Shrimpers Trust News Shrimpers Trust AGM

[Cricko]

At least its a really good time to be getting loans out

RM has stated on numerous occasions that he puts in 150k plus a month to cover the shortfall in costs. Whether you believe that or not (i don't) if he has not done so for 2 months at least now that is 300k that TL finds himself short of when it comes to paying wages and bills. RM obviously has no money so is trying to get a bridging loan.

 

[mattytheshrimper]

RM has stated on numerous occasions that he puts in 150k plus a month to cover the shortfall in costs. Whether you believe that or not (i don't) if he has not done so for 2 months at least now that is 300k that TL finds himself short of when it comes to paying wages and bills. RM obviously has no money so is trying to get a bridging loan.

Like others have already said, if you can't afford to run a football club then you have to either leave or accept investors. That would seem common sense and would help everyone except Ron who would lose a chunk of his housing estate dream, I mean football stadium. Us as fans and of course the club are left to the mercy of Ron which isn't exactly an ideal situation to be in.

That being said, Ron loves telling everyone that he puts 150k into the club every month to cover the shortfall BUT surely that shortfall is his fault through miss-management of funds the club does get and not living to their means. Yes it might be hard times but it's not like we're not used to that, if only he was actually honest and said it how it was, perhaps fans might understand a bit more. It's the radio silence that makes things 100 times worse.

 

[Cricko]

Like others have already said, if you can't afford to run a football club then you have to either leave or accept investors. That would seem common sense and would help everyone except Ron who would lose a chunk of his housing estate dream, I mean football stadium. Us as fans and of course the club are left to the mercy of Ron which isn't exactly an ideal situation to be in.

That being said, Ron loves telling everyone that he puts 150k into the club every month to cover the shortfall BUT surely that shortfall is his fault through miss-management of funds the club does get and not living to their means. Yes it might be hard times but it's not like we're not used to that, if only he was actually honest and said it how it was, perhaps fans might understand a bit more. It's the radio silence that makes things 100 times worse.

Which brings us back to the question how do much smaller clubs with small crowds etc manage to survive and seem to be in a much better financial position than us,

 

[Holy Joe]

Surely SUFC has about 1,000 loans to pay back already, all paying probably horrendously high interest to compensate for Ron being completely inept of anything.

I don't think the club has any bank loans. Certainly never used to.

Depends if you class trade payable as a 'loan' - I think many years ago hmrc expressed they were fed up as being used as a overdraft facility by football clubs, hence they're much quicker to take action than they used to be. There will be other suppliers likely owed money, but I wouldn't class that as a loan.

 

[Murkey_Mouse]

The Shrimpers Trust did the right things, I take my hat off to them

I think we should take FA Trophy more seriously as an run to Wembley would help, much as we keep winning to get 7k crowds every home games.

 

[londonblue]

THE Shrimpers Trust have loaned Southend United £40,000 in a bid to ease the club’s cash concerns.


Blues are still struggling to pay their staff for October.
Speaking at the Shrimpers Trust AGM, chairman Paul FitzGerald confirmed the loan had been made.
He said: “Two weeks ago we became aware of a serious shortfall in the club’s ability to pay non-playing staff.
"We discussed this, and despite our obvious concerns, we have loaned the club a significant sum.”
“At that time, based on the evidence we were given, we felt it was the right thing to do.”

The terms of the loan mean the club are expected to pay back the Trust within the next three months.

When I click on the link it takes me to the Clarins website.

 

[Chris Powell's mate]

Like others have already said, if you can't afford to run a football club then you have to either leave or accept investors. That would seem common sense and would help everyone except Ron who would lose a chunk of his housing estate dream, I mean football stadium. Us as fans and of course the club are left to the mercy of Ron which isn't exactly an ideal situation to be in.

That being said, Ron loves telling everyone that he puts 150k into the club every month to cover the shortfall BUT surely that shortfall is his fault through miss-management of funds the club does get and not living to their means. Yes it might be hard times but it's not like we're not used to that, if only he was actually honest and said it how it was, perhaps fans might understand a bit more. It's the radio silence that makes things 100 times worse.

