Kelty/ Is this a joke - merged thread

[RiG]

2 minutes ago, ymip said:

The North Caley comments from the Courier are absolutely ridiculous. The currant buns liquidated, stiffed their face painter and ended up in League Two. Our debts appear to be largely to directors so I struggle to see how the SPFL can do us for anything more than the regular 15 points. Keep the heid mun!

Yeah but a more level headed piece won't get those clicks that the Courier so depserately craves nowadays.

[ALM]

A_Scot_A4.pdf

[RiG]

 

[RednBlackComeback]

What an informative statement! All our questions have been answered in full!

 

[ymip]

Grounds for optimism and seems sensible to be speaking to an insolvency practitioner.

Kelty RIP.

Edited June 5 by ymip

[caley100]

Step in Mr Savage?

[Jack Waddington]

6 minutes ago, caley100 said:

Step in Mr Savage?

Marius Niculae out of retirement

[RiG]

Absolutely no acknowledgement of the events of the last few days. Nothing about the Chairman resigning. Nothing about the laughable situation we found ourselves in with Kelty / Fife Council. Nothing about the overdue accounts. Nothing about the lack of communication. Nothing about anything really other than things are looking pretty shit right now. And no apology to supporters for any of this.

Edited June 5 by RiG

[northstandfan]

just gardiner to get rid of now

[+snorbens_caleyman]

"For clarity, on the football front, we have decided to remain training at Fort George for the foreseeable future."

Given the board's ability to foresee the future, that should see us safely up to tea-time today.

[EvilWhiteStripe]

I guess all those who attended the Supporters Trust meeting are going to get what they want.

I just hope there is a club to support on the other side of this.

[Leaky Blinder]

Given the numbers the board must be privy to it does make you think they've been fed a jackanory set of budget projections for 24/25 by Gardiner to conclude it was in any way possible to remain full time next season 

[old caley girl]

4 minutes ago, EvilWhiteStripe said:

I guess all those who attended the Supporters Trust meeting are going to get what they want.

I just hope there is a club to support on the other side of this.

Even if there isn't things couldn't ho on the way they were? This is not fans fault. The board are custodians of the club and have allowed things to get out of hand and the CEO to do what he wanted with no checks and balances. 

[EvilWhiteStripe]

Just now, old caley girl said:

Even if there isn't things couldn't ho on the way they were? This is not fans fault. The board are custodians of the club and have allowed things to get out of hand and the CEO to do what he wanted with no checks and balances. 

I never said it was the fans fault. But it was clear from the meeting notes from the supporters trust meeting that going into administration was a popular choice.

[Scotty]

3 minutes ago, EvilWhiteStripe said:

I never said it was the fans fault. But it was clear from the meeting notes from the supporters trust meeting that going into administration was a popular choice.

Not sure about a popular choice. A better turn of phrase might be 'lesser of two evils'

[IcyT]

I guess that whichever way this goes we get a reset.  If a buyer comes in, I'm guessing they'll have to be in a position to inject sums (whether loans or otherwise) to clear existing debts, or do a deal to reduce them.  If those debts are owed to existing shareholders, then presumably they'd be better off getting something towards them rather than nothing if the company went into administration?  So they shouldn't be too difficult?!!

If it's administration and we drop a league or whatever, we get going again from a manageable base, and with the whole community re-engaged.  Back to basics.  Get Spider in and develop the great players on our doorstep.

[EvilWhiteStripe]

4 minutes ago, Scotty said:

Not sure about a popular choice. A better turn of phrase might be 'lesser of two evils'

Obviously I wasn't at the meeting, but from reading the reports it certainly seemed popular and the preferred option over training being moved. Personally I would certainly prefer the club training in Fife over the club ceasing to exist.

Either way, looks like Admin is where we are heading. I just hope we have a club to continue to support once it is done.

