My partners and I have been in office for just under 10 days and feel it is appropriate to present you with an update on the progress we have made.
In line with the financial restructuring of the club, we have unfortunately had to make 85 employees redundant.
The club had in its employment 166 full-time staff and approximately 154 part-time staff. These numbers exclude weekend part-time matchday staff.
May I take this opportunity to thank these people for their contribution to the club and wish them well for the future.
As well as redundancies being made, 12 full-time staff have agreed to reduced hours and we are due to commence discussions with the remaining members of staff regarding wage deferrals.
We have reviewed a number of other cost centres of the club. All the club’s historical contractual obligations are being renegotiated. Some changes have been implemented and we hope to see the benefits filter through to the club’s cash-flow in the short to medium term.
There will be changes across the board – ranging from the number of the club’s retail shops to its obligations for the photocopy machines.
At some point we will calculate an approximate value for the cost savings. Unfortunately it is a slow process as we have to deal with a number of third parties.
Where possible we are retendering contracts and outsourcing a number of the club’s cost centres.
The recent reports regarding the administration’s cash-flow requirements are wildly exaggerated. We have always maintained that we are in control and confident that we can manage the club’s requirements to provide a foundation to either procure an investor or purchaser.
I would like to reiterate the fact that the club will certainly fulfil its fixture list this season and will begin the new season in August 2010. We have the support of both the Premier League and the charge holder in this respect.
Given the progress that we have made with HMRC, we hope to have a meeting with the Premier League in the short term to discuss the matters that were left in abeyance last week.
We will of course, at the appropriate time, keep you informed of any developments.
I would also like to make it clear that the club will not be denied any money owed to it arising from its recent success in the FA Cup and will certainly be there to take its place at Wembley in April.
Regarding interested parties, we can advise you that a data room has been set up and that the requisite documentation including NDAs and a sales memorandum have been produced in anticipation of taking negotiations to sell the club forward.
We are considering charging a nominal documentation fee to release the aforementioned to parties.
We are receiving enquiries on a daily basis. Our approach to this exercise will not change and I reiterate this message to all parties: You need to provide us with proof of funds and a proven financial covenant before we release further documentation to you regarding the club’s sale.
All personal references will be scrutinised by ourselves and the Premier League.