Several hundred people crammed in to the Top Floor Restaurant at Dean Court to listen to Chairman Peter Phillips and his current assessment of the situation at Dean Court. They keys points that were made:
1. Carrying legacy debts.
Monies repaid to the PFA to lift the transfer embargo.
2. The cost to build the Stadium.
A deal was struck that saved the Club £500,000 with Barr who were owed £1m.
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3. Overall Operating losses.
Other creditors.
Staying alive on a dat-to-day basis.
Other points raised:
Attendances doubled since we moved to the new stadium.
We were knocked out of cups earlier last season, no play-off receipts.
Increased commercial income through the Top Floor Restaurant.
Less money from the Football League as well as less TV money.
Collapse of the domestic transfer market.
Overall increases in revenue have not been sufficient to cover losses elsewhere.
Timing of CS II
Clubs most aggresive creditor is the Inland Revenue, who are owed £350,000.
The summer concerts lost money, money which was hoped to finance the new pitch. Also saw no home pre-season friendlies.
No white knight to bail Club out.
Need money to invest in projects which will generate a return.
What can WE do as fans?
Sign up to CherryShare II membership of Community Mutual a pre-req, but this can be overcome - also renew Exiles Membership with sponsorship donation which will go to CherryShare II through the Exiles Shareholding).
Sign up to regular monthly payments to Cherry Share II.
Sign up to Cherry Hotshots.
More information can be found by emailing the Club direct, or the Exiles Club.