All doom and gloom on the Wealdstone Forum, one of the directors posted this in response to the mood...
I understand some of the fatalistic attitudes on this thread and emotions are very high. We had a board meeting last night and it was similar to be honest, it's devastating to be in this position but we have to accept it for what it is and ensure there is a response this week and beyond.
Relegation will not stop the new stadium from being built. That is a business deal and the current path isn't tied to investment in the football club itself. The broader opportunity is much bigger than National League status.
It will be harder to find investment in the football club but certainly not impossible, it will just narrow the pool of interested parties because some will want National League status as a minimum.
As a board we've spent the past 18 months talking to a whole range of potential investors and there are currently a number of barriers. Our short term lease at The Vale creates a lot of uncertainty, it's asking a lot for someone outside of the club to put in millions of pounds right now when we don't have security of tenure and the new stadium is still x years away - investors want progress and they can see the money that would be required to bring The Vale up to EFL standard to challenge for promotion. For some it's cash they are willing to spend, for others it's a red line because it's throwaway. They aren't going to take over, pump in millions just to stand still or tread water for up to 5 years.
Btw, work has been done with the landlords to try and secure the necessary lease given the changes to the National League requirements (which also will apply to NLS). This isn't signed yet and whilst nothing is certain, we are confident it will be shortly. The National League board are fully aware. An unexpected benefit of the rule changes and this new lease is we will have the security of tenure required to make the play offs if we ever got there as the EFL have changed their entry criteria to line up with the National League. Notwithstanding my point about the work required to do to The Vale..
If we want millions of pounds, we have to accept that means investors want control. Our ownership structure means they are reliant on 75% of over 600 shareholders approving their offer, they aren't negotiating with one person like many other clubs. So that creates jeopardy for them and means they have to create a compelling case to convince hundreds of people they don't know to accept their offer. There are many other clubs out there seeking investment where there is less friction in a takeover process.
We've even had what we call "micro investors" predominantly from the US who don't want to own the club but want to put in six figure sums on the basis their stake will appreciate in value over the years. Our constitution doesn't have any drag along rights nor any anti-dilution rights - a legal provision that protect investors from having their ownership percentage reduced in a company when new shares are issued. So when they realise that their stake in the club will be reduced because we have to continue issuing shares to fund it, they pull out.
Some of the people we have met over the last 18 months have been chancers, time wasters and fundamentally the wrong people for Wealdstone. However, that's not our decision as a board to make. If we ever get to a point where there is a concrete offer on the table, it will be brought to shareholders to consider. Right now, we have not had a single concrete offer although we are in discussions with a number of parties.
I said it at the AGM - I think we will get an investment offer in the near future, but whether that offer convinces shareholders to make such a radical change to the way the club is structured and run is another thing. So I do understand the frustration that we can't seem to be able to get what other clubs have, but our circumstances are pretty unique and that creates alot of challenges.
I think I speak for all of the board that all of us would step down tomorrow if an individual or a group came along with millions to spend and shareholders approved a takeover. Until you've sat in the seat it's impossible to understand just how much time and energy it takes to run a club like ours. We try and see the world for how it is, not how we want it to be and the reality is we don't have the resources - human or financial - to consistently compete at this level. We are miles behind almost every other club. You have board members carrying out operational roles such as bookkeeping, running the ticket office, carrying out legal work etc etc because we can't afford to pay staff. It takes its toll on our families, our careers and even health.
We're not relegated yet, we still have a chance of staying up but unless investment is secured it will be like this again next season and the season after that. That's just the reality of the club we are. We're doing everything we can to change it and the first step is getting everyone who cares about the club to the game on Monday to create a wall of noise to show the players that we're not willing to go down without a fight. UTS.
I understand some of the fatalistic attitudes on this thread and emotions are very high. We had a board meeting last night and it was similar to be honest, it's devastating to be in this position but we have to accept it for what it is and ensure there is a response this week and beyond.
Relegation will not stop the new stadium from being built. That is a business deal and the current path isn't tied to investment in the football club itself. The broader opportunity is much bigger than National League status.
It will be harder to find investment in the football club but certainly not impossible, it will just narrow the pool of interested parties because some will want National League status as a minimum.
As a board we've spent the past 18 months talking to a whole range of potential investors and there are currently a number of barriers. Our short term lease at The Vale creates a lot of uncertainty, it's asking a lot for someone outside of the club to put in millions of pounds right now when we don't have security of tenure and the new stadium is still x years away - investors want progress and they can see the money that would be required to bring The Vale up to EFL standard to challenge for promotion. For some it's cash they are willing to spend, for others it's a red line because it's throwaway. They aren't going to take over, pump in millions just to stand still or tread water for up to 5 years.
Btw, work has been done with the landlords to try and secure the necessary lease given the changes to the National League requirements (which also will apply to NLS). This isn't signed yet and whilst nothing is certain, we are confident it will be shortly. The National League board are fully aware. An unexpected benefit of the rule changes and this new lease is we will have the security of tenure required to make the play offs if we ever got there as the EFL have changed their entry criteria to line up with the National League. Notwithstanding my point about the work required to do to The Vale..
If we want millions of pounds, we have to accept that means investors want control. Our ownership structure means they are reliant on 75% of over 600 shareholders approving their offer, they aren't negotiating with one person like many other clubs. So that creates jeopardy for them and means they have to create a compelling case to convince hundreds of people they don't know to accept their offer. There are many other clubs out there seeking investment where there is less friction in a takeover process.
We've even had what we call "micro investors" predominantly from the US who don't want to own the club but want to put in six figure sums on the basis their stake will appreciate in value over the years. Our constitution doesn't have any drag along rights nor any anti-dilution rights - a legal provision that protect investors from having their ownership percentage reduced in a company when new shares are issued. So when they realise that their stake in the club will be reduced because we have to continue issuing shares to fund it, they pull out.
Some of the people we have met over the last 18 months have been chancers, time wasters and fundamentally the wrong people for Wealdstone. However, that's not our decision as a board to make. If we ever get to a point where there is a concrete offer on the table, it will be brought to shareholders to consider. Right now, we have not had a single concrete offer although we are in discussions with a number of parties.
I said it at the AGM - I think we will get an investment offer in the near future, but whether that offer convinces shareholders to make such a radical change to the way the club is structured and run is another thing. So I do understand the frustration that we can't seem to be able to get what other clubs have, but our circumstances are pretty unique and that creates alot of challenges.
I think I speak for all of the board that all of us would step down tomorrow if an individual or a group came along with millions to spend and shareholders approved a takeover. Until you've sat in the seat it's impossible to understand just how much time and energy it takes to run a club like ours. We try and see the world for how it is, not how we want it to be and the reality is we don't have the resources - human or financial - to consistently compete at this level. We are miles behind almost every other club. You have board members carrying out operational roles such as bookkeeping, running the ticket office, carrying out legal work etc etc because we can't afford to pay staff. It takes its toll on our families, our careers and even health.
We're not relegated yet, we still have a chance of staying up but unless investment is secured it will be like this again next season and the season after that. That's just the reality of the club we are. We're doing everything we can to change it and the first step is getting everyone who cares about the club to the game on Monday to create a wall of noise to show the players that we're not willing to go down without a fight. UTS.
