|AGM REPORT 2001
(Tuesday 16th October 2001)
Around 200 members attended the Football Club AGM at Adams Park on Tuesday 16th October to hear Chairman Ivor Beeks and his Directors formally announce a net profit of just over £150,000 for the 2000/2001 season. It's the first surplus since the 1997/98 season and only the third occasion since winning promotion to the Football League in 1993.
The profit was almost entirely due to the success in the FA Cup which contributed over £1m of 'unbudgeted additional revenue' from a combination of match receipts (£700,000), TV and radio fees (£280,000) and related commercial activities (£80,000).
In his Report of the Directors, Club Chairman Ivor Beeks highlighted again the Club's Mission Statement and said "As a result of fresh ideas, coupled with the Cup success we have our largest ever Season Ticket sales. But we must not stop there. The enthusiasm and drive by us must continue if we are to reach our goal of winning promotion." Despite the Cup run, Beeks described the financial sittuation at the Club are "extremely difficult" and added "We will need to return to the change of constitution some time in the future. A subject, I know, will need a lot of attention"
Discussing the Financial Statements, Club Financial Director Rod Tomlin described in detail the breakdown of accounts. He referred to the Deloitte and Touche Annual Review of Football Finance where Wycombe were ranked second behind Gilligham in terms of operation profit/loss (before player trading) for both the 1999/2000 season and the five year period up to 1999/2000.
Operating costs were reported to have risen by 17% to £4.4m and the £150,000 profit was said to be a £500,000 turnaround on the original forecast for the season. Tomlin pointed that the Club had purchased a new training facility (£275,000), reduced the bank overdraft from £770,000 to £380,000 and invested in other items, including the purchase of Andy Rammell and Chris Marsh, new floodlights and partly funded the extension to the away end. However, the Club choose to take a cash advance of £445,000 on the Football League's TV deal covering a three year period 2001/4 and also benefitted from £442,000 as a result of the loan note scheme. Tomlin sumarised by saying "We spent, or invested £1.2m in a manner considered sound and effective by the Board"
Tomlin concluded his report by remarking "It is a sobering thought that without the benefit of last season's FA Cup receipts our finances would probably be taking on a distinctly unhealthy look at this time." However, Tomlin insisted that the Board are adopting an approach "which balances financial risk with the rewards we seek for achieving success for the business both on and off the field"
During the meeting, which lasted just over 30 minutes, there was the shock announcement that Director Mike Greatwood has resigned his position after less than 12 months at the Club. Greatwood, who was not at the meeting, had been overseeing the Commercial Department of the Football Club and had given 'personal reasons' behind his decision to leave the Board. Beeks added "His contribution, even though it had been for a short period, had been a great deal and a great deal had been achieved with his energy and commitment"
Earlier in the meeting Beeks said "Integrating four new Directors on the Board has been challenging at times. We have looked at ourselves and tried to address the problems that genuinely needed attention. Not all of these have been dealt with but I believe we are a lot closer to our fanbase than we have been for many years."
Click here to read all the latest Wycombe news
|© Chairboys on the Net 2001 - www.chairboys.co.uk - all rights reserved.|
All there is to say and know about Wycombe Wanderers on the Internet