Scally to stand down

[mancunianinmedway]

Wanted: business people to join board of directors. Will be expected to work for free. Must have car at least 10 years old. Owners of houses with big gardens please abstain.

Don’t forget that they must be happy to have sad losers obsess over their private lives and people complaining if they dare spend money on anything that isn’t the football club

 

[shotshy]

Yes, one of the most encouraging things about the announcement of Fisher's appointment, was PS's quote "we are currently considering the possibilities of forming a strong and credible board of directors capable of continuing the journey, should external investment or new ownership not be an option".

What, the way the majority of other football businesses are run? Until now, he has always hinted that no one could (or were willing to) run the club but him and that all parties that had ever showed an interest would still have wanted him to run the club after their takeover. That is where the control freak reputation started.

Maybe an encouraging, albeit late, change of attitude, and maybe - just maybe - the penny has finally dropped. If it pans out, all credit to PS for that.

The statement about a board of directors is exactly why I think he won’t be back.
The new CEO and any directors will expect to be financially remunerated for their time and efforts.
I’d expect the majority shareholder would also expect a dividend.
Will the SoB be happy with the increase in non playing costs?
Breckland reckons most other clubs directors work for nothing.
I’d doubt it.

 

[mancunianinmedway]

The statement about a board of directors is exactly why I think he won’t be back.
The new CEO and any directors will expect to be financially remunerated for their time and efforts.
I’d expect the majority shareholder would also expect a dividend.
Will the SoB be happy with the increase in non playing costs?
Breckland reckons most other clubs directors work for nothing.
I’d doubt it.

And the better they are the more they cost.

 

[ARFUR CONNELL]

Wanted: business people to join board of directors. Will be expected to work for free. Must have car at least 10 years old. Owners of houses with big gardens please abstain.

Unless it's big enough to build the new stadium!

 

[markinkent]

The statement about a board of directors is exactly why I think he won’t be back.
The new CEO and any directors will expect to be financially remunerated for their time and efforts.
I’d expect the majority shareholder would al expect a dividend.
Will the SoB be happy with the increase in non playing costs?
Breckland reckons most other clubs directors work for nothing.
I’d doubt it.

I suspect scally would have a seat on the board. Hes still co-chair at the moment.

Dividends should only be paid if sufficient profits are made to reinvest in the business and also return cash to the shareholders. It would be great if that were to happen. Club would be doing brilliantly off the field. I cant see that any time soon. Financials are all a bit smoke and mirrors but clearly aren't healthy if you end up with a CCJ to deal with.

If the core product was progressing on the field then no one would really care about the off the field

Thats the crux of the issue the last few years have been all about off the field. The reason i celebrate scally stepping back is that we have a chance of a different direction. Not sure we did with him as the sole leader.

 

[SE1_Gills]

I suspect scally would have a seat on the board. Hes still co-chair at the moment.

Dividends should only be paid if sufficient profits are made to reinvest in the business and also return cash to the shareholders. It would be great if that were to happen. Club would be doing brilliantly off the field. I cant see that any time soon. Financials are all a bit smoke and mirrors but clearly aren't healthy if you end up with a CCJ to deal with.

If the core product was progressing on the field then no one would really care about the off the field

Thats the crux of the issue the last few years have been all about off the field. The reason i celebrate scally stepping back is that we have a chance of a different direction. Not sure we did with him as the sole leader.

the CCJ doesn’t necessarily reflect that the financials are insecure, it could also point to a dispute over the bill

 

[LSB2]

I wonder what our credit score is..!

 

[markinkent]

the CCJ doesn’t necessarily reflect that the financials are insecure, it could also point to a dispute over the bill

It could, or it could be that we held off paying due to cash flow. All speculation but I think I know which one i believe more likely

 

[Gills_Horse]

Looking on companies house, we still only have 2 officers listed - Scally and Quarrington.

Forgive my ignorance here, but if Fisher is co chairman with significant control - should he not be listed here too? Or is it just people with share interests?

 

[gills69]

Looking on companies house, we still only have 2 officers listed - Scally and Quarrington.

Forgive my ignorance here, but if Fisher is co chairman with significant control - should he not be listed here too? Or is it just people with share interests?

The Club statement was that Paul Fisher will be co-Chairman and CEO.

The appointment won't be 'official' until Companies House have been made aware of the appointment at which time the website will be updated.

 

[Rob_b100]

I suspect scally would have a seat on the board. Hes still co-chair at the moment.

This is also how I read it.

A few months off to recharge and lay low. In this time (hopefully) the good form continues and we climb the table.

Then PS announces he’s found his mojo and has exciting plans for the future.

After re-emerging PS, this fisher bloke and another (maybe 2) make up a board of directors to further infuriate those who want him gone.

 

[gills69]

PDPS will still be Co-Chairman so will still be on the Board of Directors.

The important part is that Paul Fisher will be the CEO and therefore responsible for the running of the club.

The Co-Chairman thing is interesting to me as it seems to imply that he may have bought into the business.

 

[Trashbat]

The Club statement was that Paul Fisher will be co-Chairman and CEO.

