Thursday, 29 January 2009

The annual general meeting

There has been a lot of feedback from various sources on the club's annual general meeting yesterday which attracted a larger than usual attendance of at least 120 fans and lasted for an hour. Those there appear to have felt that they got reasoned and reasonable answers to their questions.

A lot of interest focused on the board's supposedly irrational decision to appoint Phil Parkinson as manager. Of course, one reason for the board's decision may be that they feel that know Parkinson better than most fans do. It was made clear that the board are happy with Parkinson and the team's attitude since he became manager. Those there were reminded that he was considered as successor to Curbishley, but the club was unwilling to pay the £250k compensation demanded by Colchester.

Parkinson has 18 months to run on his contract and is on the same money he was under Pardew, which suggests that he would be our manager in League 1. It was emphasised that the board have not got the money to spend on a top manager. Pardew, who was described as having a big ego, which it was emphasised was not necessarily a bad thing, thought 'we are the best'. Parky is a different character, happy to grind out results, accepting that we're not the best all the time, but willing to do our best to be the best.

Whether this will stop fans sticking pins into models of Parky is another matter. It wsa accepted that the decision was not communicated as well as it might have been.

The board have invested £45m over ten years, although this is dwarfed by the £130m spent at Fulham and the £150m at Boro. One lasting legacy is the stadium (which they certainly don't have at Fulham).

The projected loss for the current financial year is £0.5m - £2m. but most likely around £1.5m. With the loss of the parachute payments, we would have to save £10m even if we stayed in the Championship, possibly another £3m if we were relegated. That is not going to be easy.

The directors confirmed that there were no plans to put the club into administration, thus quashing one persistent rumour that has circulated in the current atmosphere of doom and gloom.

No comments: