Double Whammy

By: Rob Sedgwick
Date: 08/08/2000

Double Whammy

By Bill Osborne/Rob Sedgwick
26th July 2000

The proposed change in the articles of association was defeated at today's AGM. Although the vote received a majority support from shareholders, the 75% majority required to change the constitution by the club's own rules was not attained, mainly due to votes against the proposal from the "Old Board" faction of shareholders.

The vote represents a "double whammy" for the business plans of the current board, after the council's vote nearly 2 weeks ago to refuse to change the local plan to allow a new stadium in Great Coates. It's hard to know where the board will turn next after two recent key decisions by local people in the last few days have all but thwarted the board's plans for the future.

The major talking point at the AGM was the board's decision to put aside future money earned from the new TV and Internet deals with OnDigital and NTL respectively in bonuses to the current squad, rather than investing in new players. The critical issue is that as most of the money will come from avoiding relegation next season, the board have decided to reward the existing players for staying up, rather than put (effectively borrowed) money aside in the hope of staying up.

At the GTFC Annual General Meeting today the Chairman, Doug Everitt, stated that players could receive £25K bonus for staying in the first division.

The payments will come from the new television payments of £1m and a further £150k from the Internet contract.

Mr. John Fenty a former director asked if the money would be better spent on giving it to Alan Buckley to strengthen the squad. The chairman stated that money would be made to Alan Buckley as and when necessary. Mr. Fenty responded by saying it is necessary now.

The board's bid to revolutionise the business was defeated by shareholders.The plans for a share issue could not be voted on after a key resolution was defeated. That was the changing of the clubs articles of association, which would have enabled Town to appoint directors without them giving financial guarantees or compelling them to hold shares in the club. The resolution was defeated on show of hands but in a poll called for by the current board it was won by 114,000 to 96,000 but the necessary 75% majority for it to be adopted was not attained.

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