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It's absolute bulls**t.What killed the club was Covid. The plan was always high risk high reward, but Covid lockdowns destroyed every aspect of a multi-stream business.
Quote from: Vespula Vulgaris on October 17, 2022, 07:27:05 AMIt's absolute bulls**t.What killed the club was Covid. The plan was always high risk high reward, but Covid lockdowns destroyed every aspect of a multi-stream business.Were we not losing in the region of £10 million a year some time before the pandemic?
Quote from: The Falcon on October 17, 2022, 10:31:27 AMQuote from: Vespula Vulgaris on October 17, 2022, 07:27:05 AMIt's absolute bulls**t.What killed the club was Covid. The plan was always high risk high reward, but Covid lockdowns destroyed every aspect of a multi-stream business.Were we not losing in the region of £10 million a year some time before the pandemic?Yes, but a business losing money doesn't mean it doesn't have a good plan for the future. Amazon lost money for years, and I don't see anyone telling Jeff Bezos he's incompetent and didn't have a clue.
Yes, but a business losing money doesn't mean it doesn't have a good plan for the future. Amazon lost money for years, and I don't see anyone telling Jeff Bezos he's incompetent and didn't have a clue.
Quote from: Vespula Vulgaris on October 17, 2022, 10:49:08 AMYes, but a business losing money doesn't mean it doesn't have a good plan for the future. Amazon lost money for years, and I don't see anyone telling Jeff Bezos he's incompetent and didn't have a clue.We had a known deadline for repaying the £35 million bond issue on top of significant annual losses. I'm sure the original plan was to get bumper crowds every week, bring in lots of events and so on. But once the crowds started to fall away and the events weren't as frequent or lucrative, did we have a plan B? Derek very generously underwrote the losses for years, but beyond relying on that generosity I don't see what plan we had for turning things around.
I don't know for sure, but I doubt the plan relied on bumper crowds - I suspect it was more around better utilisation of the Stadium and Conferencing facilities in terms of days used. Bumper crowds would have been a bonus, rather than a need.
I would have said that the Plan A didn't account for the sudden and total cessation of all income streams due to a global pandemic. I am not sure many businesses as complex could pivot quickly enough. That said, taking on such a huge debt was very high risk.
Quote from: Rifleman Harris on October 17, 2022, 11:19:33 AMI would have said that the Plan A didn't account for the sudden and total cessation of all income streams due to a global pandemic. I am not sure many businesses as complex could pivot quickly enough. That said, taking on such a huge debt was very high risk.We had been losing huge sums each year (except for the one off CVC payment) up to the pandemic. Plan A was just not working. I may be in the minority here but I'm a lot more upset by the actions of those we put our trust in to manage the business. Where is Nick Eastwood now?
When was the bond issued, and when was the original repayment date?