'NEVER AGAIN' - A Statement

This is a statement from a group of concerned supporters about the possible purchase of the freehold by the Football Club in October this year. Clearly, there is a debate to be had on both sides and this statement should be seen as a contribution to the debate and not an inflammatory action. The statement is NOT an AFT initiative but the AFT Board clearly support it. Out of courtesy the statement has been sent first to Martyn Starnes and Rick Cowdery at the Club. It has also been sent to the media.

‘NEVER AGAIN’ – A STATEMENT

We, the undersigned – present and former Chairs of the Argyle Fans’ Trust, founder members of the Trust, a former Director (when the freehold was originally purchased by the Football Club in 2007) and representatives of other Argyle supporters' groups – firmly believe that the freehold of the Home Park stadium should remain in public ownership with the City Council, in order to safeguard the long-term future of Plymouth Argyle Football Club.

To recall the narrative: in 2007, Plymouth Argyle Football Club bought the freehold of the Home Park stadium and the adjoining Higher Home Park land for £2.7m from Plymouth City Council – a value independently determined by the District Valuer.

The City Council believed at the time that the sale would both assist the Football Club in building a new replacement Grandstand and provide the Club with a sustainable future as well. By May 2008, the freehold had already been revalued at £10.4m and a 20% stake was then sold to an outside investor for £2m.

The rest, as they say, is history. In less than three years, the Football Club was in administration and its very existence was at stake.

Thankfully, after a tortuous process of ‘twists and turns’, James Brent finally bought the Football Club from the administrator in October 2011. The purchase was made possible by the immense sacrifice of both staff and players who forfeited some or all of their wages each month to ensure that Argyle could survive.

That sacrifice was matched by a unity of spirit, both emotional and financial, from Argyle supporters all around the world, led by the Argyle Fans’ Trust. That sacrifice also helped to ensure that James Brent was given a viable position from which he could secure an agreement with the administrator and the Football League to enable Plymouth Argyle to regain its ‘golden share’, albeit with a plan to pay back the Football Creditor debt over a five-year period.

At the time, many supporters said ‘never again’ did they want to see their Football Club placed in such a precarious financial position.

Since 2011, James Brent and his Board have commendably placed the finances of the Football Club back onto a sustainable footing, which has even turned into a small operating profit. With the assistance of an £800,000 loan secured on the Higher Home Park land, the Football Creditor debt looks as though it will be fully repaid by October 2016, matching the plan agreed with the Football League and their ‘leap of faith’ in agreeing to the extended payment schedule.

Now, under the terms of the 30-year lease signed with the Council in 2011, the Football Club (and its parent company Akkeron Leisure Limited) has the legally binding option to buy back the freehold of the Home Park stadium for twelve times the rent pertaining at the time, for a sum believed to be around £1.7m (allowing for the index linked increase to the initial rent of £135,000 per annum).

James Brent is on record as saying "There are two decisions that need to be taken. The first is whether the board of Plymouth Argyle Football Club think it is a good or a bad thing for the Club to own its own stadium. There is a second question as to whether the investors want to support Plymouth Argyle Football Club to buy back the stadium."

He has confirmed that he would not be in favour of borrowing money from a lending institution – which could mean that if the Board does decide to exercise the option and buy the freehold, that money may come from someone else on the Board, or from a new investor.

What James Brent or the Board have not yet done is to set out a strategic or any other reason why the Football Club should buy the freehold in the first place. James Brent has already confirmed that the Grandstand has ‘no timeline’ for construction, although his fellow PAFC Director, Simon Hallett, has stated that there would be an 8% return on the investment if the freehold were purchased.

The reference to “return on investment”, rather than “benefit to the Football Club” is instructive and pertinent. Based on our recent history, purchasing the freehold once again without a clear plan to directly link that ownership to the redevelopment of the Grandstand or any other improvement for the Football Club, has to be questioned.

It should not be used to enhance the shareholder value of the equity directors and the paper value of the Football Club, as it was last time. The Football Club is only five years out of administration and it still remains on the bottom rung of the Football League. Lessons need to be learnt from last time when profits from property value enhancement were sought, ultimately resulting in secured loans against the property, coupled with an inability to pay them back, together with the other debts, including to HMRC.

We say ‘Never Again’ – and so respectfully ask, for the reasons stated above, that the Football Club Board does not exercise the option to buy the freehold of the Home Park stadium in October 2016 and instead puts all its efforts in improving the facilities for spectators at Home Park and to backing Derek Adams and the team to achieve an overdue ascent up the Football League pyramid.

Signatories:

Jim Benton-Evans, first chair, Argyle Fans’ Trust
Graham Clark, former chair, Argyle Fans’ Trust
Bob Foale, current chair, Argyle Fans’ Trust
Andy Symons, former chair, Argyle Fans’ Trust

Damon Lenszner, former director Plymouth Argyle FC

Mark Edwards, Treasurer, PASANB (Northern supporters’ branch)
Sue Clark, secretary PADSA (disabled supporters)
Tony Hooper, secretary, PASTA (Avon supporters’ branch)
John Simmons, PACSA (Cornish supporters' branch)

Sam Down, founder member, Argyle Fans’ Trust
Celia Ellacott, current vice-chair and founder member, Argyle Fans’ Trust
John Petrie, founder member, Argyle Fans’ Trust
Peter Ryan, founder member first secretary, Argyle Fans’ Trust

Well done everyone.

