Bluebirds Trust Meeting last night

[barrowaberdeen]

Hello All, below isn't the minutes of last night but an update shared at the meeting, with proposals that the Trust Board voted on- thanks to all who attended including non board members. The 3 proposals were carried unanimously by the board. Further below are questions which I hope will aid understanding, however should you require fuller details, please e mail info@bluebirdstrust.co.uk.


Bluebirds Trust- Chairman’s Update and Proposal 26.11.2019
General Points
• When we entered into a shareholding relationship with the club our role changed irrevocably for the better. We have more say at boardroom level than ever before, our membership is increased, our workload is spread. We currently own 10% of the club, for the supporters who contributed, as The Bluebirds Trust.
• The primary reason for any supporters trust, nationally, is to support gaining influence within the club, through the purchase of shares. In the past in Barrow the emphasis has at times been different but the current board make up allowed us to follow our core purpose as an ST. .
• With that comes shared responsibility
• We are not impelled by the agreement to invest however if we don’t our control of the direction of our club and our support of a top of the table side, especially longer term, is much diminished year on year at the current level of investment
• These are wealthy gentlemen with local connections who have ‘done well for themselves’. They are not multi-millionaires and nor can they finance this club in this manner beyond the next few years without support. The more we keep our 10% size of stake, the better we can support, have control over our destiny and make the club more sustainable
• The directors could not have foreseen the black hole of debt and especially the ‘money pit’ in terms of under investment in the ground, bills unpaid to suppliers, lack of systems in place, poorly drawn up contracts, especially for loanees. That they invested in the ground and team, nevertheless, speaks volumes for their commitment to the town.
• We are owners the same as the rest of the board. However, we also have rules bound by the FCA in which we can only invest under certain conditions
• From early on, we have been kept ‘in the loop’ and have had input to making decisions regarding the extra costs involved.
• The decisions made and support offered to the manager have contributed to the excellent position the team finds itself in. Most people would say ‘this is our shot’ in terms of the F.L. As a personal view, I’ve been watching Barrow for only 20 years but this is far and away the best side I’ve seen, the best manager (who will be much in demand going forward) and the best direct connection between board and fans through the trust. We own part of the club.
• If we are promoted, we have access to more grants as well as money from TV of £1 million instead of £65,000. The National League is the hardest financial league, probably in Europe. League Two is not, nor is the Conference North. Therefore the level of investment required in shares would not be as high going forward to 20-21 should we gain promotion.
• Prior to the forum last week, we have had both extensive conversations with the rest of the board and taken financial and legal advice, performing due diligence

Three important points after much debate, that were established are as follows:
1) We cannot simply fund raise for ‘projects’ or ‘fan experience’ going forward, finding a focus year on year. The reason for this is, firstly, that is one of few key areas where grants from the Football Foundation are available- we can get this money elsewhere. Another important point is that it such projects don’t arrive in a systematic way and it also effects the ability of other investors to put money in flexibly.
2) The only other way we can invest is by maintaining or growing our shareholding, as Trust through fundraising/contributions. There is a mechanism for this through the agreement.
3) To be able to best pursue option two, given the club’s financial position and current success in equal measure. I’ve repeated here and for some time that taking a shareholding in the Club changes the nature of the relationship between the Trust on the one hand, and the other owners and the Club on the other. The discussions that we have had with the other owners and the course and consequences of Friday’s forum are a vivid illustration of this.

Questions

a ) how much money the Club ( meaning here the other owners ) want or expect from the Trust ( using that term to describe the supporters as a whole ) ?

They would like us to maintain our stake, as it supports their efforts, makes it more likely we can sustain a challenge at the top of the table. Anyone at the forum could see the sincerity in which that was expressed. We are able to reduce that stake by not investing, however with that comes a) reduced influence b) no support for current regime c) makes the future less sustainable

b) when do they need or expect that money ?

Although they are committing that money, as before, they would like to give us maximum time- essentially we would get to ‘go last’. This equates to May 31st 2020,

c) what will the money be used for ?

To play our part in full helping Ian Evatt and the team get ‘over the line’ this year, including some further investment on the playing side at Christmas

To purchase shares, to maintain our share percentage of the growing asset which is Barrow A.F.C

To retain oversight and control, to best represent our members and the wider Barrow support

d) how does that Trust money tie in with the amount, timing and purpose of the other owners’ money ? ;

It would equate to the 10% of the investment into the asset ‘Barrow A.F.C’ planned by May 2020, on and off the pitch, as outlined at the fans forum last Friday

e) how much money does the Trust want to invest, when and for what purpose ? ;

£65,000. To reach the targeted 10% investment by May 31st 2020 and for the reasons stated above. The other directors have, or will be, committing such sums (eg; someone with 10% commits as we may do)

f) how much money does the Trust believe it can raise, when and for what purpose?

