was tabled. Harman gave Stroud 48 hours to mull over this option and the fact that this was still rejected and to instead pusue the American proposal tells you everything you need to know.
So, Harman has been talking to the club for some time and has clearly been blocked by Stroud and the Trust board have been complicit. I do have some sympathy with individual Trust Board Directors as not all of them may necessarily back this stance personally but none have so far taken a stand, and have presented it as a united Trust Board which is wrong.
Harman presented a passionate proposal to the floor which is investing £3m over 5 years. £2m for the Club and £1m to kickstarting and developing an academy.
The bid is headed up by
Andrew Harman, proposed as Chairman,
Ken Wilson (currently Elite Performance Scout for the Scottish FA for junior players) proposed as Academy Director
& Ben Langdon, proposed as CEO and in charge of Day To Day and Financial performance.
Ken was in attendance and spoke mostly in regard to the academy plans but Ben was in South Africa so unable to attend.
Andrew gave us a breakdown of his current roles, he is in Director or Shareholder positions at Oakman Inns, White Oak Financial Services, F3Group Management Consultancy and also that he has been a trustee of Scannappeal for 5 years.
He talked about how our on-pitch performance is currently impressing under the guidance of GA & RD, but informatively and passionately spoke about the need to address cash flow issues, underusage of corporate & hospitality boxes, and the lack of academy structure. Ken Wilson would help Paul Foley at WWSET to build on the great work they currently do. There would be added focus on scouting - processes, structure and technology to help the football management team.
The 'ambition' is to stablilise in League 1 over the next 3 years, with a view to hopefully then pushing for the Championship. £1m would be ring fenced for academy development and Harman has a 4G pitch in mind within a 10 mile radius to use as a site to grow it.
The % ownership proposed was an initial minority stake, with a view to taking a majority stakeholding after 2 years, but Harman did say that this wasn't necessarily a demand.
Harman also spoke about increasing revenues to offset some of the losses the club is currently making. Stadium tours, corporate hospitality, event hire - making use of Adams Park as a facility. More fundraising events. There are 700 businesses in Bucks with 50+ employees and he has contacts within most of these and can get his foot in the door and with a marketing team (and a full time marketing manager in place) can tackle this, especially being based locally.
Alan Hutchinson (it was good to see him) passionately spoke in favour of Andrew's bid and clearly lots of ex players were also supportive - Rhino, Brian Lee, Keith Scott, Anton Vircavs, Bob Dell, Mark Hill, Glyn Creaser, possibly others.
This was presented as an ALTERNATIVE bid to the US one on the table, which we will hear about on Monday 28th.
Now I don't take what I am about to say lightly. I have no self-interest in saying this and worked with many of the Trust Board and Trevor Stroud for 3 years and have no personal axe to grind with them.
However, quite frankly, I have drawn my own conclusions that it is a complete disgrace the Trust Board have not presented this option to its members. To rule out minority investment, a serious viable alternative and railroad Trust members into a single choice of majority ownership when this Plan B exists as a fallback is unforgivable.
Since the preferred US bid was announced there has been a lot of misinformation and scaremongering out there that voting 'No' would have serious financial implications for the club, when in fact this fallback option has been staring them in the face. We now only find out about it because Harman is forced to as a last resort call an open forum at a neutral venue.
Then, there is the absurd situation that the Trust has broken its own rules, has agreed a charge against Adams Park with the American loan, and is STILL fobbing off fans that they have done nothing wrong when this is factually incorrect. I still had Trust Directors defending their position on this post-meeting - unforgivable.
If we as members elect the Board to make these key decisions, then them failing to present this very good proposal to members means they have completely failed and deserve to be held to account.
The entire board should resign en masse if they have any shred of credibility about them.
I would certainly back an EGM and vote of no confidence in this Board and its Chairman, because the fact that this bid has not been presented to members as an option is purely down to self-interest and personality clashes. This is the future of our football club and personal interest should not play a part in deciding it.
The American proposal may well still be the best way forward for us as a club and they have done nothing wrong themselves to this point, but the Trust cannot be forgiven for failing to present us with this choice, and they should not be 'trusted' one jot that they have proposed the best solution.''