Have said the highlighted many times.
I would change 'honest for transparent, but it's much the same thing regarding communication.
Ron has history of saying nothing, and this poor state of affairs is all the more evident when the likes of Stan and Tom have been as upfront as they can be.
I'd love to know how often he's encouraged to update fans, and what his reply is.

 

[Cricko]

When I click on the link it takes me to the Clarins website.

Yes i left that there just for you.. Your wife said you needed a hint for Christmas,

 

[londonblue]

Yes i left that there just for you.. Your wife said you needed a hint for Christmas,

The funny thing is she loves Clarins and I am getting her something, but from the boys. I even have a Clarins voucher to spend!

 

[Shrimper]

It does also contain a penalty clause. I won’t go into detail about the specifics.

Whose taking it? Bridge?

 

[londonblue]

Whose taking it? Bridge?

Hopefully not. He got lucky against Dorking.

 

[EnglandShrimper]

Following the Annual General Meeting held in the Shrimpers Bar on Monday 14th November 2022, the Shrimpers Trust Board can confirm that it has loaned Southend United Football Club £40,000.

During the course of ongoing dialogue between the Trust and the Club earlier this month, we were made aware of considerable cashflow problems for the Club that may have had severe implications upon the continued on-field success of the first team.

Speaking at the AGM, Trust Chair Paul FitzGerald stated: 'Two weeks ago we became aware of a serious shortfall in the club's ability to pay non-playing staff. We discussed this, and despite our obvious concerns, we have loaned the club a significant sum. At that time, based on the evidence we were given, we felt it was the right thing to do.'

Despite making this considerable contribution, the Trust continues to reiterate its position that this is an unacceptable situation that requires the Club to undertake remedial work as a matter of priority. The performance of the team on the field of play has shown remarkable promise, but that will only be sustainable when all components of the operation, on and off the pitch, are working together.

There are many unsung heroes away from the public eye who endeavour tirelessly to underpin the success of the first team, and who we feel require some security in these difficult financial times. We anticipate that this gesture, together with the co-ordinated GoFundMe initiative launched by the supporters' groups yesterday, can go some way to providing this.

This was not a decision that the Board took lightly, and due consideration was given to consulting with Members, but this was not practical at that point in time, and we believe it was the correct thing to do for the benefit of everyone connected to Southend United Football Club.​

The loan is required to be repaid within three months.

Which members were consulted as I have not been contacted??

 

[Holy Joe]

Which members were consulted as I have not been contacted??

It clearly says consulting members was not practical

 

[seve le six]

The Shrimpers Trust did the right things, I take my hat off to them

I think we should take FA Trophy more seriously as an run to Wembley would help, much as we keep winning to get 7k crowds every home games.

The flip side to this is that players can get injured which would jeopardise our league position, with a continuing embargo.
I myself am not sure what's for the best.

 

[Supa Shrimpa]

Surely, that's the members money. Not theirs to lend to a company that is unlikely to pay it back ?

 

[EnglandShrimper]

It clearly says consulting members was not practical

Thanks MattE

 

[EnglandShrimper]

Surely, that's the members money. Not theirs to lend to a company that is unlikely to pay it back ?

Exactly this. I have no faith it will be repaid.

 

[Shrimper]

RM has stated on numerous occasions that he puts in 150k plus a month to cover the shortfall in costs. Whether you believe that or not (i don't) if he has not done so for 2 months at least now that is 300k that TL finds himself short of when it comes to paying wages and bills. RM obviously has no money so is trying to get a bridging loan.

And what if he cannot pay back the loan? Which is likely

 

[hlane17]

Surely, that's the members money. Not theirs to lend to a company that is unlikely to pay it back ?

As a member myself I'm not happy at all with this. Not how I imagined my membership fee being used. I thought the fundraiser was going to cover such costs?

Bet we'll never see that money again.

 

[rlb999]

Done with the best of intentions, clearly. If the Trust gets paid back it will go down as a good decision. If the Trust never sees the cash again, it will be a waste of money that could have gone towards a Phoenix. Am not clear what the Trust rules are on committing a large sum such as this - I'm surprised some sort of vote wasn't needed? And I'd be interested to know what problem the £40k has solved - can they now pay the backroom staff for 1 month, 2 months, what?