Press
Release
Trust to Question Board
over Debt
The
Walsall Supporters' Trust has submitted a series of questions to the
forthcoming AGM of Walsall FC. These questions focus upon the club’s
significant operating loss and its short-term financial management. The questions
are as follows.
1.
It was pleasing to note that Sporting Khalsa
provided the ball-boys for the designated ‘Kick Racism out of Football’ fixture
against Doncaster, following on from the clubs’ pre-season friendly. What other
specific strategies are the Community Liaison Team deploying to increase
engagement with local minority communities in the Borough? How will the Club
assess whether these have been a success?
2.
The decision to invite Ron Atkinson to appear
as an after-dinner speaker at Bescot Stadium clearly conflicts with the club's
involvement in the 'Kick Racism out of Football' campaign. Could the club
clarify:
3.
Walsall FC Ltd. is currently reporting net
liabilities of £1.128 million. The auditors report that it is reliant on the
directors’ ongoing financial support to continue as a going-concern over the
next twelve months. Under what circumstances would the directors withdraw their
support?
4.
The accounts reference cash-flow forecasts
that were made before they were signed. How is the business currently
progressing against these cash flow forecasts? Based upon actual cash-flow and
projected forecasts, will the next set of accounts for the current financial
year show increased liabilities to the Directors?
5.
What specific plans are in-place to ensure
that Walsall FC Ltd becomes self-sufficient rather than depending upon loans
from the Board of Directors? Under what circumstances will the Board sell our
rising stars in order to meet the club’s liabilities?
Trust
Chair Richard Hall hopes that the issues raised will be seen by the club in a
positive light. He noted that “with falling turnover and gate receipts,
operating losses appear to have been reduced by the sale of assets. The club
has also been supported by a loan from Mr Bonser. We feel that supporters and
shareholders should know how the club’s debts will be managed.”
Note to editors:
The Walsall Supporters’ Trust is a membership organisation of dedicated Walsall FC supporters and is also a major shareholder in the football club with 208 shares.