Re: Season 22/23 accounts

46
Taunton Iron Cider wrote: April 3rd, 2024, 4:14 pm HJ with his finger on the pulse it would seem.
https://www.newport-county.co.uk/news/2 ... w-jenkins/
I agree. Losses unsustainable. Present position regarding Rodney Parade unsustainable. Major changes needed in how the club is run needed. To preface all that with 'it would be unfair to comment in too much detail on the results-and the reason for such a loss' spoke volumes.

Just my opinion. Good start Huw. I hope you can keep it up.

Re: Season 22/23 accounts

47
I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Re: Season 22/23 accounts

48
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.

Re: Season 22/23 accounts

49
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.
If the Trust is dissolved, the Model Rules dictate what happens to the Trust property, including it's shares in the AFC. They are to be given to another community benefit society or charity. There is no legal way that they could be gifted to Huw Jenkins.

Re: Season 22/23 accounts

50
Stan A. Einstein wrote: April 3rd, 2024, 9:08 pm
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.
There is no clear indication from those elected directors that they will resign although they may well do. Whilst their term of office remains unexpired they are not required to resign. As far as non elected (co-opted) directors are concerned, they fall into two camps. External (non Trust member directors) are dismissable by the Board. Under the current Model Rules, there is no means of forcing the second category of co-opted directors i.e. Trust Member co-opted directors to resign or be dismissed. So, conceivably none of the existing directors can be forced to resign and may well continue to constitute the majority of any future board.

Re: Season 22/23 accounts

51
Chris Davis wrote: April 3rd, 2024, 9:39 pm
Stan A. Einstein wrote: April 3rd, 2024, 9:08 pm
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.
There is no clear indication from those elected directors that they will resign although they may well do. Whilst their term of office remains unexpired they are not required to resign. As far as non elected (co-opted) directors are concerned, they fall into two camps. External (non Trust member directors) are dismissable by the Board. Under the current Model Rules, there is no means of forcing the second category of co-opted directors i.e. Trust Member co-opted directors to resign or be dismissed. So, conceivably none of the existing directors can be forced to resign and may well continue to constitute the majority of any future board.
Why on earth would they want to stay? Its HJ'S club, presumably he has picked them, and presumably he will wait until his negotiations with RP are completed, before allowing new trust reps on his board. He is running with a 3 man board, what he doesn't need is people he can't trust. The sort of person who has other ideas of how to spend money, when he is trying to spend money saving money.

Re: Season 22/23 accounts

52
Amberexile wrote: April 3rd, 2024, 12:18 pm
CathedralCounty wrote: April 3rd, 2024, 10:20 am
Taunton Iron Cider wrote: April 3rd, 2024, 10:12 am The worry has to be as to how much, if any, this deficit will affect GC’s playing budget for next season. Personally, until this ongoing cash haemorrhage can be resolved, I now can’t envisage a significant change from this year’s budget, particularly as RP seem intent on continuing to extract their pound of flesh.
I hope/believe a key part of the new regime will be playing hard(er)ball with RP - stewarding costs and % of bar take for example are huge issues - as I've often said RP need us - 25 + 'event days' (at least a % of which will be 'big' games) compared to around half that for rugby helps to 'sweat the asset' in a way rugby alone, even if Newport RFC moved back in, simply could not do.
I wonder what Spytty might look like now had we spent the money spent at RP there instead?
A shoddy wind tunnel with no spectator accommodation at either end and inadequate transport links?

Re: Season 22/23 accounts

53
Bangitintrnet wrote: April 3rd, 2024, 3:50 pm
CathedralCounty wrote: April 3rd, 2024, 3:30 pm
G Guest wrote: April 3rd, 2024, 3:09 pm They’d probably rip up the grass , put down a 4G pitch and whore it out daily.
Exactly. If we were not at RP the rugby could lay a plastic pitch and hire it out all day every day. This "They need us" attitude can be carried too far. To me it is clear that we cannot afford to remain at RP.
Mmmm lots of other 4G/other sports pitches to rent in/around Newport so lots of competition - once the novelty of playing at RP died off it wouldn't make that much money - Cardiff/Pontyrpridd rugby for example aren't raking it in are they I wouldn't have thought? - RP wouldn't cover the loss of a reasonable rent for 25-30 professional football games by hiring out a 4G pitch.
If Newport Rugby couldn't afford to rent it, who is a bigger team than Newport Rugby support wise? Also utility costs for a stadium the size of RP will have risen dramatically, probably now around 100k a year more with the electronic advertising and flood lighting.
[/quote]

You've made my point - no other team would or could rent/lease/pay running costs of a stadium with a grass pitch and the magical '4G' which can be 'rented out to the local community' would not be a panacea for RP so...back to 'County then? RP aren't stupid they know that - RP like anything is only valuable if someone is wiling/able to pay to use it.

