Post by Jon on Sept 20, 2016 23:14:22 GMT
Latest from TUST:
UPDATE - Independent Financial Review
Dear Member,
On Monday 19th September the boards of TUFC and TUST met again to continue open and positive discussions about the future of the club.
The TUFC Board explained that they are in discussions with a number of parties about investing in the club, however it was acknowledged that positive discussions do not necessarily result in a satisfactory and timely conclusion, as the last few years have clearly demonstrated.
As is widely known, the financial situation within the club is extremely tight and at our last meeting with the TUFC Board on 25th August, the club agreed to the idea of an independent financial review to be conducted on behalf of TUST and it’s advisers: - clubdevelopment.coop/executif/nick-igoe/
Following our latest meeting, the board have followed through on their intention to share on a confidential basis all the necessary financial information with TUST and it's advisers and this review will be concluded over the next few weeks.
As previously advised, this first step will be funded by TUST at an approximate cost of £2000 + VAT.
The key objective of the review is to enable TUST to assess whether the club can be run in a sustainable way under community ownership.
The review will enable TUST to produce an outline business case, developing initial assumptions about what level of community investment might need to be generated as both one-off and on-going cash injections.
To protect the commercial interests of the club, the TUST and TUFC boards have jointly signed a non-disclosure agreement. Unfortunately this is a necessary part of the initial process, but we must acknowledge that it will clearly hinder how much TUST members can be advised of the details of the review during this early liaison period.
The TUST board has also agreed that in the interests of the club's future, it would not be appropriate for TUST to have an exclusivity period at this stage. This makes sense, as until the independent financial review is completed, the TUST Board does not know how realistic community ownership is for our club and there might be a private investor out there who has the long term interests of the football team at heart and neither TUST or the current club board wish to prejudice such opportunities progressing at this point in time. However both parties have agreed that if community ownership subsequently looks feasible, we will meet again to discuss an appropriate exclusivity period to cooperatively develop the approach and jointly work to ensure that the concept is marketed to ensure that it is as successful as we can make it, in terms of protecting the long term future of the club.
The next TUFC/TUST board meeting is on 19th October. The outcome of the financial review will be the key agenda item.'
Kind Regards,
Michael
UPDATE - Independent Financial Review
Dear Member,
On Monday 19th September the boards of TUFC and TUST met again to continue open and positive discussions about the future of the club.
The TUFC Board explained that they are in discussions with a number of parties about investing in the club, however it was acknowledged that positive discussions do not necessarily result in a satisfactory and timely conclusion, as the last few years have clearly demonstrated.
As is widely known, the financial situation within the club is extremely tight and at our last meeting with the TUFC Board on 25th August, the club agreed to the idea of an independent financial review to be conducted on behalf of TUST and it’s advisers: - clubdevelopment.coop/executif/nick-igoe/
Following our latest meeting, the board have followed through on their intention to share on a confidential basis all the necessary financial information with TUST and it's advisers and this review will be concluded over the next few weeks.
As previously advised, this first step will be funded by TUST at an approximate cost of £2000 + VAT.
The key objective of the review is to enable TUST to assess whether the club can be run in a sustainable way under community ownership.
The review will enable TUST to produce an outline business case, developing initial assumptions about what level of community investment might need to be generated as both one-off and on-going cash injections.
To protect the commercial interests of the club, the TUST and TUFC boards have jointly signed a non-disclosure agreement. Unfortunately this is a necessary part of the initial process, but we must acknowledge that it will clearly hinder how much TUST members can be advised of the details of the review during this early liaison period.
The TUST board has also agreed that in the interests of the club's future, it would not be appropriate for TUST to have an exclusivity period at this stage. This makes sense, as until the independent financial review is completed, the TUST Board does not know how realistic community ownership is for our club and there might be a private investor out there who has the long term interests of the football team at heart and neither TUST or the current club board wish to prejudice such opportunities progressing at this point in time. However both parties have agreed that if community ownership subsequently looks feasible, we will meet again to discuss an appropriate exclusivity period to cooperatively develop the approach and jointly work to ensure that the concept is marketed to ensure that it is as successful as we can make it, in terms of protecting the long term future of the club.
The next TUFC/TUST board meeting is on 19th October. The outcome of the financial review will be the key agenda item.'
Kind Regards,
Michael