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> Hereford FC Gain Short Term Lease on Edgar Street
The Annexe
post Feb 24 2015, 04:06 PM
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Looks like Hereford FC are now up and running. Only a five year lease, which is not ideal, but allows them to start playing again.


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sealandroadender
post Feb 24 2015, 06:02 PM
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Good luck to them cityscarf.gif cityscarf.gif
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thethinbull
post Feb 24 2015, 06:12 PM
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Was originally only going to be 2 years, so 5 years is good
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3mm
post Feb 24 2015, 06:30 PM
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Who's in charge of the club though? Situation didn't look good last time I caught up.


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Bambi_CCFC
post Feb 24 2015, 06:31 PM
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Am I right in thinking we initially had a 5 year lease on the Deva as well? I know it's since been extended.


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post Feb 24 2015, 06:32 PM
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QUOTE (sealandroadender @ Feb 24 2015, 07:02 PM) *
Good luck to them cityscarf.gif cityscarf.gif


Here...here.....love to see them up and running again!!
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SueC
post Feb 24 2015, 06:35 PM
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QUOTE (3mm @ Feb 24 2015, 06:30 PM) *
Who's in charge of the club though? Situation didn't look good last time I caught up.

It's still only going to be 50% owned by the Supporters' Trust, which is what leaves me feeling uncomfortable about it.

I think they've missed a massive opportunity that they'll never get again. Half their club is basically in the hands of local benefactors - which is what got them into a mess in the first place.


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Stan Gandy
post Feb 24 2015, 07:18 PM
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QUOTE
It's still only going to be 50% owned by the Supporters' Trust, which is what leaves me feeling uncomfortable about it.

I think they've missed a massive opportunity that they'll never get again. Half their club is basically in the hands of local benefactors - which is what got them into a mess in the first place.


Agree with you Sue. I don't know the ins and outs of it but they never seemed to have the confidence that they could do it. Whatever the drawbacks of our model I would take it every time over one where you cannot control your own destiny. However well meaning the benefactors are things can change.


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Barney Daniels B...
post Feb 24 2015, 07:23 PM
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Our lease hasn't been extended yet
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TheTheremin
post Feb 24 2015, 08:34 PM
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Better than expected news for them. Something had to go right for a change.
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DorsetBlue
post Feb 25 2015, 01:18 AM
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agree about the 50-50 ownership. someone has to own that goldenshare and the 1st question should be who owns it? The fans or the investors?

CFU please never go down this route.. smile.gif
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captain duff
post Feb 25 2015, 08:23 AM
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It's not 50/50 ownership, the proposed board structure is 4/3 investors/supporters trust with the unaccountable businessmen being in complete control and being able to select one of their own as chairman of the board/company. Think Swansea at best.


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TheTheremin
post Feb 25 2015, 08:38 AM
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The fans own 0% right now. They have the option to buy up to 50% but it will cost them £250k.

Even if they hit that the board could vote to extend the share issue to Max 1m shares. Then they would need £500k to own 50%. They may not even know who owns the other 50%.

I think the fans have been very naive. In the event HUST was extremely weak and severely compromised by conflicts of interest. The fans in their desperation for football have just gone along with it. No lessons learned! I expect this all to come back to bite them in the future.
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Finland Blue
post Feb 25 2015, 08:58 AM
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QUOTE (TheTheremin @ Feb 25 2015, 10:38 AM) *
The fans own 0% right now. They have the option to buy up to 50% but it will cost them £250k.

Even if they hit that the board could vote to extend the share issue to Max 1m shares. Then they would need £500k to own 50%. They may not even know who owns the other 50%.

I think the fans have been very naive. In the event HUST was extremely weak and severely compromised by conflicts of interest. The fans in their desperation for football have just gone along with it. No lessons learned! I expect this all to come back to bite them in the future.

That is one of the key things - the "50%" ownership issue is dependent on them being a) able to raise the initial capital to pay for 50% and B ) That 50% value can be raised at any time, meaning 250k now, might not own 50% in time to come. The 4-3 Board split means the real power lies with an ex-Supporters Trust guy who got out (and he is absolutely LOVING it!), and 3 unknown "benefactors". There will be disillusionment, anger, frustration and pain down the road. HUST will never again have the opportunity to really own the club, now they have to raise all the money, and give thousands of volunteer hours, for someone else to pull the strings. Oh. Dear.

This post has been edited by Finland Blue: Feb 25 2015, 08:58 AM
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3mm
post Feb 25 2015, 09:20 AM
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Say the fans raise £250k and invest in the club, what stops the 'unknown benefactors' putting just £1 in and then saying "£250,001 isn't enough to run a club, we're winding up before we even start".

What happens to the £250,001?


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captain duff
post Feb 25 2015, 09:26 AM
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QUOTE (3mm @ Feb 25 2015, 09:20 AM) *
Say the fans raise £250k and invest in the club, what stops the 'unknown benefactors' putting just £1 in and then saying "£250,001 isn't enough to run a club, we're winding up before we even start".

What happens to the £250,001?



The secret 'benefactors' (investors) have promised to put in up to £50k each, although they have between them currently 100% equity without putting in a penny. HUST will also have 3 seats on the board without themselves putting in a penny (although they intend to buy shares from the investors) , but of course the difference is that no matter how much money the fans now put into the club they will never own it unless the investors sell them the control down the line (so no different to any other privately owned club in fact).