To analogize as some on here love to do - a new emu burger place opens in the city, now nowhere else can source nor sells these burgers for miles around and and many people love these new burgers - when they open standards are high and prices relativity low over time standards drop and prices rise (they're thinking 'people love us and nobody is selling what we sell within 50 miles we have a captive audience here') - eventually the £15 for an emu burger no fries starts to grate with the loyal customers and they drift away - sure they cant get their emu burgers anymore which is a wrench for the gourmets but the 'e-burger bar' which was making money hand over fist has a very rapid realization that they have pushed people too far so much so that most of their customers have not only stopped coming but have contacted an emu burger place in Swindon and are working with them to open a branch in Newport, the once smug proprietors are now hanging their heads as their lost customers flash them V's every time they go past muttering 'greedy bsterds serves em right', like any analogy its imperfect and a bit silly of course.

Re: Season 22/23 accounts

54
You've made my point - no other team would or could rent/lease/pay running costs of a stadium with a grass pitch and the magical '4G' which can be 'rented out to the local community' would not be a panacea for RP so...back to 'County then? RP aren't stupid they know that - RP like anything is only valuable if someone is wiling/able to pay to use it.

[/quote]

RP has no value, because it has no outside interest in purchasing. The two realistic users are the ones in residence.

It doesn't matter who owns it, the other party still need it used to reduce the liabilities. In America, the American football stadia are owned by the community as they as they play so few home matches, its not viable.

Baseball however is owned by the clubs, as they have home games every week, and the facilities are viable.

Four years ago David Buttress was promising to develop the North Terrace at RP, put a roof over it and relocate the squash club at the back of the new overhanging stand. This was to be paid for by developing the old NRFC clubhouse and squash court footprint, and building just eat kitchens to rent. It never happened, but RP still continued to lose £800k a year for four years.

As an owner you have to meet those losses, and the trust never had direct access to low interest investment capital. The WRU did, and as the owner of RP provided what County required. That shows everyone that RP isn't viable without usage.

County's priories were preserving our football league status by putting together a competitive squad, sorting the pitch, getting electronic advertising etc. Those things are still the priority, and part ownership of a loss making stadium only decreases the clubs ability to prioritise available money, as we then have to fund the capital cost on top.

However RP needs to use its town centre facilities more frequently, the hospitality boxes are ideal for small meetings away from a workplace. They would be ideal for recruitment agency interviews where multiple interviews need to take place simultaneously. The Bisley suite for general meetings etc etc. It's mutually beneficial to increase RP's usage and reduce the costs, rather than simply increase rental for both codes.

Re: Season 22/23 accounts

55
Chris Davis wrote: April 3rd, 2024, 9:39 pm
Stan A. Einstein wrote: April 3rd, 2024, 9:08 pm
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.
There is no clear indication from those elected directors that they will resign although they may well do. Whilst their term of office remains unexpired they are not required to resign. As far as non elected (co-opted) directors are concerned, they fall into two camps. External (non Trust member directors) are dismissable by the Board. Under the current Model Rules, there is no means of forcing the second category of co-opted directors i.e. Trust Member co-opted directors to resign or be dismissed. So, conceivably none of the existing directors can be forced to resign and may well continue to constitute the majority of any future board.
Majority in numbers. But HJ has 52% so will outvote them every time. The only reason Trust Directors or Co-opted Directors would want to remain, if they did, would be to hear their own voice. But surely the first item on any BOD meeting would have been to cut the board to three members, which seems to have happened...

Re: Season 22/23 accounts

56
wattsville_boy wrote: April 4th, 2024, 11:46 am
Chris Davis wrote: April 3rd, 2024, 9:39 pm
Stan A. Einstein wrote: April 3rd, 2024, 9:08 pm
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.
There is no clear indication from those elected directors that they will resign although they may well do. Whilst their term of office remains unexpired they are not required to resign. As far as non elected (co-opted) directors are concerned, they fall into two camps. External (non Trust member directors) are dismissable by the Board. Under the current Model Rules, there is no means of forcing the second category of co-opted directors i.e. Trust Member co-opted directors to resign or be dismissed. So, conceivably none of the existing directors can be forced to resign and may well continue to constitute the majority of any future board.
Majority in numbers. But HJ has 52% so will outvote them every time. The only reason Trust Directors or Co-opted Directors would want to remain, if they did, would be to hear their own voice. But surely the first item on any BOD meeting would have been to cut the board to three members, which seems to have happened...
I don't believe percentage of shares matters in board meeting decisions. However HJ is perfectly entitled to hold a board meeting with just two, and if the votes are different, as chairman he has casting vote on what is decided.

