Trust Statement on Chairman

The Trust have issued a statement re Birch including that his package includes an equity element

https://www.swanstrust.co.uk/2019/03/22/new-chairman-appointment/

Comments

  • I was happy with the appointment initially. Now I’m not so sure...
  • From the day Guardian journo Stuart James tweeted that Birch was to be appointed chairman there was almost 10 days before he was officially announced.

    The Wales Online link indicates that the decision to enter into a process of voluntary redundancy was decided before Birch’s appointment, so can it be said that why wasn’t this decision made Xmas time when a dozen or so staff were made redundant. Or was it because the decision wouldn't look good while Jenkins was chairman. 

    https://www.walesonline.co.uk/sport/football/football-news/deeply-troubling-reaction-swansea-citys-16012155
  • I have to say reading that, and the bit about him being given shares/options, that to me smells of a sale not too far up the road.
  • There is no doubt that Birch has been very friendly with Keith Harris, a regular go-between when it comes to people investing in football clubs in years gone by, and the inclusion of equity(shares) certainly enhances Birch’s remuneration package.
  • Giving him equity in shares keeps him very much under their control.
    There were 340 staff in 2017 making a total wage bill of 99M, 25 of those employees made up 53M in wages, these were first team squad members and coaches, these are figures given to the press as players e.g. Bony 100K a week.
    For many many months I have written about the others, what are they getting paid and for what. yes there are about another 75 or even 100 lower grade players and coaches but that still leaves over 200 staff, which accounts for over 40M, the players wages have dropped from 53M to about 10M, OK so our revenue this year has gone from 130M to about 50M which includes parachute payment. Our sales of players has far outweighed our buys this year and for the last 7 years.
    The people being made redundant are only a small fraction of this non players wages. Disclosure of these payments is what is required.
    Some of these redundancies are for many people on 0 contracts and very low wages, they are not the problem now and never were, their misfortune will only be the tip of the iceberg, the owners will continue to make money by selling, cutting and any other means they can, what wont happen is security for real workers, players and fans.
    We have made far more cuts in players wages than anyone else, our revenue will and can sustain these players wages for at least 2 years, the championship payments and season ticket sales can easily be managed at present, what we cant sustain is wages we don't know about.
    A start would be sack Pearlman, let us know what TB is being paid and declare what other directors are being paid by means of salaries and fee.
    These guys have taken out more loans then at any other time, they are all secured by the buying clubs.
    If I am correct they will by the end of the season be looking to make as much money as they can before leaving.
    Jobs will be gone, players gone, with the only money owed to us being paid to the bank.
    The conspiracy theory is fast becoming a reality.
    Our owners are not to be trusted 
  • When the next balance sheet is revealed it will indicate what the two highest directors were paid. As it normally has done.

    As for the bank loans these would be set by the lending bank to when either cash is received from Sky or when income is due to be received from previous player transfers. Again, these have regularly been seen in the club’s accounts.
  • To the unlighted amogunst us this move was easy to predict , i recall saying a in a post that these Hedge Fund managers would eat the Trust for breakfast,the Trust did not act! well ! they just have. the inevitable dilution of the Trusts shares with this deal renders them practically insignificant. the Trust have a small window of opportunity to force the issue of the original sale, before they are put out to grass.
     
    Sad to say my enthusiasm for the club is being totally eradicated by these owners clear intentions  to use the club for cash returns . I stopped buying merchendice and then buying a season ticket two years ago and tend to golf more than watch my beloved club. after over 30 years a fan that is a sad statement. i dont think i am alone .

    The humiliation of not being able to put out a full team was bad enough , i predict this will get even worse under these owners. Said before, Trust needs to act , needs to galvinise support for a fight back in and outside the club.
  • edited March 22
    Bigoak

    I still have faith in the Trust and I will back them to the hilt, but on all the other stuff I'm with you totally.