With some key changes to fund raising and a drive for support- £65,000

g) how do we manage the difference, if any, between e) and f) ?
If it’s less, we still invest and the percentage of ownership purchased is adjusted for 20-21
If it’s more, we either a) increase the percentage or b) set aside for purchase in 21-22

h) what does the Trust receive in return ?


OWNERSHIP of our own destiny, and with other owners control of decision making, of our football club, for the Trust, for the supporters of Barrow A.F.C

Continued ownership of a currently growing asset in financial terms

A directly elected voice on the board protecting our football club

i) What does the Trust offer to contributing supporters ?

See above, direct link to decisions making and a stake in our club, through the Trust.
In terms of any offer for any new Share Contribution Certificates- benefits associated with any new offer. We have to be very mindful of the benefits accrued by our original contributors.

The club have been very helpful regarding this so far, details have yet to be confirmed but will be, if at all possible, by the next home game.

j) Can it be done legally, in an organised way?

Yes. This can be done, but needs to be aligned with the timing and amount of share issues to the other owners. If not that “recalibrated” percentage is constantly changing as they acquire new shares themselves. So we all ‘change together’ as it were. This can be achieved by amending the agreement with the other owners of Barrow A.F.C.

To follow this through, I believe we need to establish key principles as a Trust Board- on behalf of the membership, as directed by the A.G.M. As chair, I have taken legal and financial advice on this, which referenced both Supporters Direct , rules our status as a community benefit society have to abide by and the Financial Conduct Authority. We were directed to make such decisions, as the Bluebirds Trust board, on behalf of the membership, at our Annual General Meeting of 2.11.2019.

Therefore I propose the following:
1) In terms of all fundraising over a season, all monies exceeding a baseline £10,000 be committed to the purchase of shares in Barrow A.F.C on behalf of the Bluebirds Trust on May 31st of the year
2) Generation of funds for any community projects such as ticket distribution going forward will be by a)independent sponsorship b)funding bids and c)individually stated public donations from groups or individuals
3) The Bluebirds Trust shall seek to raise a stated target for share purchase, season on season, beginning with £65,000 for season 2019-2020.

Steve Herbert

This was carried unanimously.

[Alley_Cat]

Erm, seconded

[Bombadel]

I guess this will go live on the bluebirds trust website like last time? Any ideas when?

Cheers

[Jonty]

Thanks for the summary

[spirit of 1990]

A huge task but perfectly logical.

[Bluebirds Trust]

I guess this will go live on the bluebirds trust website like last time? Any ideas when?

Cheers

It will, just as soon as we get everything in place.

There are various things we need to get lined up, but we are hopeful we can get started in the next couple of weeks.

We really need everyone to continue to back us in the way only Barrovians can.

This doesnt have to be financially.

If you have ideas or suggestions on ways we can raise the money, things we might be able to offer to share contributors that we didnt do or quite get right last time then we would love to hear from you. All feedback is useful and will help shape what we do in the next few months. Anyone who can help us in other ways, match days and no matchdays are also always welcome. There is always more we would like to do but dont have the time, skills, etc. Everyone has something to offer and the wider the group is thew more we cna achieve. Email us at info@bluebirdstrust.co.uk

In the mean time, anyone who wants to help immediately, not just financially but by strengthening our numbers, can do so by joining the Trust via https://www.bluebirdstrust.co.uk/

[mickmike wilson]

I will back the trust in whatever way possible from afar, Unity is Strength.

[capman]

I will help in Anyway I can and let’s hope we can get there again

[boyliegladbach]

I will help in Anyway I can and let’s hope we can get there again

You need to sell more football cards capman.

[capman]

Yes I do lots more

[barrowaberdeen]

Hello all,

We are working on this with the Trust board, club board and staff, including IE who is very supportive. All is very positive,legal matters are progressing, advertising is on with but there is still a little work to be done. I'm sure Rich will be along with a link but anyone interested I have been on Radio Cumbria Sport tonight discussing this,the interview was last week.

All Bluebirds Etc

[McMark]

First part of the Steve Herbert interview from 31:30;

https://www.bbc.co.uk/sounds/play/p07wr4j9

Second part is due to be on around now during halftime of the Carlisle game.

[McMark]

Second part of the interview from 52:30;
https://www.bbc.co.uk/sounds/play/p07wr4k2

[capman]

You come across really well Ste we all can do are Part to raise the money make us go forward hopefully to football league

[Desmond2-2]

I know we have our ongoing monthly draw which is driven by the one off£25 payment, but I still think my idea I posted some time back would not only generate good funds for the club but would also create interest with good monthly cash prizes. I’m also fully aware many don’t have spare cash as times can be tough. Create a club, let’s call it the “300 club” we’re we attemp to get 300 supporters,who can afford it, to pay £10 a month DD, have 5x £200 draw each month and remaining £2000 goes to the club, raising an extra £24,000 a year. Winner all round.