Open letter to OUFC board

[MarkG]

Interesting point that. One of the key differences with the current takeover deal is that there was significant investment by equity rather than debt. So, it raises the question of whether any other funds have been put into the club and, if so, are they so insignificant that it wasn't considered necessary to secure them? Or, have those funds actually been provided to the holding company, and that's where the charges are held?

I don't know. But it's worth looking at the changes in the majority shareholdings.
Just looking at the ordinary £1 shares for now ...
The 127,124 ord shares held by Firoka were bought by WPL. Ensco bought intitially 71,731 to give a 52% majority holding (including the Ord £7 shares), and then the balance of 55,393 taking it to 127,124 and 92%. Ensco then acquired a handful of other shares, transferred 6,943 to Peter Lee and then got them back again taking it to 127,167. In Feb 2018, £111,860 of Ensco loans were capitalised taking it to 239,027, and OIH paid £2.3 million cash for ordinary shares with a holding of 2,300,000.

This appears to be so that Ensco hasn't actually sold any of its ordinary shares but is now a sub 10% shareholder in the club, so that Eales was able to takeover Solihull Moors. It did also transfer just over 90% of its preference shares to OIH.

I wonder if the £111,860 is significant in that it perhaps reflects the balance of any loan due to Ensco on top of the secured loan notes of £4,275,708 / £3,275,708?

So another question that we won't know, is if the cash for shares that OIH acquired was for
A> just enough to get the Ensco holding below 10%
B> to repay some of the Ensco debt, leaving the "player" debt outstanding instalments
C> to inject cash into the club to meet day to day running costs / past bills due?

 

[Golden Dr Otto]

Thanks Colin. Much appreciated.

Reading between the lines it doesn’t appear that you guys have been kept abreast of some wonderful masterplan that the rest of us weren’t privy to. Saturday will be fascinating

 

[yellowbow]

I don’t think anybody should get too excited about Saturday’s update. I can’t imagine the news is going to be earth shattering if we have to wait to read it in the program rather than it be released to the local media. It’ll be more of the usual - ‘sorry we can’t be more open yet/exciting things going on behind the scenes/ be patient we really value your support etc etc’ stuff

 

[Sarge]

I don’t think anybody should get too excited about Saturday’s update. I can’t imagine the news is going to be earth shattering if we have to wait to read it in the program rather than it be released to the local media. It’ll be more of the usual - ‘sorry we can’t be more open yet/exciting things going on behind the scenes/ be patient we really value your support etc etc’ stuff

..... and the reminder to buy boxing day tickets too ..... probably push tickets for the home game v Gasss as well

 

[uptheus]

..... and the reminder to buy boxing day tickets too ..... probably push tickets for the home game v Gasss as well

And half season tickets.

 

[Marked Ox]

And half season tickets.

Tbf I would hope they would be pushing such things.

 

[Sarge]

Tbf I would hope they would be pushing such things.

Which would probably attract more interest and sales if the owner starts to communicate with supporters and potential supporters openly and honestly. Starting with a full and frank response to each and every question asked in the OxVox open letter.

Obviously , until tomorrows revelations (or lack of them) in the matchday programme - which the owner by announcing his response to OxVox open letter will be given in the programme equates to more programmes than usual being sold- nobody outside of the OUFC administrators, programme editor etc will know whether the promised responses are satisfactory and informative or are revolving at breakneck speed due to the amount of spin used to actually give, in real terms, nothing in the way of clarity , transparency or to shed any light information-wise on the roles , aims and collective aspirations of recently arrived Directors and board members.

I do hope it is a genuinely open response to the OxVox open letter, cynically (and not without cause either), I've a feeling that promised responses won't amount to much more than a smoke n mirrors exercise partly disguised with a few seasonal bells n whistles

roll on tomorrow when we'll find out, either way

 

[Paul Cannell]

Saturday will be fascinating

What you got planned, mate?

 

[Marked Ox]

Which would probably attract more interest and sales if the owner starts to communicate with supporters and potential supporters openly and honestly. Starting with a full and frank response to each and every question asked in the OxVox open letter.

Obviously , until tomorrows revelations (or lack of them) in the matchday programme - which the owner by announcing his response to OxVox open letter will be given in the programme equates to more programmes than usual being sold- nobody outside of the OUFC administrators, programme editor etc will know whether the promised responses are satisfactory and informative or are revolving at breakneck speed due to the amount of spin used to actually give, in real terms, nothing in the way of clarity , transparency or to shed any light information-wise on the roles , aims and collective aspirations of recently arrived Directors and board members.

I do hope it is a genuinely open response to the OxVox open letter, cynically (and not without cause either), I've a feeling that promised responses won't amount to much more than a smoke n mirrors exercise partly disguised with a few seasonal bells n whistles

roll on tomorrow when we'll find out, either way

I don't disagree with what you wrote, just thought I'd point out it is reasonable for the club to promote tickets etc.

