Reds supporters who went to a meeting with Salford City Reds directors last night seemed to come out none the wiser about the perilous state of the club.
On one hand directors revealed that a `deal will be done imminently' and that `a number of investors are looking to get involved'... while on the other hand asking supporters for names of potential backers, saying they will be trying to get Fred Done on board again and explaining that `it is not an impossible situation but it is worrying at the moment'*.
Directors couldn't give a 100% guarantee that the Reds would start the season, the club owes £350,000 and needs £600,000 in total, but added that `all indicators are that interested parties want the club to continue'.
For the club's financial plight, directors blamed the `economic downturn', a £450,000 increase in the playing budget for last season and the move to Barton where business plans were based on 8000 crowds and 500 dinners.
Fans on Twitter and Facebook were left confused…
"I came out of that meeting like I had just been to a funeral and gone to a wake"
"Money is available and key positions need strengthening…surely some positive?"
"I love Salford but after that meeting tonight the best thing is to go into administration…"
"Doesn't sound good but doesn't sound bad…"
"18.12.12 - the day Salford rugby unfortunately died. I'll always be a red man we'll never die but we have…"
"Did anyone else think the #scrmeet was held in a church tonight so that @salfordcityreds could have its last rites read?"
Meanwhile, details emerged of the dealings with Salford Council and Peel Holdings over the proposed £1.5million loan to the Reds. Directors revealed that they believed the `deal was done' and had lawyers going through 25 pages of contracts and `due diligence'. The directors added that they didn't need the £1.5million, and that £250,000 of it was for `team strengthening'.
It was also revealed that the Salford City Reds accounts were deliberately held back, following a board meeting, `due to investment talks'. The accounts revealed the full extent of the club's £4.5million debts and loans.
When asked about the money from The Willows, it was further revealed that `development plans are well advanced' for a new primary school and health centre by Reds director Iain Watson of Godliman Watson Homes…
This is news to us and may mean more public money being thrown at Reds directors, possibly tied into paying back loans to Salford City Council…
Watch this space…
See previous Salford Star articles…
• Salford Council Rejects Reds Rescue Bid – click here
• Salford Council's Tangled Web of Loans and Deals – click here
* all quotes are taken from the official Salford City Reds Twitter feed from last night's meeting
.jpg)
.jpg)
.jpg)
.jpg)
(3).jpeg)
.png)
(1).JPG)
