Playing budget

[Boyo]

I copy below the comments from Nick Hawker from the Trust AGM at the weekend, in reference to the playing budget. He said that MT requested a budget of £1.75m and that we then offered an extra £0.5m over three years (£166k / year), so a total of £1.917m.

I'm utterly confused by the line that we have "not parted with a penny". Is he saying that MT didn't actually use that additional £0.5m?




For the past two years, and I suspect into the future, the Trust have supported the playing budget to the tune of at least £200,000.

Two years ago, Matt Taylor requested a playing budget of £1.750m. The Trust offered an additional £500k to cover the following the three years, to be spent as Matt required.

I still recall the meeting we told Matt of our offer, who commented, ‘you’ve sent my head in a spin’. This is the difference you have made. During the promotion season the playing budget was supplemented by you… directly!

This arrangement has been hugely beneficial. Not only did it help us to gain promotion through an enhanced playing budget but, I’m delighted to say, we have not parted with a penny!

Through good fiscal governance, throughout this period, we have maintained an agreed strategic reserve, equivalent to 2-3 months’ salary, which has meant the club has always afforded the playing budget!

 

[andrew p long]

Others will actually know the answer, but I think they may be saying that MT did use the extra playing budget made possible by the Trust's commitment, but everything else went financially well enough that the Club was able to meet that enhanced budget out of income (Ollie playing for England?)

 

[SEA Grecian]

Others will actually know the answer, but I think they may be saying that MT did use the extra playing budget made possible by the Trust's commitment, but everything else went financially well enough that the Club was able to meet that enhanced budget out of income (Ollie playing for England?)

Yes, that's how I read it as well. The trust offered an additional half a million but because club income was higher than expected it wasn't needed. And fair play, our former manager definitely made the most of the extra cash.

 

[Martin Lawrence]

Others will actually know the answer, but I think they may be saying that MT did use the extra playing budget made possible by the Trust's commitment, but everything else went financially well enough that the Club was able to meet that enhanced budget out of income (Ollie playing for England?)

This is correct. The Trust underpinned the budget, but did not need to stump up the cash because the Club were able to find the money due to a positive trading position (mainly the sale of players and other windfalls).

 

[SaintJames]

Maybe it's a moot point but I thought the last time we got into financial difficulties (under Tiz in 2010/2011?) was because we over stretched ourselves on the playing budget? Was it wise to comitt £500k of members money to the playing budget? I thought the way we operated was more segmented in three areas of club activities rather than putting it all into the club's playing budget? Secondly, again I cannot recall any mention of an increase to £200k a year to the club did this happen when the club repaid the £800k loan back to the Trust using the Ollie money?

 

[Alistair20000]

Maybe it's a moot point but I thought the last time we got into financial difficulties (under Tiz in 2010/2011?) was because we over stretched ourselves on the playing budget? Was it wise to comitt £500k of members money to the playing budget? I thought the way we operated was more segmented in three areas of club activities rather than putting it all into the club's playing budget? Secondly, again I cannot recall any mention of an increase to £200k a year to the club did this happen when the club repaid the £800k loan back to the Trust using the Ollie money?

This thread picks up a lot of the comment on the debacle leading to the PFA loan. With enough clicks you can peruse the thread

Trust AGM

All the paperwork for the Trust AGM is now on the Trust website. http://ecfcst.org.uk/2014/09/28/trust-agm-important-information/ The AGM will be held on 11 October, which is the day of the Hartlepool match. I hope to be there, thought not sure I can be there for an 11am start.

www.exeweb.com

 

[Grecian in Guzz]

Totally confused by Nick's words as in Sep 22 MT said he couldn't sign players because he was "over budget" !

Can someone please confirm the truth ?
UTC

Exeter City 'over budget' so won't be able to sign free agents

Matt Taylor doesn't have the funds to look to sign anyone out of contract to cover injury crisis

www.devonlive.com

 

[SaintJames]

Totally confused by Nick's words as in Sep 22 MT said he couldn't sign players because he was "over budget" !

Can someone please confirm the truth ?
UTC

Exeter City 'over budget' so won't be able to sign free agents

Matt Taylor doesn't have the funds to look to sign anyone out of contract to cover injury crisis

www.devonlive.com

Two different seasons for a start off! The Trust minutes are referring to last season. MT's comments are this season

 

[Boyo]

Two different seasons for a start off! The Trust minutes are referring to last season. MT's comments are this season

Is the £500k that was offered but not taken, allocated to anything else or is it sat in the bank? I’m not advocating it’s spent on the playing budget now but curious to know what has been spent where.

 

[Martin Lawrence]

Is the £500k that was offered but not taken, allocated to anything else or is it sat in the bank? I’m not advocating it’s spent on the playing budget now but curious to know what has been spent where.

The Trust Finance Officer told the Trust AGM that there is about £900k currently in the bank, so one would assume that the £200k is part of that figure. There is alao commitment of £600k (loan) from that money to the club to contribute towards the Cliff Hill Redevelopment. I expect that will be needed given the rising cost. However, if a big transfer comes in around January, it might not.