    Everyone's different and you'll get a wide range of views on this, but in my view anyone renewing their season ticket for next season is complicit in these owners destroying the club. I cannot for the life of me get why any true supporter would actively hand over £500 to these people, never mind £50 for the shirt etc. I'm astounded even more by the club's claim that ST sales are up - if true, it just goes to show that for many love is blind.

    I certainly want no part in it, but rest assured the minute they've gone I'll be straight back for the very first home game. I just can't bring myself to fund these scumbags and what they're doing.
    bigoak
  • When the next balance sheet is revealed it will indicate what the two highest directors were paid. As it normally has done.

    As for the bank loans these would be set by the lending bank to when either cash is received from Sky or when income is due to be received from previous player transfers. Again, these have regularly been seen in the club’s accounts.
    The legitimacy of the loans are not in question, I stated we would be left with them, money coming in from Fulham, West ham etc but going straight to the bank plus interest.
    Buying players in instalments though is clearly settled by selling in instalments, point being we sold more than we bought    no loses there.
    Wages even grossly exaggerated by 340 employees equating to 99M when our income was 137M   =  Profit
    Since relegation our players wages have been cut from 53 to 10M
    Our sales this year have far exceeded 37M profit.
    My question has always been  where does 46M go on about 240 employees.
    I don't want names just employee 101 =? 102 =? down to 340 who earns ?
    This is where the problem is nowhere else, it wont go away until they do.
    The DWP should surely pick up on 340 employees with a total wage bill of 99m, when both parties should be paying NI, the accounts don't tally, neither does the Tax,

  • Does the wage bill include all the pay offs to the four managers that were sacked in the last two years and back up staff as that’s probably accounts for a good few tens of millions
  • if there any loans, then if they are not at very preferential rates, then it is another thing the fans have been conned on.

    because that was one of the BIG things the sellers claimed. that they had access to cash markets that the old owners didnt have.
  • Well iff it’s in the guardian everything about the articles as got to be true. Oh Jeremy corbyn oh Jeremy corbyn!
  • Brownie,
    In the main I don’t think this is a forum where posters claim points from their sources of information and you might not be aware of how succinct journo Stuart James is with his info on the Swans.

    He might be contracted to the Guardian but everything bar his info on the Swans is totally irrelevant as far as I am concerned. 

    I might add on a personal basis, and a former shop steward, Corbyn is an embarrassment to the party.
  • Col as someone I always respect, I bow my kippor to you sholom.
  • Col corbyn was my mp when I lived in Islington and just for the record I despise the anti Semite communist marksist pro hamas ira hesbolah piece of shit I’ve ever met! And yes I’ve met him!
  • Dear god. so everyone who reads or writes for the Guardian is a commie-bastward now are they?

    I thought you we better than that, Brownie!

    I read stuff from across the spectrum of source. Sometimes to see what the alternative view is.

    But when Sport is concerned, most of the top scribes do not bring left or right wing politics into it. and that is why they move from newspaper to newspaper during their careers. 
  • enaitch said:
    Does the wage bill include all the pay offs to the four managers that were sacked in the last two years and back up staff as that’s probably accounts for a good few tens of millions
    I wouldn't have thought compensation to the four managers would have amounted to much, The last one only had a contract until the end of the season, so nothing to pay, Clement had a 2 year contract, correct me if I am wrong but think he did 18 months of it, the other 2, if they were on 15K a week wouldn't have cost more than 2M. set that against our compensation on Martinez, Sousa, Rodgers, I would say we have even made a profit on managers
  • As you say Phillip you can only guess at these figures.That situation applies across the board I think.That' something of a flaw in the  assessments any of us may wish to make on the  finances of the Club.
  • I never said that mark just that disgusting piece of shit corbyn! You’ve been working in the media to long mate.
  • Brownie said:
    I never said that mark just that disgusting piece of shit corbyn! You’ve been working in the media to long mate.
    Have me met?
  • Col I don’t understand the question have I met you, mark or corbyn?
  • We may have col I’ve played football and followed the swans for the last 30 years and still playing at 44 when I’m needed to cause havoc to neath league reserve div 3 defences lol
    Jackareme
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