Howard Borrell wrote this just before the end of the season but it's message is just as crucial today !
As I write this article our Division Two status has yet to be secured despite a season long struggle against the odds and a nerve jangling win over Blackpool two weeks ago. If we get through the battle a great deal of thanks will be due to you the supporters that have stuck by us in our time of need and particularly in recent months provided deafening noise at both Saltergate and away from home.
Our task has been made so much harder by having the second lowest level of support in the division which, when added to our lack of opportunities for other income streams, was always going to make success so much harder top achieve.
However we're not the only club with problems and at least we're determined to be financially cautious - just look at a few crazy examples.
The nice Sam Hammam, that sold Plough Lane from under the feet of Wimbledon and then managed to strike a deal with some very naïve Icelandic businessmen to walk away with many millions having handed over a financial disaster and a club that had no ground of its own, took over Cardiff City four years ago. Latest financial figures reveal a debt of £23m that now probably exceeds £30m - all owed to Sam; he's also given a commitment to build a new £60m stadium which in the short term must worsen their financial stability. Wasn't it great to see AFC Wimbledon win their League title having risen from the tawdry ashes and did an Arsenal by remaining unbeaten ?
Nearby Sheffield Wednesday are currently deciding whether or not to embrace genial Ken Bates. Now I'm no supporter of Dave Allen but it seems to me his pragmatic and structured approach to clearing the Owls' debt is viable whereas the concept of creating a Hillsborough Village is just the sort of tosh we all fell for at Saltergate not too long ago.
QPR and Derby County are both in terrible financial messes despite both being likely to secure Division 1 status for next season. First QPR entered into an arrangement with a faceless Panamanian company that sees them pay £83,000 per month in interest alone. They may have got rid of a basketful of assorted loans and replaced them with a nice neat one but when you sign up to a worse interest rate it does make you wonder why. Derby duly followed suit just a few months later and entered into a similar arrangement with the same company. Both clubs desperately need a major influx of benign cash and there's no sign of it happening. I don't suppose the Panamanians will worry though because if QPR goes bust the foreign company picks up a piece of priceless West London real estate that they could never have afforded to buy.
At least Leeds United can thank their lucky stars that the master of financial wizardry, Geoffrey Richmond, stepped in to mastermind their turnaround. Yes that's the same Geoffrey that turned Bradford City into a financial disaster and the ground into a white elephant, pocketed a few £m in dividends and turned tail pretty quickly only to turn up as the saviour of Elland Road. Despite the consortium's protestations expect to see Elland Road sold and leased back and many other zany ideas tried (Bradford City currently feel morally but not legally obliged to honour Geoffrey's 25 year season tickets). Just over two weeks ago Geoffrey walked away from Leeds after confirming that the fans had less than 100% support for his involvement, he left his son holding the fort.
Even Champions League over-achievers Monaco were £63m in debt a year ago and in danger of being demoted until Prince Rainier went around the principality with the proverbial begging bowl and produced £39m in a matter of days to secure their future; if only we could match that ease of fund raising. To add a little more perspective Italy top the debtors in Europe with Roma at least £250m in debt and Serie A clubs totalling over £1.5b debt.
Supporters may not like it but there rarely is a sexy way out of problems. We'd all like to wish our reckless credit card bills easily away but the reality is that only sensible stewardship solves individuals and clubs' problems. Our guests today, Luton, know as well as us the horrors of administration and will be just as determined not to return.
Whatever our fate is just look back to the last day of the Conference season and note that Exeter and Hereford both had attendances in excess of 7,000. Both seemed to be in terminal decline but hard work and good housekeeping got them through just as it will
Us
By Howard Borrell
