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Club News

A note from the Chairman

3 January 2017

Chairman Ken Anderson addresses the club's supporters in a special column on bwfc.co.uk

First of all, I would like to wish everyone a happy, healthy and successful New Year.

Following on from my recent Q&A meeting in December, I have had a number of supporters contact me directly and ask me what exactly the board and shareholdings situation is at present.

Accordingly, as I have stated that I want to give you as much information as possible, I would like to outline the current position.

1) Both Dean and I are directors of the football club.

2) The shares (excluding the 5% holding held by supporters) are split 60/40% between myself and Dean.

3) I am Executive Chairman and have a hands-on daily involvement with the management team and everyone at the club and hotel.

4) Dean is effectively a non-executive director.

5) Dean is still trying to organise the refinancing of the BluMarble loan to Sports Shield.

6) The club does not have a loan from BluMarble - it has a loan from Sports Shield. The terms of the club loan are different to those of the BluMarble loan to Sports Shield.

7) Dean and I did reach an agreement on me buying his shares, but there are one or two issues because of the BluMarble situation that Dean still needs to resolve. I am relaxed about the current shareholdings. As I have previously stated, there is no rush for me to become a sole owner (alongside the supporters' shareholdings).

8) The club are in discussions with other lenders/investors about replacing the Sports Shield loan on better commercial terms.

9) Deloitte have been requested to submit the accounts to Companies House this month.

10) Paul Aldridge interviewed two candidates over the weekend as a replacement to John Pelling, the Head of Finance, who is off to Stoke City shortly. Both applicants are known to me and have also been interviewed by myself. We expect to make an announcement shortly.

11) I have met with several people who I believe will strengthen the board in the future and l hope to be able to provide you with further information in due course.

12) I personally provided additional funding for the club in December and have had to do so again in January. Unfortunately, Dean has declined to contribute any personal funds.

Hopefully, this information will be helpful to all our supporters and will mean that we can now all focus on the field activities in the immediate future.

I truly believe that we all need to continue to get behind the team and management in the run-in without the financial and boardroom distractions of recent months.

I can assure you that all the staff at the club and hotel are doing a great job and giving their utmost to get us back where we belong.

We have a great team of people behind the scenes who never cease to amaze me. Your recent support meanwhile has made it all worthwhile and long may it continue.

My sincere thanks and best wishes,

Ken


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