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Sunday, 27th July 2008

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Duly wrote off £200k to save club



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FORMER CTFC owner John Duly wrote off debts of £208k in order to save the club, it has been revealed.
Meanwhile recruitment boss Stephen Mansell and Susan Carter have been named as the other two directors at Crawley Town.

At a press conference this afternoon, club chairman Vic Marley said: "A few have said we should have had this meeting sooner.

"But I wanted to meet you when we were ready to move forward with a clear understanding of what we have to do move this proud football club forward."

He continued:"For the sake of clarity it is most important that I make it clear who owns Crawley Town Football Club.

"Prospect Estates Holdings Ltd was a company formed very quickly as a vehicle to transfer the clubs shares. That company's registered office is here at the Broadfield Stadium and they own eighty per cent of the football club.

"That company has three equal shareholders and as you are aware they are Phil Jarman, Tom Scott and myself.

"Each of us has and will continue to invest monies into the football club but we are also keen to sell some of our shares with the monies being invested directly into the football club and not the pocket of any individual.

"John Duly, the football clubs former owner owns the remaining 20 per cent of the total shares which he received in return for writing off a payment of £208,000 which was the balance owed to him by the SA Group when he sold the football club in 2005.

"I will now briefly discuss the monies we have invested since we took control of the football club in April. I can advise you that they have come from Prospect Estates Holdings Limited Shareholders and those monies have put this football club on a stable footing.

"I am delighted to announce that as of last week we have appointed two new additional Directors to the football club's board.

"May I introduce to you today, Stephen Mansell and Susan Carter. Both are in business in the local community and we are delighted to have them with us.

"Both of them have invested monies in the football club, will continue to do so and both have signed option agreements to purchase shares as we go forward. We are delighted to have them join us and I am sure they can play a vital part.

"It would be prudent of me at this stage to say that I am extremely positive that two further appointments will be made to our board within the next few weeks.

"Discussions with those individuals are at an advanced stage and only business and holiday commitments has prevented them from being with us today. Like Stephen Mansell and Sue Carter they are local business people who will invest with us in taking this football club forward.

"Today is not about the past, it is solely about the future. Given the resource, integrity and experience we have around our boardroom table we really have given ourselves the chance to move this club forward. We must learn from the previous mistakes and use the vast successful experience we have brought together at board level. However I stress that whilst we are all ambitious we must always be realistic. Affordability is a word you will hear said numerous times from now but it is vital we keep to that strategy.

"Since we have taken control of the football club in April we have paid a number of pressing debts. This includes the HMRC, the football club payroll and a number of creditors. To date that amounts to a figure in excess of £200,000. I am in the position today to tell you that we do not owe anyone any money that has not now been paid in full, restructured or within our normal trading terms. The figure above (£200,000) has been paid out for debts this football club owed so you can see we have invested our monies but done so in a dignified and silent way.

"From now on we will only look to the future and save our time and energies for that. We recognise the past but we will refrain from giving opinions, good or bad. We ask our supporters and the people of Crawley to join us in that.

"In relation to the press we ask for nothing other than a chance to show the highest standards of integrity but at the same time remind you we are a private business. We have a business to operate and that should be respected. However we intend to be as open and transparent as we can as that is the type of people you have directing this football club. In every private business there are confidential matters that should remain within the organisation and everyone should respect that will happen here.

"I can tell you now we will not get every decision right as we go forward but we will try. We would trust we will not make the wrong decisions twice. In any industry you need to be fast learners but I can assure everyone we will direct this football club in a manner our community can and should be proud of.

'As we look forward to next season we do so with great pride and enthusiasm. We have an outstanding management team who can deliver the objectives we set.

'They have performed with real credit since they joined us and what they achieved last season results wise should be applauded, but there is so much more for them achieve.

'Our season ticket sales have been outstanding and our commercial income streams look excellent for the new season. A number of new and old businesses have secured sponsorship for next season and this club is alive again within the community.

'However, a word of caution, we do not give ourselves a false picture, we still have a tremendous amount of work to do and we are working through those objectives diligently.

'I must thank our Landlords Crawley Borough Council who have been understanding of the business issues we faced since we took over. We have restructured our debt with them and given assurances on the future payments. I can tell you we will build our relationship with them by delivering everything we have agreed. Every penny owed will be repaid in full and I can tell you they are delighted with what we have done in a short space of time. They also look at our board of directors in place now and believe in them.

'It would be honest to say the last six weeks or so has been as challenging as it could possibly get but in return we have given ourselves here at the football club a real chance to be progressive.

'Since we have taken control I have appointed a new club accountant and solicitor. I believe that both of them will take a place on our board but we still have to formalise those procedures. Both again are known locally in the community so it gives everyone a real degree of comfort especially given, that we will have those types of professional people help guide us.

'In recent weeks we have met a number of individuals who wanted to join us at board level but for reasons that remain private we decided against them. Those decisions were never personal and we look forward to seeing them here at the Broadfield next season. I say this because I want to stress that although we seek additional board directors we really only want those that have the highest integrity and just as importantly the resource to help take us where we want to be.

'On a day to day basis, Barry Munn will assist me in running the business. I will report in turn to the board of directors who will meet at regular pre-selected dates throughout the year. The directors will set the strategy and it will in principle be my job to see that delivered. The clubs board of directors have in the main significant interests outside of football and therefore they will spend limited time here, but when they are they will be focused on the issues.

'It is important our supporters get the chance to meet everyone here and by tomorrow I will have set a date for a fans forum but it will be sooner rather than later. Over the years our supporters have been fantastic and they must be delighted the club is now in such a good shape.

'We are here today to meet you, the press, and at a time that we believe is correct. We will conduct our business privately and we all hope when in public we are on the back pages of your newspapers and not the front. As I said earlier please join me in keeping the focus on the future and not the past. Inside this football club we have a responsibility but so do the press who can in turn influence people a certain way.

'Today we are minus one of our directors, namely Tom Scott, who is still recuperating from a number of back operations in the last six months. He spent the day with John Duly at our recent Sussex Senior Cup Final and despite his discomfort he enjoyed his afternoon. He apologises for his absence today."


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  • Last Updated: 19 May 2008 4:49 PM
  • Source: n/a
  • Location: Crawley
 
 
  

 
 


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