 

[Sarge]

I don't disagree with what you wrote, just thought I'd point out it is reasonable for the club to promote tickets etc.

Id certainly expect the club to promote tickets, home games etc constantly..... which, given the distinct lack of decent communication for the last 8 months or so, Id think would be much more successful in terms of ticket sales and home game, home supporters attending games IF information and communication regarding real issues had been forthcoming from the off, instead of meaningless sound bites punctuated by the occasional 'Wow!' comment. ..... heres hoping Tigers responses to the questions asked in tomorrows matchday programme marks a new era in engaging with OUFC supporters

 

[Golden Dr Otto]

What you got planned, mate?

Same thing we did last weekend sweetheart. Work for you?

 

[Paul Cannell]

Your turn to drive, mind.

 

[Golden Dr Otto]

Anyone got a programme yet....salivating in anticipation that my mind is about to be put at rest.

 

[Gary Baldi]

It will go on the club website in about an hour or so. Expect to see Chris Williams finest work

 

[Golden Dr Otto]

https://twitter.com/x/status/1073768497598132224

It’s his birthday ?

 

[Gary Baldi]

Here they are: https://www.oufc.co.uk/news/2018/december/chairman-blackpool/

 

[Gary Baldi]

The meat of the notes:

I like to think that I am always approachable: ask Niall McWilliams, Karl Robinson and Mark Thomas because I am on the phone to each of them for many hours every day. But sometimes in business you find yourself in exceptional circumstances, situations where you simply cannot lay everything out in the open. I apologise to the fans if they were worried about the HMRC winding-up order last week. That is completely understandable, and unacceptable from us, but we were dealing with it and it has been paid.

There will always be rumours and speculation. I would love to explain why the situation got to that point, and I received a well-worded letter from OxVox asking for exactly that explanation. It is right for fans to ask those questions. I have agonised over what I can say in reply. In time I will be able to answer them all, and I promise I will do, but at the moment there are things that simply cannot be divulged. I know that will annoy so many people, but it is the truth. Nothing I say beyond that will stop speculation, I know, but perhaps I can reassure fans with a few facts.

Oxford United is run as a sustainable football club and run by people with experience within the game and a passion for this club. We have a Board who have a united plan for the future. We have money to match our ambitions. We have come through a situation which nobody could have foreseen, caused not by our own negligence but by outside factors. We will learn from that and in the end be better for it.

One of the OxVox questions was about the make-up of the board and how it works. Fans have met Zaki and he has been at a number of games and is overseeing a number of projects on the non-football side of the organisation, including the stadium discussions with Firoka. Erick and Horst have also given the club substantial support since joining the board and continuously advise me on various matters. The way we will structure not just the board, but also the responsibilities throughout the whole club is something that we continue to work on and we will make announcements as and when we can. I will also do my best to introduce all the Board members to the fans, because I think that will help everyone, but this may take some time to arrange.

The other big question that fans have is whether recent events have any bearing on the team. I can answer that easily: nothing will change our commitment or our plans to strengthen. I have talked to Karl and the recruitment team and we have clear plans in place for the January transfer window. I have also talked to the staff and they have been fantastic, led by Niall who has guided us through rough waters. We still face challenges: show me the football club that doesn’t. But we will all work hard on your behalf to bring success here. This is my club now, one I love, but more importantly it is your club and will be for many years after I am gone. All I can do is promise to look after it as best I can.

 

[Sarge]

Here they are: https://www.oufc.co.uk/news/2018/december/chairman-blackpool/

 

[Golden Dr Otto]

Fair to say:

1. It’s well pitched to show empathy and appropriate levels of frustration and embarrassment. The whole persona of we’re on the same side.

2. Draws on successes of the youth team

3. Tells us absolutely nothing as to why this all happened and hides behind the cunning smokescreen of “if I could tell you I would but I can’t”

4. Tells us nothing more about the board. This is particularly concerning as that seems like a pretty easy win to share such basics and I can’t quite envisage in what circumstances there would be an issue unless they’re of course irrelevant and contributing nothing except status and the false suggestion of cash

Slightly better constructed than I imagined but still empty as hell and raises further concerns in my opinion

Alert ? levels raised from Amber to Red.

 

[Sarge]

Fair to say:

1. It’s well pitched to show empathy and appropriate levels of frustration and embarrassment

2. Draws on successes of the youth team

3. Tells us absolutely nothing as to why this all happened and hides behind the cunning smokescreen of “if I could tell you I would but I can’t”

4. Tells us nothing more about the board.

Slightly better constructed than I imagined but still empty as hell and raises further concerns in my opinion

what he said ^^^