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1883 Finance Projections

by Scott Thornberry - 16th March 2012

1883 finance projections

Following the press conference on Thursday 15 March, Darlington FC 1883 Ltd has released additional information about the company’s financial projections, which are informing the business plan that it will submit to the administrator.  

 

 

Darlington FC 1883 Ltd – the financial position and the challenges ahead 

 

Following the press conference on Thursday 15 March, Darlington FC 1883 Ltd has released additional information about the company’s financial projections, which are informing the business plan that it will submit to the administrator.  

 

Darlington FC 1883 publishes financial projections

 

 

Mark Meynell of Darlington FC 1883 Ltd comments: 

“We are publishing this information to reassure the public and potential investors that the business plan that we are finalising is viable in the event that the next target of £500,000 is reached.  There is a lot of extra detail that sits behind the headline figures which we cannot release, due to its sensitive and confidential nature.  However, we hope that putting this information in the public domain demonstrates both our commitment to openness and clarity, and the fact that our projections are robust and realistic.” 

 

At yesterday’s press conference, Darlington FC 1883 Ltd board members Mark Meynell and Stephen Weeks were joined by Darlington MP Jenny Chapman and administrator Harvey Madden.  Together, they provided an update of progress to date and outlined in clear terms the next steps that need to be taken and the challenges that they present to everyone involved. 

 

Mark Meynell of Darlington FC 1883 Ltd comments: 

“As a company, we are trying to raise £750,000, which is a major undertaking, and the project is on a knife edge.  The situation with creditors is worse than we believed and the very low attendances at the last two games have not helped.  So, we are having to revise our forecasts and business plan, and are working flat out to supply the administrator with the solid information that he needs that will allow him to start the process of making a Company Voluntary Agreement – a key milestone in securing the future of the club. 

 

“All of this makes the second phase of the share sale even more important and we are focused on the task of reaching the next target of £500,000.  We still believe that we can succeed, but will only do so with the support of individuals and businesses.  We really need to secure additional investment from the business community, which is why we have launched the 10 by 10 initiative, seeking 10 more companies to invest £10,000 each, following the lead of the Northern Echo.   I am delighted that the Priory Group has already committed to this programme and hope that will inspire others to come forward.  If the campaign is not ultimately successful, funds will be returned to investors.” 

 

 

Stephen Weeks of Darlington FC 1883 Ltd adds: 

“Our ambition is to turn Darlington FC into a genuinely community owned club.  The club is already an important part of the local community, but our plan will take that further.  We have to consider the impact of losing this town’s only professional sports club, on both the community itself and the wider profile of Darlington.  That’s why we are working hard to mobilise people and organisations throughout the town to work together and save our club. 

 

“Pubs and clubs have already started fundraising initiatives of their own, with live entertainment and beer festivals.  Meanwhile, a ‘dress down’ day in schools has raised several thousand pounds, which is great to see and hugely appreciated.  We’re building up to what will be ‘Save Darlo Day’ on 7 April, when the team takes on Grimsby Town at the Arena, for which the most successful fundraising pub  

or club will be awarded a hospitality box for the game.  We are also inviting pupils from the two best fundraising schools - Whinfield Primary School and Carmel College – along to the match.  The children will get in to the match for free, as long as each is accompanied by a paying adult, who will only be charged £10 for their ticket.” 

 

Harvey Madden, Darlington FC administrator, adds: 

The club is not saved yet and we have to get more fans along to the final few games of the season.  On the pitch, Craig Liddle and the team are working minor miracles with the resources available, but we need the people of Darlington to turn up and give them every bit of support possible.  To encourage fans, we are reducing prices for the remaining home games.  The maximum price that adults will pay for tickets is £15 and other ticket prices will range from £5 to £15.  Between now and Save Darlo Day is the opportunity for the people of Darlington to demonstrate that they want a football club.”