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SALFORD CITY REDS ISSUES STATEMENT ON FUTURE OF CLUB
 

Star date: 21st November 2012

SALFORD REDS BOARD ISSUE NOTHING STATEMENT

The Board of Directors of Salford City Reds has issued a statement to "re-assure supporters". But the statement actually says nothing except "that every effort is being made to bring the complex investment talks to a quick and favourable conclusion for all parties".

UPDATE: 2pm Wed 21st November

CITY MAYOR DOESN’T RULE OUT MORE SALFORD COUNCIL FUNDING FOR SALFORD REDS…

Read the full statement here…


The Willows Salford Nov 2012
click image to enlarge

The ongoing saga of financial difficulties at Salford City Reds has taken a turn into nowhere, with the release of a statement by the rugby club's directors that gives supporters no news on its future.

Currently the Reds are in the midst of a winding up petition which is due to be heard on January 7th (see here for details), while rumours abound that there is no big new investor about to come forward. Media reports suggest that Salford City Council and Peel Holdings, plus some existing sponsors, are likely to put a rescue package together, providing the directors clear existing loans.

The full statement from the Board of Directors reads…

"The Board of Directors would like to take this opportunity to re-assure supporters, sponsors and staff that every effort is being made to bring the complex investment talks to a quick and favourable conclusion for all parties going forward and to enable the club to launch the new season effectively.

"The playing squad has returned for pre-season training and we expect to be in a position soon to release season ticket information and new commercial opportunities for Super League XVIII.

"The Board of Directors appreciates the understanding and patience of our supporters and partners during this time of uncertainty and would like to assure everyone concerned that we are doing everything we can to expedite the process and move forward to secure a progressive future for the Salford City Reds organisation."

* UPDATE: 2pm Wed 21st November

CITY MAYOR DOESN'T RULE OUT MORE SALFORD COUNCIL FUNDING FOR SALFORD REDS…

At this morning's full Salford Council Meeting, Mayor Ian Stewart didn't rule out further funding for Salford City Reds. In a statement to councillors he said that discussions were currently "of a commercial nature and at a sensitive point", and that he didn't want to jeopardize negotiations by revealing anything. But added that the protection of the city's investment in the club was linked in with its stability.

While Stewart explained that he personally favoured a Supporters Trust, and that he had halted any more Council money being put into the club since July, "I would re-consider my position if they came to me with a viable plan for the future of the club…If I think there is a viable plan to stabilise the club then I will make that decision – that time is not now."

This probably leaves Reds supporters even more confused than before, but the very fact that Stewart isn't ruling out more Council money suggests that something is in the air.

* Ian Stewart revealed he was a Salford City Reds season ticket holder during the Salford Star Mayoral Challenge (see here under Salford City FC question)
Is there a conflict of interest here?

See previous articles...

Salford Reds In Hock Until 2017 - click here

Salford Reds Received Loans and Costs from own Charity – click here

Photo shows The Willows last week

mary ferrer wrote
at 02:19:43 on 05 December 2012
In total it will be just short of £3 million pounds we have lent to the Reds. £1.5M 3/4 years ago, £1M two seasons ago.(Salfordonline) Now this latest loan. What do we get CUTS,CUTS and the promise of MORE CUTS. How many jobs would this money save, how many services would not have to be cut. I don't care what pot or purse it has come from. If this Council can just find £750.000 from somewhere to keep a private company afloat then they should be looking at finding the funds to keep OUR SERVICES AFLOAT. This is a crime against the people of Salford and I don't mean the Reds. The first loan was to be paid back after houses were built on the former Willows site, what has changed. Oh I know they have no money to build the bloody houses or pay the rent on the new ground or pay the players wages,so lets just give them more of OUR MONEY.
 
Steve Middleton wrote
at 17:35:30 on 04 December 2012
Looks like Mary Ferrer's fears are becoming a reality:- http://tinyurl.com/bwfy9g9 Salford Council confirms it is to lend Salford City Reds another £750,000 on top of the £1.5m the Council have already lent them. The new loan is, apparently, so we don't lose the £1.5m we've already lent them. Yes, because that makes total financial sense.
 
Michael Felse wrote
at 05:52:52 on 23 November 2012
Good points Brian, I will this week refer the whole matter to Eric Pickles Office about Salford Council money being used for loans, which could be contrary to rules governing local councils not competing with business enterprise (in relation to the banking and finance sector). I will ask for his work to look at the question on whether elected Councillors could be treading on collective or personal surcharge ground.
 
Brian F Kirkham wrote
at 14:37:40 on 22 November 2012
Michael, it's my belief that the people of Salford have been sold a ringer here. Time for the residents of the New Barton Stadium to be paying their way - and not with council money. If anyone from council actually reads this - someone in the Mayors Office should be making sure Salford Rugby Club start paying back some of their loans because as i see it - Rich Men are receiving public cash for very little return. If I were one of the mayors men - i'd want to see the books and a first repayment of the loan before any further cash was granted. Can't pay? I'd be doing what Salford RLs Management Consultants are doing - and Filing in court for the club to be folded.
 
Michael Felse wrote
at 09:49:26 on 22 November 2012
There is a little known clause in local government. It puts personal liability on elected Councillors to be surcharged for mistakes. Is now the time for an investigation into money lending by our Salford Council. Are they possibly acting outside Council duty by competitively lending council tax money to risky ventures. Votes by Councillor names must be clearly recorded to ensure if a District Auditor finds in time any loan is not recovered that the loss, interest and cost of making investigations may be surcharged to involved elected Councillors right to the very top. Fair warning given!
 
mary ferrer wrote
at 07:07:57 on 22 November 2012
I can't believe that this council could even thing of handing out more money to the club. Last night I sat listening to the Mayor speak about the cuts that have taken place and the ones that are in the pipeline and then he can says the council may carry on giving loans. How can they justify bankrolling the club again and again. I wonder what hold have they have on this council. So more cuts to services, jobs on the line, but that's OK so long as Salford Reds have their handouts from the city purse. Didn't know we had become a bank and a bank that give loan after loan with NO REPAYMENTS.Could do with one on every High Street.
 
Brian F Kirkham wrote
at 07:06:45 on 22 November 2012
Simple Argument - If Directors of Said Club cannot finance themselves and/or new stadium they now occupy, they should declare themselves insolvent and get in an administrator for the short term whilst a buyer is found - The club are already selling key players to balance books...and until time the directors mention who they are the club will continue to leak cash as players seek to get out of their contracts - they may save the club - but RL would have the club playing in NL 2 (or worse 3!). Of course the insolvency issue will knock many schemes around the city into touch, namely the buying up of plots of land around the city, the hotel scheme ill thought out by placing in a public park and last but not least the running tap that appears to be the funding of the club by our council!
 
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