Chesterfield FC Shambles Thread

Spire1866

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Resureccting this one for an interesting bit of news coming out of the club..

https://www.chesterfield-fc.co.uk/news/20192/july/20190731-club-statement/

Seems DA has written off £2m of our £11m debt. On the face of it this seems a ridiculous GWG but it appears it is simply to stop the club following Bury, Bolton, Coventry etc in dropping into insolvency as the £9m debt doesnt make us insolvent from my understanding.

All sorts of theories about the benefits of this and DA's other businesses, but it all seems very complex.

DA certainly shouldn't be praised for this as it is his mismanagement and attitude that has landed us where we are now but long term it is worrying that he may still want his £9m back and nobody will pay that for the club. Do think the long term sustainability of the club will come into question if we don't go up this season. The budget has been slashed massively to counteract the drop in parachute payments this season, god knows what we will do next year.
 

Railway Blue

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It does. Come on Chester, get your shit together, you're better than Conf North!
We lost last week 4-1 to FCUM in a friendly with what will probably be our starting XI today. Bernard Morley said the performance was worse than the 8-1 defeat at Blyth last season. I'm at Boston but would absolutely snatch your hand off for a 0-0. I feel we're in for another tough season and could be down here a while.
 

Spire1866

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Mark Blower linked with getting involved with us in some capacity.

Google search of his involvement in Macclesfield is errrrm interesting. Local lad apparently
 

Spire1866

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He's got a sense of humour, I'll give him that, just glad I'm not paying his wages.
Just sums us up that he's our captain. Fans couldnt be any further from the club, board, players if we tried. I've lost the majority of my interest in supporting any of them. They don;t represent the club or the town in my eyes anymore.
 

Spire1866

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Early days and we have heard this all before numerous time but I have an inkling their may be more to this one..

A fan who has links to those involved at the club posted on our messageboard prior to the mentioned 2013 Preston defeat saying it will all unravel, the clubs players will be sold, Paul Cook will leave etc. He hadnt posted again since..until yesterday when he reappeared and posted this - http://www.thecfss.co.uk/forums/index.php?showtopic=65824

Could be linked, probably is linked. We can only hope
 

Spire1866

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Over the last two months, negotiations have been ongoing with Chesterfield FC with the aim of a local consortium acquiring the majority shareholding of the Football Club in a debt free state.

The aim was to find investors who would either invest in shares or loan funds so that the club would be bought and owned by fans by selling the remaining acquired shares.

We have held regular talks with Ashley Carson, who is acting on behalf of the owner Dave Allen, and we have been supplied with everything asked for to enable us to perform a full and thorough investigating exercise on the business as it stands and as things go forward. The support for our efforts from the club has been excellent.

A realistic purchase price had been agreed for the club, which would mean significant losses to the owner, but the ongoing predicted losses between now and the end of this season plus next season, during which several contracts for players and management remain at a level that would make break-even trading all but impossible, have proved to be, at this stage, too great to a gap be able to cover under the current trends.

We remain hopeful that an agreement can still be reached; Dave Allen is a willing seller and wants the club to pass into the hands of genuine people and we would like to think, given a little more time, we will be able to raise the substantial funds necessary to take on the club and, given the support of Chesterfield supporting people, turn around the business into a long-term, sustainable model.

18 months ago we were in a similar position when the asking price was £6M, we had investors lined up, had received pledges from fans to help finance our future but got labelled and the club was removed from sale. These investors removed themselves from CFC for the future.

At this moment in time there are very few Chesterfield fans that have the desire or appetite to invest large amounts of money into CFC, although there is a large collection of fans willing to help out with smaller investments.

Like many years ago we find ourselves in a similar position as when we had to form CFSS to save our club from disappearing from league status. We are now in non-league status and we believe that the club will continue to be financed by Dave Allen until the end of this season and then wound up unless a buyer is found.

Our aim is always for the best interest of CFC and its fans, the fans are the most important part of any business and if CFC was run correctly & professionally as a business, then the future of CFC would continue. The opportunities within the club are there but the club has to rebuild from the foundations that were laid with the move to Sheffield Road. The structure would need to change unless a wealthy tycoon came along and bought another ‘toy’. Chesterfield is full of successful businessmen, many of which are ‘Town’ supporters, and it is their expertise that should be brought into the equation to form a Board of Directors to cover the entirety of the business. A fully transparent board that communicates with the shareholders and fans with not one board member having a major say.
We knew there was another consortium in the frame to takeover CFC but we still feel that the best route for survival is for the fans to own the club, shares & ground.

After our initial meeting with AC in Sheffield, we held a meeting with the other consortium to see if a joint venture could be agreed. We were informed that as they would be receiving a loan from the charity, they would need full control of the club and that they would not pursue their approach whilst we were in discussions.

After the initial approach and discussions we set about dissecting the provided figures, monthly management accounts provided through Shorts Accountancy and finances of the club, the information that was provided was given without any NDA being signed. Any questions that arose from our 3 financial experts that worked tirelessly away in the background were answered in full. Whilst the negotiations were continuing, the asking price dropped by 25%. The price included the 84% shares, the club & the ground in full including the corporate and banqueting facilities. The remaining debt to the ex-directors would be paid within the asking price leaving the club in a debt free state at the time of purchase. The only question mark was surrounding an ongoing claim from the legalities involving the Development School.