Re: Season 22/23 accounts

57
lowandhard wrote: April 3rd, 2024, 10:52 pm
Amberexile wrote: April 3rd, 2024, 12:18 pm
CathedralCounty wrote: April 3rd, 2024, 10:20 am
Taunton Iron Cider wrote: April 3rd, 2024, 10:12 am The worry has to be as to how much, if any, this deficit will affect GC’s playing budget for next season. Personally, until this ongoing cash haemorrhage can be resolved, I now can’t envisage a significant change from this year’s budget, particularly as RP seem intent on continuing to extract their pound of flesh.
I hope/believe a key part of the new regime will be playing hard(er)ball with RP - stewarding costs and % of bar take for example are huge issues - as I've often said RP need us - 25 + 'event days' (at least a % of which will be 'big' games) compared to around half that for rugby helps to 'sweat the asset' in a way rugby alone, even if Newport RFC moved back in, simply could not do.
I wonder what Spytty might look like now had we spent the money spent at RP there instead?
A shoddy wind tunnel with no spectator accommodation at either end and inadequate transport links?
Or maybe something akin to the ground where Wales men will play a full competitive international in October?

Re: Season 22/23 accounts

58
wattsville_boy wrote: April 4th, 2024, 11:46 am
Chris Davis wrote: April 3rd, 2024, 9:39 pm
Stan A. Einstein wrote: April 3rd, 2024, 9:08 pm
County ranger wrote: April 3rd, 2024, 7:55 pm I recall the Trust meetings were held last summer any business with any sort of governance particularly those managing other people’s money would have or should have known of the additional losses. Yet no one held accountable who didn't notice that costs were much higher than income.
It is incomprehensible that they all closed ranks to protect such incompetent management- the whole Board should hang their heads in shame.
As for contributing to the Trust I think that is untenable and for dreamers the Board cannot be trusted to manage funds - the Trust should be dissolved and it’s shareholding which is worthless gifted to HJ and let’s hope he can sort out the mess.
The big question is who is funding the loss RP in unpaid rent and despite what the very slippery guy advising the Board said in answer to a direct question it is difficult to assume that HMRC are not in arrears.
HJ has a big hill to climb to get back to zero - I see that the Exeter Trust have made profits well over £1m in past two years and have a £1m in the bank. Where we could be if incompetence had not been allowed to run free without challenge or control.

Well said.

All I can add is that no right thinking person can defend the charlatans that ruined our club and hopefully they will slink away and bother us no more.

I was never fooled. Neither were a whole host of other people. I do though feel sorry for a lot of our younger supporters who put their trust in people who were so utterly unfit to have charge of our club. But a valuable life lesson, don't ever part with a penny to those who promise, unless you know how it is being spent.

But now I think that regardless of the lies of the scoundrels it is time to let it go.
There is no clear indication from those elected directors that they will resign although they may well do. Whilst their term of office remains unexpired they are not required to resign. As far as non elected (co-opted) directors are concerned, they fall into two camps. External (non Trust member directors) are dismissable by the Board. Under the current Model Rules, there is no means of forcing the second category of co-opted directors i.e. Trust Member co-opted directors to resign or be dismissed. So, conceivably none of the existing directors can be forced to resign and may well continue to constitute the majority of any future board.
Majority in numbers. But HJ has 52% so will outvote them every time. The only reason Trust Directors or Co-opted Directors would want to remain, if they did, would be to hear their own voice. But surely the first item on any BOD meeting would have been to cut the board to three members, which seems to have happened...
My post was about the situation with the Trust Board. It has no relevance to the AFC Board.

Re: Season 22/23 accounts

60
Taunton Iron Cider wrote: April 4th, 2024, 1:03 pm According to HJ, RP's charges are unstainable for County, so what is the position for the Dragons with only 12 or so games or are we effectively subsidising their match and general usage fees as well?
According to Wikipedia in June 2023 a consortium headed by David Buttress bought both Rodney Parade and the Dragons. Every penny Newport County pay in rent and any ancillary payments are effectively subsidising the Dragons. Over the last 11 years God knows how much that has paid and we own not one blade of grass.

Who is online

Users browsing this forum: No registered users