An absolute massive round of applause to Graham and all who signed this. The battle lines have been drawn.


And get enough popcorn and beer for the rest of the day for this thread

8% return, how can any 'investor' say no.........

Well done to everyone involved, including fellow ATDers.

There are two former AFT Chairs not on the list of signatories. Warren Bowden and Chris Webb. Were they contacted at all, Graham?

A very well constructed statement, which should be supported by every fan concerned about the future of the club.

It'll be interesting to see if another club statement is issued. I would think if the wider media run with it, the club will have to respond in some way.

The ground WILL be bought by Brent/investors.

From the farm by GG

Just a postscript to the above statement

It was originally intended to release it next Wednesday 31st August but with the Board meeting next Tuesday being announced by John Morgan, who asked for comment on his Twitter account it was decided to bring the release of the statement forward to today. That has meant a number of supporters who we would have liked to contact could not be contacted because they were on holiday. Nothing should be read into the absence of support by certain supporters. No-one who was successfully contacted, as far as I know, declined to put their name to the statement.

Chris and Wozzer were among a number of people who were contacted for the statement, but were away on holiday or unable to respond in time for the statement to be released.

The recent notification of a PAFC Board meeting on Tuesday reduced the time available to this process.

Homeslice wrote:

There are two former AFT Chairs not on the list of signatories. Warren Bowden and Chris Webb. Were they contacted at all, Graham?

Both are on holiday and 'Yes' I did try and contact them without success. Both can speak for themselves if they wish.

I would prefer to concentrate on the message and not have a debate as to how may or may not put their name to it. As you know the turnaround timescale was very tight given the impending Bank Holiday once we had notice of the date of the Board meeting next Tuesday when it may be assumed a decision to purchase the freehold may be made.

Tgwu wrote:

From the farm by GG

Just a postscript to the above statement

It was originally intended to release it next Wednesday 31st August but with the Board meeting next Tuesday being announced by John Morgan, who asked for comment on his Twitter account it was decided to bring the release of the statement forward to today. That has meant a number of supporters who we would have liked to contact could not be contacted because they were on holiday. Nothing should be read into the absence of support by certain supporters. No-one who was successfully contacted, as far as I know, declined to put their name to the statement.

Apologies - I thought I had posted the above on here. So much contact to do in a very short timescale.

Thanks both for your speedy replies. Agreed about the message being more important, I'm sure they'll both have their say when they're able.

alannotivvy wrote:

Well done to everyone involved, including fellow ATDers.  

Here!! Here!!

At last, a statement telling it is, in plain English.

How can any real supporters fail to see the possible danger to our club? And to try and distance Mr Brent's numerous other failures (indeed, have there been any successes at all?) from the purchase of the ground is surely naive at best.

I just wish that the skill Mr Brent has shown in dividing the fanbase and trying to intimidate those who dared to put their heads above the parapet could be transferred to his development business.

Whatever we think of the president there are a lot who will be swayed by what he says and thinks. He cannot stay mute of the subject when he is so verbose about anything and everything else and brevity not being his friend (witness his shouty wembley farrago) - he also in my mind would have to follow his words with actions no point putting on an uppity display and playing to the crowd a la wrathall getting back on the board if he just stays around to collect the fringe benefits of the post

A fantastic statement.
Well done all those involved.

Notice that not many replies to the post on a certain place, especially from some notable people.

BBC1 wrote:

Notice that not many replies to the post on a certain place, especially from some notable people.

Nah the Multis are currently fast tracking new accounts as we speak to lay some sort of positive spin on the statement that pulls no punches at all.....The Windsor Boys are hunkered down knowing the end is near.

PlymptonPilgrim wrote:

A very well constructed statement, which should be supported by every fan concerned about the future of the club.

It'll be interesting to see if another club statement is issued. I would think if the wider media run with it, the club will have to respond in some way.

Agree every fan should support this statement, but they won't will they? the bobble hat, pasty chomping brigade believe the club is in safe hands under that nice man James. We will see, seems the relationship between the board and the AFT has completely broken down, so who knows.
Yes a commendable statement, but my instinct tells me the reluctant one will no doubt reluctantly get the freehold.

A great statement and hopefully brent will listen to what the fans want.

What this statement does, effectively, is formalise an opposition viewpoint from people whose opinions ought to matter.

As someone said previously, it is very much a laying down of battle lines.

It will of course prove to be utterly fruitless though.

Brent came to make money. He hasn't made it yet. The Freehold purchase will of course turn that situation on its head.

I think we should have a countdown clock - how long before an official response points to a supposed small majority of fans favouring the Freehold purchase?

lawnmowerman wrote:

A great statement and hopefully brent will listen to what the fans want.

hear, hear