Save Isle Of Wight

[Lord Skid 426]

Isn't the Chairman just the elected head of the committee, no special powers, same as the Treasurer or Secretary, I thought the minimum share uptake was enough to vote, doesn't matter if you own a thousand shares or the minimum amount, a shareholder gets one vote. But no doubt it's not as simple as it appears.

[crazyb 156]

I didn't know that, I am sure the bar and catering at least was once income for the Speedway. That could explain why the Speedway has been struggling so much the past couple of years.

Bit like Peterborough, everything but admission goes to the EoES, and has done for a long time since the regime changed about ten years ago. Up till then speedway was viable, but when something is run by the

clueless then common sense and fair play go out the window.

[Bryn 413]

 

Power just might depend on what shareholding the chairman has.

Not at all "gustix" as Island Speedway (IOW) Ltd was set up on the basis that you had one equal vote on matters whether you held five (the minimum amount) or 500 shares. The next Shareholders meeting (which I'm not alone I suspect in feeling that it'll somewhat lively!) will take place at Smallbrook on Tuesday January 21 at 7pm.

[Guest]

 

not really - its just credit - they'd have to pay it back

 

those who have already purchasrd avoid that burdon

 

The SKY money is surely to actually benefit promoters who are putting on the meetings for TV. If they don't get a share of that kitty what's the point of them staging TV meetings. Like it or not, as I see it - and rightfully so - the only beneficiaries are/should be promoters involved in hosting TV meetings, not as some generalised kitty pot for things like Air Fences.

Not at all "gustix" as Island Speedway (IOW) Ltd was set up on the basis that you had one equal vote on matters whether you held five (the minimum amount) or 500 shares. The next Shareholders meeting (which I'm not alone I suspect in feeling that it'll somewhat lively!) will take place at Smallbrook on Tuesday January 21 at 7pm.

 

Thank you for the clarification. Just fingers crossed for good news on January 21 then?

Edited January 8, 2014 by Guest

[Lord Skid 426]

Bit like Peterborough, everything but admission goes to the EoES, and has done for a long time since the regime changed about ten years ago. Up till then speedway was viable, but when something is run by the

clueless then common sense and fair play go out the window.

Not at all like Peterborough, no rent to pay, bar and catering income, multi-use venue with all income to Club, year round income, massive potential support during the holiday season.

[Guest]

Not at all like Peterborough, no rent to pay, bar and catering income, multi-use venue with all income to Club, year round income, massive potential support during the holiday season.

 

Massive potential support. I assume you mean for speedway? But in recent years only around 120-200 crowds. I hope IoW is saved but how will the extra fans that are obviously needed be enticed to watch the sport. I hope that potential can be further maximised if the January 21 meeting votes to save speedway racing at Smallbrook Stadium.

[Chris Brown 542]

Friendly club..nice little stadium. but little crowd of about 200 when I was there 2 years ago. Little passing on their massive track. Good luck to the Islanders. Wightlink buy the fence for 'em!

Problem is that Wightlink are struggling I believe having in recent months asked for people to take voluntary redundancy

 

I guess there isn't £20k kicking around

[Lord Skid 426]

Didn't realise they were struggling, with such a captive client base, without either Wightlink or Red Funnel providing crossings free of charge, then there's no point in buying an air fence, as Speedway is finished, if you say £70 per van, that's over 1k per meeting, just for riders transport, that's without paying mileage etc.

[Great Central 226]

 

The SKY money is surely to actually benefit promoters who are putting on the meetings for TV. If they don't get a share of that kitty what's the point of them staging TV meetings. Like it or not, as I see it - and rightfully so - the only beneficiaries are/should be promoters involved in hosting TV meetings, not as some generalised kitty pot for things like Air Fences.

I agree but in reality it has passed through the promoters hands very quickly, paying un-realistic wages for EL riders. A portion should have been held back, like football does from their TV money, to support the sport at grass roots level and to support the development of the sport.

Wow, he must be a very powerful Chairman, to be able to make such important changes, as long as I can remember, Speedway was the reason that the whole setup existed , and why the shareholders invested in the first place, seems like time for an EGM and get the Club back on track, where it belongs, and back in the PL and not the NL.

Sorry editor didn't work, Speedway on it's own will never pay on the IOW, but as part of the whole package, and run correctly, would definitely be viable, but unfortunately too many bridges may have been burnt in the past, but if these can be repaired IOW could have a good future.

It seems from what little I have found out to be a very complex situation and if anyone could offer the shareholders some advice on company law, I am sure it would be appreciated because as Bryn has stated it could be a fiery and emotional meeting on the 21st January.

The air fence purchase was just a smoke screen since there were solutions and financing offered to get round it. Currently there is nearly 50% raised in pledges and there are still untapped sponsorship opportunities.

The real problem has been low attendances and higher costs than some other clubs incur but when the Chairman or someone else appears not to want to improve matters in respect of the speedway element of the club, maybe even working against the aims of the club in that respect, the shareholders are in a tricky position. One wrong move could see the club fall into the wrong hands. I don't think it is as easy as voting out the Chairman and Directors and you only have to check how many changes in directorship there have been lately to know that things aren't right at the top.

Great club and a great sponsor in Wightlink - just a pity that it has been steered down the wrong path.