The appointment won't be 'official' until Companies House have been made aware of the appointment at which time the website will be updated.

Incorrect.

Companies House lists the names of statutory directors and shareholders with significant control.

It is possible that Fisher is called a director or is on the ‘Board of Directors’ but is not a statutory director; and therefore won’t be listed as an officer on Companies House.

It is also possible that Fisher has a high level of influence and control over the day-to-day operations but not listed as a person with significant control at Companies House because he doesn’t hold sufficient shareholding.

 

[Gills_Horse]

Incorrect.

Companies House lists the names of statutory directors and shareholders with significant control.

It is possible that Fisher is called a director or is on the ‘Board of Directors’ but is not a statutory director; and therefore won’t be listed as an officer on Companies House.

It is also possible that Fisher has a high level of influence and control over the day-to-day operations but not listed as a person with significant control at Companies House because he doesn’t hold sufficient shareholding.

So with this in mind, and again please forgive the ignorance - but how does this really make him any different to other CEO's who have gone before him?

 

[Breckland]

The statement about a board of directors is exactly why I think he won’t be back.
The new CEO and any directors will expect to be financially remunerated for their time and efforts.
I’d expect the majority shareholder would also expect a dividend.
Will the SoB be happy with the increase in non playing costs?
Breckland reckons most other clubs directors work for nothing.
I’d doubt it.

I didn't say any such thing - what I said was that a lot of 'owners' /CEOs either don't take a salary or actually put money in . Many Directors are simply salaried employees of the business who may or may not have shares in it. Equally there may be significant shareholders who are investors but not Directors.

 

[shotshy]

I didn't say any such thing - what I said was that a lot of 'owners' /CEOs either don't take a salary or actually put money in . Many Directors are simply salaried employees of the business who may or may not have shares in it. Equally there may be significant shareholders who are investors but not Directors.

You actually said that most owners of football clubs don’t take any money out but actually put money in.
That’s factually untrue.
Do you honestly think that Gold and Sullivan at West Ham have never taken millions out of the business.
Where do you think the money from the sale of Upton Park went?
Karen Brady is a shareholder, director and CEO. She gets paid a bloody fortune.
I’ll happily concede that many very rich people put money into their club but it’s nearly always in the form of a loan.
The Chelsea Russian criminal agreed to write off their loans but that was exceptional.
You know and I know that although Scally has a few bob, he’s not rich.
The business generates income and a portion of that income is invested in the football side.
Absolute business basics.
You come across as an intelligent person so how come you can’t get your head around that.

 

[PuB]

You actually said that most owners of football clubs don’t take any money out but actually put money in.
That’s factually untrue.
Do you honestly think that Gold and Sullivan at West Ham have never taken millions out of the business.
Where do you think the money from the sale of Upton Park went?
Karen Brady is a shareholder, director and CEO. She gets paid a bloody fortune.
I’ll happily concede that many very rich people put money into their club but it’s nearly always in the form of a loan.
The Chelsea Russian criminal agreed to write off their loans but that was exceptional.
You know and I know that although Scally has a few bob, he’s not rich.
The business generates income and a portion of that income is invested in the football side.
Absolute business basics.
You come across as an intelligent person so how come you can’t get your head around that.

I think you’ll find he said that most chairmen *at our level* are not taking money out. There’s really no point comparing us to the big money clubs like Chelsea or West Ham, financially we’re worlds apart.

 

[gills69]

Companies House lists the names of statutory directors and shareholders with significant control.

It is possible that Fisher is called a director or is on the ‘Board of Directors’ but is not a statutory director; and therefore won’t be listed as an officer on Companies House ......

Thanks for the clarification. My statement was based on an assumption that he would be a statutory director given the magnitude of the announcement.

When he was with GFC before he was listed as an officer and has been listed on CH a total of 26 times before so I'd be surprised if he wasn't on this occasion. I can't see that he's joined simply as an employee but if this is the case I think that the announcement could be considered a little misleading.

 

[Baghdad_Rob]

Incorrect.

Companies House lists the names of statutory directors and shareholders with significant control.

It is also possible that Fisher has a high level of influence and control over the day-to-day operations but not listed as a person with significant control at Companies House because he doesn’t hold sufficient shareholding.

A director is not legally required to be a shareholder in the company they are director for. While it is maybe considered the norm that a director is also a shareholder, this is more commonly so that the director has an interest in making the company profitable but also as a tool to encourage them not taking extra risks if they stand to also lose their stake.

Having statutory directors is just a way of making the person potentially legally liable if the company goes tits up in a questionably non-legal way.

I'd give it a week to see if Company House updates the company structure to include Paul Fisher.

 

[Gills_Horse]

I can't see that he's joined simply as an employee but if this is the case I think that the announcement could be considered a little misleading.

I sense that this answers my earlier question as to how would he be different to any other CEO we have had - and the answer I am guessing is he wouldn't? Happy to be corrected.

It wouldn't shock me if the announcement was misleading, and that this is a PR exercise, designed to take heat off himself, and to boost revenue. Whilst trying to garner sympathy (clearly he is due some owing to some of the actions of others).

Forgive my cynicism - I can't help it!