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MARWAN KOUKASH SET TO RELINQUISH OWNERSHIP OF SALFORD RED DEVILS
 

Star date: 28th September 2017

KOUKASH TO APPOINT TRUST TO RUN REDS – BUT NO WORD ON DEBT REPAYMENT

Salford Red Devils owner, Marwan Koukash, has today announced that he is to step down from the club and is to appoint a trust of local businessmen and a fans' representative to take ownership.

The statement from Koukash neglects to mention how any debts to Salford City Council will be paid in the future.

Full details here...

Marwan Koukash has announced this morning that he is to relinquish ownership of the Salford Red Devils, and will appoint a trust to take over...

"I have now instructed my legal team, subject to RFL approval, to establish a trust to take ownership of the club for the benefit of the fans and the local community of Salford" he said "I will appoint a board of trustees to include local Salford businessmen and a representative of the fans to be elected by the season ticket holders, which will ensure the fans have a prominent voice in the running of the club.

"I am confident that the new structure at the Club under the guidance of the Trustees will see the Club continue to make progress on and off the pitch" he added.

Koukash talked in his statement of the club becoming 'self sufficient', yet there was no mention of £1million+ debt to Salford City Council that he promised to honour on taking over Salford Reds (see here).

The full statement reads...

"The club has come a long way during my tenure since arriving in 2013 when it was in a perilous position. This year has seen the club have its most successful season in Super League, not just on the field but off it in the way it has shaped its business and financial position.

"Under a young local coach, we have seen a team of quality, proven Super League players finish fourth in the regular season and take part in a closely fought semi-final of the Challenge Cup. Off-field, under the guidance of a former Club player as our CEO, we have managed to reduce the operating losses to 20 percent of those in 2014 which has stabilised the club at this time.

"Moving forward I strongly believe that the additional investment in recruitment towards the end of last season, combined with an off season in which the coaches can prepare, we will see the team improve further and genuinely compete for a top four finish and an equally successful Cup run.

"I further believe that commercial decisions I have recently taken, combined with the business partnerships and arrangements I have already secured will, with the strong support of the local community who buy season tickets and regularly attend games, means that the club can become self sufficient.

"As I have always said, I am merely a custodian of the club, which will always be bigger than any individual who owns it, and will continue longer than any one person can run it. To this end the club, quite rightly, must always belong to the fans and the local community of Salford.  I will continue to hold very high regard for our fans and the wider community supporting us and because of this have rejected lucrative offers to relocate or rebrand the club because I have seen that there is an overwhelming passion from the fans to retain the Salford name.

"I have now instructed my legal team, subject to RFL approval, to establish a trust to take ownership of the club for the benefit of the fans and the local community of Salford. I will appoint a board of trustees to include local Salford businessmen and a representative of the fans to be elected by the season ticket holders, which will ensure the fans have a prominent voice in the running of the club. I am confident that the new structure at the Club under the guidance of the Trustees will see the Club continue to make progress on and off the pitch.

"During my time running the club I have faced many challenges which I have met head on and I, along with my family, have had many great times, creating very fond memories and friendships that will stay with us. I have genuinely grown to absolutely love the game of Rugby League and the Red Devils and still care deeply about it.

"My decision is nothing to do with the operation of the game or the RFL, with whom during my time I have challenged but also enjoyed a fantastic working relationship, especially during 2017 and they have my ongoing respect. I look forward to joining our loyal supporters and all my friends when I visit in the grandstands at the stadium next season..."