Edited January 9, 2014 by Great Central

[THE DEAN MACHINE 4,771]

The cut down situation is this .the club lost around £20,000 and apart from the money raised for the airfence there is no money left in the pot .the shareholders money has kept the sport going till now but unless someone comes in and has money to burn it cant carry on . The chairman has put nearly £100,000 in over a number of years ,its not that he dosent want to run speedway he just dosent want to put any more of his own money in. The 100-120 crowd levels are out of summer season and crowds are better in july-august. The IOW had an expensive team last season and the with a cheaper team yes the losses will be less but it still will be loss unless someone can turn crowd numbers round but that someone has got to be prepared to lose money. There is no miss management or any other issues stopping speedway ,its just the fact that as it is at the moment is not finacially viable . Nobody including the chairman or any of the share holders want the IOW to close but unless money is found to carry on it looks inevitable. If i had the money i would do it myself but i dont and nobody seems to coming forward with offers

[Bryn 413]

The cut down situation is this .the club lost around £20,000 and apart from the money raised for the airfence there is no money left in the pot .the shareholders money has kept the sport going till now but unless someone comes in and has money to burn it cant carry on . The chairman has put nearly £100,000 in over a number of years ,its not that he dosent want to run speedway he just dosent want to put any more of his own money in.

Some interesting figures there TDS - where did you get them from may I ask? The reason I ask is that so far as I'm aware, shareholders (myself included) have only been supplied with "UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2013." Now there's no way I've ever been 'into' company accounts as I never fancied becoming an accountant (perhaps that was a mistake on my part as I've never met a broke one!) but I find this baffling to say the least as NO AUDITED figures have been provided for that year let alone any audited / unaudited ones for the period since! Any accountants out there who might be able to offer some sort of explanation why that should be please? Confused of Erith!

[greyhoundp 990]

The cut down situation is this .the club lost around £20,000 and apart from the money raised for the airfence there is no money left in the pot .the shareholders money has kept the sport going till now but unless someone comes in and has money to burn it cant carry on . The chairman has put nearly £100,000 in over a number of years ,its not that he dosent want to run speedway he just dosent want to put any more of his own money in. The 100-120 crowd levels are out of summer season and crowds are better in july-august. The IOW had an expensive team last season and the with a cheaper team yes the losses will be less but it still will be loss unless someone can turn crowd numbers round but that someone has got to be prepared to lose money. There is no miss management or any other issues stopping speedway ,its just the fact that as it is at the moment is not finacially viable . Nobody including the chairman or any of the share holders want the IOW to close but unless money is found to carry on it looks inevitable. If i had the money i would do it myself but i dont and nobody seems to coming forward with offers

Deanno, you say the shareholders money has kept the Speedway going until now, but you also say The Chairman has put 100k of his own money in over the Years, so its either The shareholders money thats run out, some time ago, and the Chairman has kept it afloat, or the Chairman put his 100k in some time ago, then the Shareholders money was used up in 2013, and he doesnt want to go back to putting more money in, could you clarify which it is.

 

Is there other income streams for the Club, ie, Bar takings, Catering, hire of the Stadium etc,etc?. Im just trying too get my head round the situation as it is, without the airfence issue. Also this mysterious person who indicated he may wish to put some finance in, then rather hurriedly withdrew within a matter of days WHY? such a hasty withdrawal almost as soon as it was made. Lots of things here which seem more to it, than meets the eye, it ALL needs to brought into the open, before IOW Speedway is NO more.

One of the first things that needs to be done, again outside of the airfence issue, is there needs to be another raising of Funds by issuing more shares in IOW Speedway, to get some money in the Kitty, and give it a working fund, ready for the re introduction of Speedway in 2015, without going cap in hand to the Chairman.

Edited January 9, 2014 by greyhoundp

[THE DEAN MACHINE 4,771]

Deanno, you say the shareholders money has kept the Speedway going until now, but you also say The Chairman has put 100k of his own money in over the Years, so its either The shareholders money thats run out, some time ago, and the Chairman has kept it afloat, or the Chairman put his 100k in some time ago, then the Shareholders money was used up in 2013, and he doesnt want to go back to putting more money in, could you clarify which it is.

 

the chairman is one of many share holders ,he has just brought more shares than most although other share holders have put in substantial amounts too. If anybody seriously wants to invest in the IOW then contact them .

Some interesting figures there TDS - where did you get them from may I ask? The reason I ask is that so far as I'm aware, shareholders (myself included) have only been supplied with "UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2013." Now there's no way I've ever been 'into' company accounts as I never fancied becoming an accountant (perhaps that was a mistake on my part as I've never met a broke one!) but I find this baffling to say the least as NO AUDITED figures have been provided for that year let alone any audited / unaudited ones for the period since! Any accountants out there who might be able to offer some sort of explanation why that should be please? Confused of Erith!

sent you a pm bryn

[greyhoundp 990]

Some interesting figures there TDS - where did you get them from may I ask? The reason I ask is that so far as I'm aware, shareholders (myself included) have only been supplied with "UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2013." Now there's no way I've ever been 'into' company accounts as I never fancied becoming an accountant (perhaps that was a mistake on my part as I've never met a broke one!) but I find this baffling to say the least as NO AUDITED figures have been provided for that year let alone any audited / unaudited ones for the period since! Any accountants out there who might be able to offer some sort of explanation why that should be please? Confused of Erith!

As i understand it prior to an AGM an audited balance sheet has to be submitted and approved, now unless things have changed this is generally how things used to be done, for instance how can you propose and vote in a Treasurer, unless the previous years financial accounts have been approved ?.

[Lord Skid 426]

What a mess, no wonder nobody wants to invest, not sure if the 'Club' loosing £20k is just the Speedway or the whole complex lost that amount, would be interested to know how the figures for the whole business look for the past couple of years.