[EvilWhiteStripe]

1 minute ago, IcyT said:

I guess that whichever way this goes we get a reset.  If a buyer comes in, I'm guessing they'll have to be in a position to inject sums (whether loans or otherwise) to clear existing debts, or do a deal to reduce them.  If those debts are owed to existing shareholders, then presumably they'd be better off getting something towards them rather than nothing if the company went into administration?  So they shouldn't be too difficult?!!

If it's administration and we drop a league or whatever, we get going again from a manageable base, and with the whole community re-engaged.  Back to basics.  Get Spider in and develop the great players on our doorstep.

You are assuming that we come out of administration and don't get wound up.

[IcyT]

2 minutes ago, EvilWhiteStripe said:

You are assuming that we come out of administration and don't get wound up.

Yes indeed, but if things are so catastrophic that a winding-up is on the cards, then that surely couldn't have been solved by moving to Kelty, paying Big Dunc, staying full-time.  There must be someone out there who can fill the Red John void if that's what has sent things into the abyss....

[EvilWhiteStripe]

4 minutes ago, IcyT said:

Yes indeed, but if things are so catastrophic that a winding-up is on the cards, then that surely couldn't have been solved by moving to Kelty, paying Big Dunc, staying full-time.  There must be someone out there who can fill the Red John void if that's what has sent things into the abyss....

Well the thing is we just don't know how bad things were because we haven't seen the accounts.

That the statement mentioned the loss of a 7 figure sum that was incoming to club is surely going to be a major factor. I would expect that the move to Kelty, remaining full time etc.. was forecast based on this money being received by the club. Now that we aren't getting what looks like a significant and huge sum of money has changed the game entirely.

Administrators are going to have to strip back everything, this is probably going to mean redundancies and part time football. Then the work begins on finding out if we have a viable business, or at least some altruistic person to come in and buy the club and I am really not sure that person exists, certainly not for a League One club.

I hope among hope that we come out the otherside stronger and better, but from where I am at the moment it really doesn't look likely.

[IcyT]

On the positive side, the Board is supposed to be talking to potential investors. The biggest risk is cashflow - not enough to pay the bills as and when.  My understanding was that the 7-figure sum was the aggregate amount hoped to come in, but it was scheduled in £300k tranches, perhaps.  Hopefully, substitute cash can come in on that scale (even if by way of loan from a party who's not going to require repayment any time soon) to give the club breathing space.  Gardiner the blockage can walk, and then we get the season ticket sales, etc., and additional local investment. 

[Rebus1746]

Reporter Scott Maclennan:

Major developments this afternoon from Caley Thistle and other sources have been in touch so there is more to come

https://x.com/sgmaclennan1/status/1798366570890313863

Edited June 5 by Rebus1746

[Satan]

14 minutes ago, Rebus1746 said:

Reporter Scott Maclennan:

Major developments this afternoon from Caley Thistle and other sources have been in touch so there is more to come

https://x.com/sgmaclennan1/status/1798366570890313863

Uncle Roy popping round for a cuppa?

[ictchris]

I think some people have thought that going into administration is just a car-wash way to write off debts and emerge shiny and new.  It is very far from that.  We would have points deductions for the next two seasons.  There would be issues with getting an SFA license.  Would we be able to submit our accounts, which we are also required to do to get a license to play in the SPFL.

It's a desperate statement to be honest.  It mentions that we are either looking for investors or owners - the club isn't owned by any one person to sell, if someone wants to own it they need to buy the holdings of several different people at once.  What would investors be funding?  Are they just pouring money into the money hole?  We are repeatedly told that there are other people involved with the club who would be interested were it not for the financial obligations to creditors, ie Ross Morrison.  Are these guys going to step up or not?

People saying stuff like "we need Gardiner gone" etc.  Gardiner going doesn't change the circumstances of the club in the immediate future.

Edited June 5 by ictchris

[CaleyCanary]

Just received email from change.org confirming the petition has been successful confirming the Kelty move is off