Part 1 of our strategy was to find the ‘frontmen’ to buy the shares, club & ground.
Part 2 was to open the shares up to fans that have the interest of CFC at heart.

As part 1 of the strategy couldn’t be concluded, it is time for us to have a last attempt at carrying the takeover forward by reverting to part 2. The asking price now is a fraction of the previous £6M that was required and that is to open the takeover to the fans that have shown support and passion for CFC.

We will be launching an appeal to all Chesterfield fans to start the process of raising funds to not only buy the club but to raise the funds to continue to meet the current financial situation so that the club can be stabilised and rebuilt. This appeal will be formed from share purchases. Any fans wishing to support and help buy the club will have the ability to send their payments to an escrow account controlled by a solicitor supplying their name and address. If the target amount is not raised, then the payments will be returned. Understandably, there are fans that will not be in a position to buy shares or donate large amounts of money; the shares will start at a price of £500 for 500 shares with no individual owning more than 20% of the shares. A suggestion was put forward a few years ago giving the formula of 1,000 fans, people, businesses paying £5,000 each to give us a total of £5,000,000 – would this be possible with a few supporters helping and selling the suggestion?

At this moment in time we are very disappointed with the progress, but it has not been through lack of effort on our part. No blame can be attached to Dave Allen or Ashley Carson as they have been willing to provide information to assist us to value CFC. Dave Allen is 100% behind the sale and is not putting any obstacles in the way for the sale of the club.

End.
Quote from a party interested in buying the club.

We are literally on the edge as predicated. Not good for us if the town can't raise £5m
 

#Beebot

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Quote from a party interested in buying the club.

We are literally on the edge as predicated. Not good for us if the town can't raise £5m
In fairness it looks like they've only approached a handful of wealthy business leaders so far. Offering 500 shares for £500 should get a good reception.
 

#Beebot

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by my maths that's only £250,000 though and they're saying they need 20 times that.
The article says that's the offer to individual supporters, so they expect a minimum of £500 from anyone who wants to invest at £1 a share.

They'd need 10,000 doing that which is probably not feasible, but presumably a few will be prepared to invest quite a bit more.
 

Spire1866

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There is a second angle of a takeover by the club Community Trust who are a registered charity so have access to grants/loans to buy the club. Going to be an interesting few weeks/months for us.

Widespread boycott this weekend again of a Trophy game that would usually be a local derby with a decent crowd.

Depressing times but again nothing that I personally didnt see coming.
 

AdamStag

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Excellent work from Sheridan.

I always wonder if the chesterfield fans who revelled so much in our despair in the dark days down here think about those times and wonder if you should he careful what you wish for.

I genuinely hope you find an owner who’ll sort this shit out though
 

Spire1866

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Excellent work from Sheridan.

I always wonder if the chesterfield fans who revelled so much in our despair in the dark days down here think about those times and wonder if you should he careful what you wish for.

I genuinely hope you find an owner who’ll sort this shit out though
He's literally taking the piss now though. Genuinely trying to get sacked.

He's not done any interviews for weeks and this week sent our Chief Scout out to do the post match interviews. Why the FUCK is he not out scouting? And why is he sat on the home bench? And what are we paying him for? The week before it was the goalkeeping coach. He knows he can't be sacked. It's mental
 

AdamStag

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He's literally taking the piss now though. Genuinely trying to get sacked.

He's not done any interviews for weeks and this week sent our Chief Scout out to do the post match interviews. Why the FUCK is he not out scouting? And why is he sat on the home bench? And what are we paying him for? The week before it was the goalkeeping coach. He knows he can't be sacked. It's mental
I can assure you having a manager for too long is something I’m familiar with, thankfully we’ve resolved that issue this weekend.

Is it true that he owes Carson a shitload which is why he’s employed? Or the reason he doesn’t seemingly care
 

Spire1866

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I can assure you having a manager for too long is something I’m familiar with, thankfully we’ve resolved that issue this weekend.

Is it true that he owes Carson a shitload which is why he’s employed? Or the reason he doesn’t seemingly care
Yeah, suprised Dempster lasted that long to be honest.

Reason he doesn't care is he knows he can't be sacked, and when he is sacked he is due a big pay off.
Him and his staff are rumoured to be on c.370k a year between them (i know) with 2 years left on contracts. Allen is in talks with a couple of parties about a takeover and wants out by the new year, so he isn't going to fork out 100-200k or whatever to get rid. It will be left for any new owners to come in and pick up the pieces.

Worrying the vultures are circling around us as the 2 favourable local consortium's are struggling to get buy in from local businesses due to our position. We could end up being sold for peanuts to anyone. There is rumours Allen may pull the plug should he not find a buyer by the end of the season if we go down...obviously doesn't bear thinking about.

The fans have galvanised a little behind the prospective takeover groups and boycotted the last couple of games to send a message that enough is enough. Apparently we lost money the last 2 home games because the number of people in the ground didnt cover the steward, police and running costs. I think Allen and Carson now realise their is no way back so they want out pronto.
 

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