Wendoverman - there are around 100 comments on this post so far...
@blue67 Very encouraging news. It has certainly shaken things up. If the US bid DOES go ahead, it is also good to know there might be someone keeping an eye and ready to take over if they get bored or once the club has been 'stablised'. Either way it's good to know engagement has gone beyond the Gasroom.
Yes - the Americans will get their chance so it seems unless there is a way to introduce a Vote of No Confidence in the Board -or those on the Board that have not allowed a second bid to be tabled for the Legacy Trust to consider formally...
Could this be introduced into the proceedings on Monday night..even if it is not heard for 28 days thereafter?
AHarman is asking for a Minority stake and only after 2-3 years when his actions will speak loader than words and any promises made on paper or in a salespitch have been followed through, would he then , he hopes, to be in a position to ask the Legacy Trust and more general fanbase if WE want his group to be in full control. Based not on the words in the meeting last night, but their actions over 2-3 years time. Glasshalffull- how long was it before the Americans sold their stake in Derby County and how many of the fans had a say in WHO they sold the club onto??
Yes lets look at the Americans proposal but, as has been said, they are corporate financiers and would have know full well what they were doing when the asked for Adams Park as collateral for the loan ...even if the Board did not - and the Board did not - as has been alleged - feel it worth mentioning to anyone outside their closed group until it was raised by members on this forum Board. Few clubs, PLC or LTD Company or even amateur association 'suddenly' discovers on a Monday morning that it has a £500,000 shortfall in cashflow - anyone in business knows they should/would have been aware of this for months prior and therefore had enough time to send out at least one email to Legacy Trust members explaining the problem and proposed actions!
This was my summing up to friend last night after the meeting:
Why suggested Vote of No Confidence:
Because Board not telling Trust they had:
a/Borrowed £500,000 before Christmas from
b/ 'American Investors ' in whom the Board want us to vote a majority stake in club later this month whereby
c/ if Legacy Trust fans reject bid (we are currently fan owned) the investors can demand loan repayment (has money already been spent?!) in only 12 months or...
d/ the 'investors' can get get hands on the football ground ..worth estimated 6/7 million ....as it has been used as collateral against Trust rules.
e/ The Board think they found a way around that Rule, but have not said yet what legal advice sort or took and may have hoped no one spotted the transaction before the Americans won the vote.
Can the Trust inform Companies House that it did not agree to Adams Park being used as collateral and what legal recompense is there? Perhaps a Gasroomer will have a friend who is a lawyer that can comment - maybe all above board (sorry for pun)- maybe not!
There are enough former Trust Directors & others who could form a temporary Trust Board to oversee things whilst new elections are organised.
I still have my black & white scarf and know the power of the Gasroom from before.
I would not fear triggering a vote of no confidence, as a Director you are there to look after those who appoint you and not yourself.
I sincerely hope there is enough like minded legacy members that can make this happen.
Having been a little involved before, I have said I will help in the interim in some capacity as have others.
Matt Clarke
Marlow chair is very quiet on this subject, I felt ppl may have worked out who he actually is last night. Not sure the board room will ever be the same again now. There’s definitely a trust issue. Which I’m sure as a board member he’s gone a bit beyond confidentiality clauses! Yes it’s been good to find things out, but!
What makes you say he/she is a board member?
I thought he was just a bored member.
I am sure that the 2 new members of the Trust Board were unaware of the situation regarding the loan. I wonder if they regret their decision to put their names up for office. I stand to be corrected but they put their names forward in good faith before the latest accusations were made and before the resignations of previous post holders.
Sadly due to the short notice of last nights meeting I was unable to attend. To this end I would like to thank all who contributed to posting on this forum after they attended last nights meeting. I continue to keep an open mind, although in the circumstances it might be wise to postpone the vote. No disrespect to our American Friends.
To review the options needs time. I would suggest and support a postponement
It is likely not to go through #criticalvote
How else would someone find out what is going on in the board room. Unless it’s been bugged!
Insert your own jokes here https://www.facebook.com/events/1093576944155030/
@TrueBlu , could well be, it's similar to that Carrots bloke who was similarly involved before.