As has been said, the fact that the self-appointed chairman of the new club who is fronting the secret investors resigned last year from HUST to be able to do all this indicates what a nasty smell hovers around the whole dodgy enterprise.


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3mm
post Feb 25 2015, 09:32 AM
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Thanks captain duff.

Strikes me, if it's all above board... why do the three investors want to remain hidden? If I was in HUST, I wouldn't want them to put a penny in until they know for sure who they are dealing with. I wouldn't trust the ex-chairman of HUST either, sounds like a power grabbing megalomaniac.


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Finland Blue
post Feb 25 2015, 10:23 AM
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QUOTE (3mm @ Feb 25 2015, 11:32 AM) *
Thanks captain duff.

Strikes me, if it's all above board... why do the three investors want to remain hidden? If I was in HUST, I wouldn't want them to put a penny in until they know for sure who they are dealing with. I wouldn't trust the ex-chairman of HUST either, sounds like a power grabbing megalomaniac.

The deal was apparently done (the ex-HUST guy and HUST) quite a while ago. HUST just didn't think they could go it alone, so much so they agreed a deal with 3 annonymous backers, who could out-vote them in the boardroom. They had quite a lot of time to come up with an alternative plan but they didn't, and then the HUST members really had no other alternatives when presented with a Done Deal.
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Lobster
post Feb 25 2015, 12:27 PM
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I find it hard to believe they've gone down this route, when the success of supporter-owned clubs speaks for itself. After Vaughan, I was totally sick of 'benefactors' and I would've thought they'd be the same.

At the very least, 'secret investors' are surely not needed for a club of Hereford's size while they play at Evo Stik level? As they go up the leagues, there might come a day when discussion of outside investment rears its head, but while they attract 2,000+ crowds in the eighth or ninth tier of English football, they shouldn't even entertain the idea.
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TheTheremin
post Feb 25 2015, 12:31 PM
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QUOTE (Finland Blue @ Feb 25 2015, 10:23 AM) *
QUOTE (3mm @ Feb 25 2015, 11:32 AM) *
Thanks captain duff.

Strikes me, if it's all above board... why do the three investors want to remain hidden? If I was in HUST, I wouldn't want them to put a penny in until they know for sure who they are dealing with. I wouldn't trust the ex-chairman of HUST either, sounds like a power grabbing megalomaniac.

The deal was apparently done (the ex-HUST guy and HUST) quite a while ago. HUST just didn't think they could go it alone, so much so they agreed a deal with 3 annonymous backers, who could out-vote them in the boardroom. They had quite a lot of time to come up with an alternative plan but they didn't, and then the HUST members really had no other alternatives when presented with a Done Deal.


HUST have turned the whole thing back on the fans saying that no fans came forward with a plan for a 100% fan owned club. That's the most unusual thing - surely it was HUST's job to progress that?
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post Feb 25 2015, 12:59 PM
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QUOTE (Stan Gandy @ Feb 24 2015, 07:18 PM) *
QUOTE
It's still only going to be 50% owned by the Supporters' Trust, which is what leaves me feeling uncomfortable about it.

I think they've missed a massive opportunity that they'll never get again. Half their club is basically in the hands of local benefactors - which is what got them into a mess in the first place.


Agree with you Sue. I don't know the ins and outs of it but they never seemed to have the confidence that they could do it. Whatever the drawbacks of our model I would take it every time over one where you cannot control your own destiny. However well meaning the benefactors are things can change.


I am afraid I agree with David and Sue as well as many other posters on this thread.

The seeds of a future disaster have been firmly planted in the ground and given copius amounts of water and fertiliser !
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Barney Daniels B...
post Feb 25 2015, 01:03 PM
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Not the brightest are they ?
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post Feb 25 2015, 01:42 PM
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Good luck to them!


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captain duff
post Feb 25 2015, 02:28 PM
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QUOTE (Barney Daniels Big Toe @ Feb 25 2015, 01:03 PM) *
Not the brightest are they ?



I think what it shows is that a phoenix club owned by the fans for the fans is never a given, no matter how many bad owners have gone before. Which in turn should make us all eternally grateful for all those actively involved in creating our revived club, past and present, who ensured that what we have got is ours, and ours alone. Yes, we have had great support and expertise from businesses and business owners which has been vital and very welcome, but we have never allowed that to destroy our fundamental democracy of no matter how much money you have, no matter how important you are, you will have one vote the same as every other owner.


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TheTheremin
post Feb 25 2015, 06:13 PM
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QUOTE (captain duff @ Feb 25 2015, 02:28 PM) *
QUOTE (Barney Daniels Big Toe @ Feb 25 2015, 01:03 PM) *
Not the brightest are they ?



I think what it shows is that a phoenix club owned by the fans for the fans is never a given, no matter how many bad owners have gone before. Which in turn should make us all eternally grateful for all those actively involved in creating our revived club, past and present, who ensured that what we have got is ours, and ours alone. Yes, we have had great support and expertise from businesses and business owners which has been vital and very welcome, but we have never allowed that to destroy our fundamental democracy of no matter how much money you have, no matter how important you are, you will have one vote the same as every other owner.


Amen to that. We all owe a massive debt of gratitude to everyone who put the time and effort into CFU (and its forerumners) and CFC.

We moan about things (I've got a beef about the pricing structure) but if you combine all the errors that have been made by us then the one Hereford have just made is massively bigger.

But, good luck to them. I really hope the fans will be OK. My gut feeling is otherwise.
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