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| Following Thursday’s dismissal of Addison and Nicholas, Friday brought the news that the Management Committee had sought a Company Voluntary Arrangement (CVA) with its creditors.
This arrangement, if successful when placed in court on 25th March, would secure the financial stability of the football club and allow the future to be addressed without the burden of debt that is currently crippling the club.Leigh Dineen, our representative on the committee was party to the discussions, and from our perspective as fans, this course of action is the only way forward if this club is to survive. Trust Secretary, Paul Nicholas said today "The way in which this week’s news has been broadcast leaves a lot to be desired and Leigh has delivered that message back to the consortium in strong terms. But it is clear now that the announcements regarding the agreement with the council over the sale of the Vetch lease, the dismissal of Addison and Nicholas, and the disclosure of the CVA were subject to critical timing, and without all three pieces of information, a full understanding by fans was not possible.The Council had and has insisted on total confidentiality, but the cash deal on the lease, disclosed on Tuesday last week, was fundamentally important to the whole plan. If the CVA had been announced before the agreement with the council, then the lease became void and valueless." The Addison/Nicholas situation in isolation was easily the most unpalatable, and even with the subsequent information we have been given, this decision will not be accepted by a large proportion of fans, and the debate will rage for some time to come. Without all the facts before us, fans are left to speculate on numerous newspaper reports. That is not the best way, but we will not be given all the facts in all cases. The subsequent announcement of the CVA proposals gave some indication for the reasoning behind the sackings, but the delay in the release of this news was not good for the club. The state of the finances has now been clearly set out in the club release, and we must all accept that the CVA is the only way forward for survival, of that there can be no doubt. |
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