Surely bank rolling is not the best way to move forward?

True,We wouldn't need to be bankrolled . But putting the right people into the right places is . Installing a winning mentality throughout the club .

Surely the salary cap should stop bank rolling? (it appears clubs have found ways around it)

Salary cap is one aspect and all are on a level playing field in that respect, although there are always rumours of credit card allowances at some clubs. Thing is that if we want training facilities, investment in youth development and community programmes etc we rely on funds generated by the club, ie ticket income, sponsorship and Sky money, whereas others can just get their chairman to put their hand in their pocket. Our model protects us from reliance on a benefactor, but obviously when their benefactors have serious wealth we're at a disadvantage.

I know the club have made reasonable profits for the last 5 years, but in the same period haven't we repaid something like £3m of debt back. I'm guessing that trading profits have probably been kept as low as possible to minimise corporation tax or do we still have losses to write off against?

No. We've made best part of £1m over the last 5 years, but the creditors number was "only" ever £2.4m and is still £1.7m, problem is you can't see how this is made up, some will be deferred income, accruals, trade creditors etc. We do also have £400k cash at bank though. £3m of debt - I think you're maybe confusing us with Rovers whose total creditors per the 2008 accounts were £3.2m, that's before their 2009 accounts are filed in August, with Hudgell on record that Rovers lost a further £450,000 in that financial year.



In terms of the corporation tax, we still have accumulated losses so no danger of corporation tax avoidance I wouldn't think.

my only issue with the board is the appointment/renewal of Agar.



everything else seems to be run in a very organized manner.



and they have tried to get us a training ground...but have been dragged into the world of public-private partnerships, with the many hurdles that entails. They seem to be back to 'square one' so we'll have to see what new plans they come up with.

Sums it up for me pretty much.

I doubt I'd confuse us with rovers

And the club is looking to contribute £1.5m towards the cost of it. Don't know if they'll issue more shares or borrow it

If we are talking of a commercial business enterpirse operating in the entertainment area, I would say FC are doing very well nicely from a commercial point of view. The decision to extent Richards contract was no doubt taken against a back ground of coaching vacancies popping up, the price being right and of course the managements leanings.



The problem of Richard's new two year extension only becomes relevent if the faithfull stop blindly funding the operation. At that point the board will act, until then expect the business to continue into 2011 &12 much as it is at the moment.



The salary cap is full of holes and if anyone fancies pushing it by challenging some clubs "photo rights" payments they will find that under European trading law its a restriction of trade and would vanish. The present system is a joke and no one is ever going to convince me that some clubs a re spending the same as FC, the move to the present system has effectively put a cloak over the whole sad affair.

Fully agree, the salary cap is open to abuse, no doubt about it.