‘Our accountants think we are insane’ (09.12.05)

THE owners of newly-formed Maidenhead United PLC will use their business acumen to turn around the cash-strapped club, but admit that the decision to take the helm was made with the heart as much as with the head.
At last Thursday’s extraordinary general meeting, Maidenhead United members agreed to hand over control of the club to the newly-formed PLC in order to secure the club’s survival.
The York Road outfit are currently £200,000 in debt and losing £1,500 per week and, in many people’s view, needed a radical solution to their financial woes.
The answer came from a consortium, made up of the owners of club sponsors Pharmalink Consulting, which has taken on the debt and costs and will run the club as a business concern.
But, as the new chairman Una Loughrey conceded, there are so many variables with the deal, that it is a gamble.
She said: “We are successful in business and chose to live in this community.
“We’ve been here for 11 years and have two kids (Jack and Eve). Running a business is something we enjoy doing, and this will be something the whole family can get involved in.
“I also love the challenge. The motivation is to see if we can turn things around.”
She added: “We know it’s a gamble, but we’re prepared to give it a go. Financially we can do it, but our accountants think we are insane!”
Her husband, Peter Griffin, has already started work in his role as finance director at the club, and he too says that the decision was one taken with both business and pleasure involved.
He said: “As a fan it would give me a lot of joy to turn it around.
“I have to say the reasons for doing this are emotive. It’s about putting something back in.”
The first job of the new board will be to stabilise the financial position by generating more income. Griffin, who alongside the business development director Susan Loughrey, will take a sabbatical from work to concentrate on the club, said: “In the short term we need to bring ground up to Conference standard by 2007. This has to be done.
“So we need to utilise what we have here to generate more income. Stripes bar could be better used and could be open seven days a week.
“The ground itself could be used more as at present it is only used every other Saturday.
“We must also increase the fan base. It’s already going in the right direction even though we haven’t won at home this season.”
He added: “The support is there as we found out at the end of last season when we twice had crowds of 600.
“We are also looking to build partnerships with other businesses. Masterfoods have already provided cash for a viewing area with wheelchair access for disabled supporters.
“These are the sort of partnerships we are looking to build on.
“We want an inclusive club which is progressive, but community-based.
“Along those lines, we want to sell off 25 per cent of the shares to supporters as soon as possible.”
On the pitch, manager Carl Taylor will remain in charge and has the full backing of the board.
Griffin said of Taylor: “We’re very happy with Carl. He’s building a strong squad and is the right person at the right time. The longer he stays with the club the better as far as I’m concerned.”
Loughrey confirmed this, adding: “Carl is progressive which is what we want. He’s unable to provide contracts to players at present and this is something we want to change.”
What will not change is the interest in the thorny issue of the York Road ground and any impending move.
Griffin made it clear that the ground does not form part of the takeover by the PLC.
He said: “The trustees are independent and will make their own decisions on this.
“They will do what’s best for club and people of Maidenhead.
“As the business, we will deal with any offers which come forward and then make proposals to the trustees who will make the final decision.
“One thing I am convinced must happen is that most of the money from any move must go into capital expenditure and the new ground. If it sits in the bank it will be frittered away.”
This open, honest approach could win around doubters and critics who have surfaced in recent days, but Loughrey hopes eventually the fans will understand their point of view.
She said: “I want to prove that I can do this. I hope supporters realise we are doing this for the right reasons.
“It would upset me to think that people thought we were doing this for the wrong reasons.”