Photo by Gareth Lyons
Martini 2 wrote
at 07:39:19 on 01 October 2017
Amen to that.
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Martini queue wrote
at 17:03:39 on 30 September 2017
So what was your excuse for not running for councillor then? Did you realise that no one can stand you and think that you are a prat? Stop telling us what you are going to do, demand or urge unless you are actually going to stand for councillor,Mayor or whatever------OR STFU
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Michael James Felse wrote
at 14:16:18 on 30 September 2017
Hi win-win. Actually Martinique has not suffered like the other islands and my tenents are coping well thank you. We can be sure we all need to do our best to help all our communities be built better. My ideas for my Salford home calls me to offer my best of course. I would be delighted to chair a new Vision Trust for Salford Reds and its Stadium of Opportunity for All Salford.
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Martine-EeeK wrote
at 10:52:20 on 30 September 2017
I thought Felse was sorting out his properties in Martinique and that is why he could not run for councillor very recently? I wonder if Koukash could come to an understanding whereby he repays his debts to Salford and we write off Felse? Win-Win.
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Michael James Felse wrote
at 10:52:13 on 30 September 2017
Thank you wrote. Not exactly saying write off the debt. My call is to transcribe the debt into Trust Shares valued at £8million. Firm up the Stadium into being the SALFORD University Academy for media, sports, plus education and teacher apprenticeships and world tourism, heritage and customer service apprenticeships. It offers 4200 to 7500 nation wide apprenticeships with an income from Apprenticeship new Levy of £20million to £40million a year. On top it can pull in £30million education building grants and fund 27,000 affordable social housings with student lets included. In short forget chasing the old loan and capitalise on the new. It is enough income to keep The Grange, redevelop those High Rise cladded flats and make Salford the post Brexit student centre as an economic pin point to UK skills growth rightly away from the South East that will no longer have EU close shore advantage.
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wrote
at 08:06:26 on 30 September 2017
How do we find out exactly how much is owed to the city.After all we are the shareholders of the city. We pay our council tax.Wilkinson and Watson walked away owing the city 1or 2 million. They had signed an agreement saying they would take personal responsibility for the repayments. But for some reason that didn't happen.Then the monies were being payed on the sale of the houses that would be built on the former rugby group.that never happened.So our very bright council allowed the debt to be transferred to the new owner.who has now jumped ship.WE have given loan after loan.We even buy a car park,that we owned anyway.because it was the only way they could give them more money £250.000.So I take it the £250.000 will never get paid back,as it wasn't a load (haha) we also need to find out if any rent has been paid on the use of the stadium.So as a shareholder I want to know when are we getting paid back for loans hopefully with interest.And any debt outstanding for use of OUR stadium will be paid back.Not much to ask. And as for the prats who let this happen in the first place.Not just the loans,but the building of a stadium that WE the shareholders never got asked if we wanted in the first place. I would like to say"Thank you for sailing us down the river.Hope you are very pleased with yourselves.
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wrote
at 08:05:16 on 30 September 2017
Is MJF saying the council should write off the debt? How does that work as a best way ahead.
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Michael James Felse wrote
at 18:14:44 on 29 September 2017
Do not get stuck in the past. The new Trust can shape the Stadium into a Sports University Academy and transfer the Training Unit I have into pulling in 4200 students a year that will give Salford new income. I will be happy to chair the new trust taking a mindful approach in an amazing future for the ground.
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weather forcaster wrote
at 14:34:58 on 29 September 2017
This is the the long range weather forecast for Salford. Towards the end of the first week in December there will be a hurricane load of shit blowing along Chorley new road in the direction of Salford Town Hall. All personel in the area are advised immeadiate evacuation.
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It's going to get very interesting wrote
at 06:50:10 on 29 September 2017
I did not think debts could be transferred to a trust. That will make matters interesting, what exactly is this trust going to look like. I suspect that the company who the debts are against may be scuppered , although the complex web of companies that surround the club is difficult to unravel. Any councillor who was signatory to these loans should be made responsible for them, as I doubt the club are ever going to repay them
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SALFORD AND PROUD wrote
at 06:49:11 on 29 September 2017
Looks like the club is currently in the red (pardon the pun) to the tune of £8.2m as of the end of 2016. Where as it was only £5.4m in 2014. Other interesting thing is, when MK took over Salford he was co-director with a Kiwi called Andrew Chalmers. Chalmers resigned his directorship in in January this year to become director of Bradford Bulls, Another intrestingt link is the former C E O at Salford was a russel Mcfarlane as soon as there was a take over at BRADFORD he moved to BRADFORD , got a feeling everthing is lined up for a Koukash Takeover of BRADFORD
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Salford lad wrote
at 14:30:37 on 28 September 2017
Well Merry and Lancaster well and truly had their pants pulled down and ares slapped by Koukash. Kiss goodbye to the money you crazy socialist councillors!
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Linny loo wrote
at 13:55:29 on 28 September 2017
I wonder will the Trust have to pick up the debt owed to Salford Council . It makes me think how the council can loan out money withou strict pay back rules in place.
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Retired Socalist wrote
at 13:54:50 on 28 September 2017
Do we see today the first sign of the rats jumping ship? John Merry dragged the good people of Salford into this debt mountain lets hope he is still around to gather in the debt I doubt it.
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