so... the fst

[LRCN]

they've put out a statement via spigs on tiff, this is what it says

"Fulham finances -- Spigs, Thursday, July 08, 06:33:18pm (78.105.129.161)
A couple of days ago, 'dave' printed the financial situation of a number of clubs including Fulham under the heading How will we ever clear our debts . The accumulated debt is £164.861M as of 30 June 2009, of which £159.892M is owed to Fulham Football leisure Limited (controlled by Mo). The loan is described as un-secured, interest free and there is no fixed repayment timetable. The debt should have been reduced following our European campaign and UEFA money last season , which will show in the next set of accounts.

It all sounds wonderful and many people will dismiss such a loan with the often misleading term of soft debt. This banking and accountancy term has crept into our language and implies that there is little or no risk. Whilst that may be the case, it is a term that needs to be investigated and clarified, to either eradicate worry or cause concern for the longer term future.

As Orm said under 'dave's' aforementioned post, the chairman is 79 or 83 according to who you believe. Whilst I personally do not believe it is his intention demand its repayment at short notice, theoretically he can.

A more likely scenario is that when he departs this earth, the family can call in the loan at short notice unless there are provisions in the will to the contrary. A wholly possible scenario is that one of Mo's offspring's in a worse financial position than anticipated and feels that he/she has not received their correct amount of inheritance in their eyes; it happens in the best and worst of families.

Mo has 2 daughters and 2 sons. Neither of the sons are really interested in football, despite window dressing to the contrary and appearance on the board of directors to make up the numbers. The daughters have never shown any interest in the club.

Fulham Supporters' Trust have been trying to have a grown up conversation with the club by seeking assurance that the debt has been ring fenced by Mo in his will. It will give relief to all Fulham fans who care about the long term future of the club and further enhance Mo's reputation amongst supporters. The CEO will give no such assurance about Mo's declared intentions for reasons best known to him. Surely it would be a simple matter to put minds at rest if no problem existed. A refusal to even broach or discuss the matter points to the fact that no such guarantee exists in Mo's will.

Although it is not a pleasant subject for anyone,as it deals with the sadness of death,it is the type of question that is dealt with by many families. The club have accepted that, as Fulham supporters, we are part of a large 'family', of which we are proud to identify. As concerned 'family' members, we should know where our club stands."

anyone else think this is out of order?

[Chopper]

Yep. I can understand they want to do the best for the club but I think they're taking this further than they really need to. I suspect part of the problem is that very few of us are members of the FST so they can only work on the opinions they get from their membership. Spigs has done well in highlighting the concern to a wider audience but I wouldn't be happy with them pursuing this to any great length.

[finnster01]

Mr Lork,

Some very valid arguments there. However, I think death and estate planning is a very personal thing and we have no right to know what MAF has decided to leave behind when the time comes. Just like you or I do not have a right to know what we decide to do when our time is up.

One way or another, having had lunch with Mr MAF, I am sure he will do what he thinks is best for the club, I do not worry about the debt, but I do share your concerns about his children and their commitment to FFC.

[Lighthouse]

We are owned by a generous benefactor who has poured millions into Fulham. We are 10 years in the Prem. Frankly Mr AL Fayed should tell them to myob. It is up to him what he does or he wants done before during or after his final game is played on this Earth.

I am sure they meant well and only have Fulhams interest at heart. But it is clumsy at this point to ask the man that runs the show, especially as he has just been let down by his manager, what his intentions are. It really is his business and his alone.

[TonyGilroy]

The FST appears to take no steps to recruit supporters and thus have a mandate to speak for us.

Is anyone on here a member and, if so, were they consulted?

They don't speak for me and any attempt to raise such sensitive matters with the club is crass and quite likely to piss off MAF.

Superficially the debt seems like a valid concern but, through a network of companies, it's money MAF owes to himself. His finances and the provisions he may have made for his death are his business.

We ought to trust him enough to know that he has the clubs best interests at heart.

[Rupert]

Hang fire for a second, everyone.

I am not a member of FST and have no interest in ever being one after several strong words during the Back to the Cottage campaign (basically I wanted to know where the money was going to come from to pay for their dream. They didn't know. As it turned out, we sold Saha to pay for it).
I do not have any friends who are in FST (to the best of my knowledge, anyway). I hold no brief for them.
But....

The above seems to be a statement of an opinion by one of the FST members, not the FST itself. He comes across as very naive, to put it mildly, but doubtless believes he has the good of the club at heart. If he is speaking from the official position of the FST then, yes, they should be ashamed of themselves, just who the hell do they think they are? However, if he has just spoken out of turn then cut him some slack. We all say and do stupid things from time to time.
I think the latter is more likely, I can't imagine any group seriously asking the club for a "grown up conversation", since that choice of words alone would ensure they were laughed out of the door.
Nor do I see how an organisation could defend the accusation that neither of Chairman Mo's sons are interested in football, given the track record of one of them with Fulham Deaf FC.

The clincher though, is the phrase, "The CEO will give no such assurance about Mo's declared intentions for reasons best known to him. Surely it would be a simple matter to put minds at rest if no problem existed. A refusal to even broach or discuss the matter points to the fact that no such guarantee exists in Mo's will."
For goodness sake, the CEO will not give out highly sensitive, not to mention strictly confidential, information to any old idiot who demands it? Why not? It's not as if he is trying to successfully run a football club or anything, is it?
All this comes across, to me anyway, as a frustrated individual who has let his emotions get away from him. I hope so, anyway.

[Lighthouse]

Tony - My understanding is that there was not a wide dialogue taken over the statement or much of any sort of discussion. Several people via the Facebook FST page have voiced concerns over it.

Rupert - Agreed the language is naive to say the least, but it was presented or at least understood to be more than one mans blatherings. I am unaware of any denial and the statement has been about since yesterday.

[Peabody]

There is quite a dialogue taking place on TIFF as we speak, I, along with many others know little about FST, other than it was originally BTTC and they did a great job but others have now taken over and if they have approached the club then I am concerned that MAF may, quite rightly, get the hump with them and I only hope that he dose'nt get the hump with all of us. This is his business and nothing at all to do with anyone else.

[Rambling_Syd_Rumpo]

Look at it from another point of view,you invest a ton of cash in a little London club that nobody really bothers with,with your cash you help get them into the prem and then stay there for 10 years help get them to a European Final and bring stability the club has never even dreamed of,then some muppet says thanks very much for all you've done so far, but what happens to the club when you snuff it?
I would be so angry I would need to be sedated :014: :014: :014: :014: :014: :014: :014: :014:

the question is so out of order I'm lost for words,MAF hasn't lets us down before  :sir_roy: :sir_roy: :sir_roy: so give the guy a break,trust in MAF :clap_hands: