How worried should we be?

As reported by Ted (!), the BBC and now the Official Conference Website (even if it is just a carbon copy of the BBC’s article), and confirmed by the London Gazette, our club appears to be in financial trouble. Sound familiar?

 

 

Click for bigger view

Click for bigger view

 

 

With Benny Hill gone and a competent chairman at the help, as well as a rise in attendence for the first time in years last season, a feeling of optimism had returned to Nene Park.  I am no financial king, but the words winding-up and Insolvency Act 1986 do not exactly fill me with close season glee. Indeed, it has more than dampened my pre-season optimism about the general well-being of our club.

The thing is, I don’t know how much to panic. Should we be roaming the streets of greater Northamptonshire, jangling a bucket of coppers? Or should we be planning our weekend trips to York and Cambridge next season? I really don’t know whether we should be at red-alert or Ted-alert – this isn’t the first time he has predicted our club’s downfall, and it is not the first time that a club has faced a winding-up order and lived to tell the tale.

Helen Thompson’s brief statement – which was reported by the BBC as reading “The fans, staff and volunteers will see this through. Nene Park is not an easy place to run compared to other clubs due to the massive overheads involved in such a stadium” – has neither increased nor diminshed my worries. Contrary to what this article may insinuate, I do have an immense amount of respect and confidence in the people who run our club, and I do appreciate the huge amount of work it takes to run Rushden and Diamonds FC, with the fallen attendences and the struggling economic blahdy blah. But it would be comforting to hear a bit more about the situation from the club, and not have the news relayed through the BBC’s notoriously poor non-league coverage.

However – the club seems to be planning for the long-term, not short-term future, which is surely heartening. New players are being brought in, such as James Reid, who impressed against Rothwell, and five trialists are currently training with the squad, with the obvious chance that they (and their wages) might be taken on board. Is this the action of a club in financial crisis? Surely if things were too bad Keith Cousins would have severely restricted Edinburgh’s close season freedom.

Just another day as a Diamonds fan

Just another day as a Diamonds fan

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15 Responses to How worried should we be?

  1. Ted says:

    I know that I’m public enemy number 1 as far as Diamonds fans are concerned, but this is not about me, it’s about the fans of Rushden & Diamonds.I think it’s deplorable that fans should find things out second hand,and from a supporter of another club.As I have already said, it appears that once again the powers that be are endeavoring to sweep the ‘dirt’ under the carpet, and I personally believe that you fans deserve better.

  2. RDFC Fans Blog says:

    (I presume you are replying to comments in the “Hibernation” post.)

    I agree (except with the last bit, which I have edited out for obvious reasons). It’s frustrating not to hear news from the club directly. We’ll just have to hope for the best come July 15th, 10.30am. 😦

  3. RDFC Fans Blog says:

    Surely, though, if we were in very serious trouble we would not have been signing players this summer – much less be currently entertaining 5 trialists, with the obvious chance of bringing them (and their wages) on board…. ?

  4. Ted says:

    I suspect it’s a case of the powers that be carrying as normal and hoping it will all go away.JE has been given a budget and a briefing from the chairman to do a job.JE is a professional, and he will carry on doing that job until he’s told otherwise.That of course means that he will keep on signing players and taking on trialist.Remember,all of the players signed have cost little or no money to sign,so the only outlay is once a month on wages day.You can only hope that with the two Directors departing, two other investors will come in and steady the ship.However, you don’t need me to tell you how difficult things are on the economic front at the present time.I personally thing that the demise of Setanta has hit hard, and contrary to the statements that came of Nene Park,the Setanta money was budgeted for,and now you’re seeing the result of it not materialising.

  5. RDFC Fans Blog says:

    I have a bit more faith in KC than you do, apparently. I don’t think he operates on a hope-it-all-goes-away mentality.

  6. Ted says:

    Still no mention of the current situation on the Offical site, and still no mention of the two Directors resigning on Tuesday.I do find this a bizarre situation, and one which must displease the fans greatly.

  7. RDFC Fans Blog says:

    It’s been discussed on the forum’s that creating a panic would have a spiral effect – sponsors would worry and pull out, people planning on using our facilities might not want to, scared of losing a deposit… while I see your point, and agree that it would be nice if the fans were addressed in some fashion, there are two sides to the argument – while I’d dearly like to hear something form the club themselves, there are risks associated with coming out into the open.

    If the powers that be think we can ride this out, July 15th is not long away – maybe the benefits of keeping shput outway that of releasing a statement outlining our financial situation.

  8. Anonymous says:

    Irish- News of the winding up order and a brief statement by Dolly has appeared in the Chronicle & Echo, the Evening Telegraph, the Herald and Post, the Non League Paper and on the BBC website and local radio.The damage has been done, and it now requires a statement from the owner of the Football Club to clarify the situation.At the present time, believe me, no news is bad news, and the silence from the chairman is deafening.

  9. Ted says:

    Sorry Irish, that was me, as if you didn’t guess.

  10. RDFC Fans Blog says:

    Interesting: link

  11. Ted says:

    I’m sorry to bring down your raised optimism Irish, but you still don’t appear understand the scenario.Yes, I believe that it’s true, there is still money left in JE’s budget.However, the budget for this season was decided in a meeting between the Chairman and JE in May, before the first winding up petition was made by the Inland Revenue.JE’s budget is not a physical amount of cash that he has in his proverbial pocket to spend.It is merely an amount that he has to keep within during the course of a season’s spending.This amount can fluctuate of course, and it can go up, when there is a windfall of cash from an investor or a player sale,but it can also go down, when there is a shortfall in expected income, such as the loss of the Setanta cash.This is why you need reassurance form the chairman, not the manager, that there is money to spend on players, and as yet I haven’t seen any of those reassurances.I suspect that JE is speaking with regards to his original meeting with the chairman, and not one that he’s had recently.

    • RDFC Fans Blog says:

      I don’t agree – surely KC and JE would’ve had a little chat by now in which Cousins would have updated (ie decreased) the budget, in light of the recent financial situation at the club. Much less would JE randomly release a statement saying that we have some more money to spend on transfers.

      I think this is a subtle PR ploy by the club to calm everyone (the fans, the sponsors etc.) down a little bit.

  12. Ted says:

    In light of the recent news, I think it’s time to draw a line under this, and for you guys to perhaps have a little celebration drink. Best wishes King Ted.

  13. Anonymous says:

    Start worrying again everyone. Bad vibes coming out of Nene Park.

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