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 The Poll

Daggers change of ownership: should we...

Stay as we are (Members Club)
Go with the East Consortium
Go with the Tamplin Consortium
Look for another solution


View Current Standings


DAGGERS DICTIONARY

"Cheat"
Anyone or anything to do with Boston United FC.

 

 

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Last Match


07 May 2017
Forest Green Rovers
Away
Vanarama National League Play-off semi final, second leg
Lost 0-2


     On This Day

No fixtures played on 25/5

 

 


Merry Christmas

News Update
by Hardy on 09/12/2016

With Christmas fast approaching, here is an update on the latest news from the Daggers.

News Update

With Christmas fast approaching, here is an update on the latest news from the Daggers in relation to what has been a turbulent last six months off the field at least for the club.

Latest Members Letter

Full Members were sent a letter and the detailed accounts by Chairman Paul Gwinn on the 25th November 2016.

The letter, reproduced below, stated that Dagenham & Redbridge FC had lost £204,677 over the season 2015/16, and also said that the Board are looking to put together a further consortium to invest in the club. The AGM has been delayed to an unspecified date in January when the club hopes to put details of a new group of investors to the Members.

The accounts do not include details of spending after the end of June 2016 when, as stated by MD Steve Thompson in his interview with DiggerDagger, the Board had made a conscious decision to spend beyond the club's means based on the assumption that investment would be forthcoming.

The letter also confirmed that Glyn Hopkin, who has been involved in the club for many years, and whose company owned the naming rights for Victoria Road for three years from summer 2003, has been co-opted onto the Board. Glyn was a member of the Tamplin ten person consortium late on, and is understood to be the one that pulled out in early November, causing the deal to collapse.

Subsequent to the letter, DiggerDagger has confirmed with the club that Full Membership remains closed for the time being, meaning that anyone not currently on the list of around 70, once again will have no say in what happens from here in.

The Letter

Dear Member

I am writing to inform you of recent developments at the club.

Firstly I enclose a copy of the 2015 – 2016 accounts for Dagenham & Redbridge Football Club Ltd. You will see that the accounts show a deficit of £204,677, before adjustments for tax. This is about £100,000 less than Steve Thompson was predicting this time last year but does include the transfer fee for Jodi Jones. These results only emphasise the financial position of the Club and the need for outside investment, which I know you have agreed in principle.

It is with regret that the proposals presented to you last month were unable to proceed but I can assure you that Members of the Board are currently in discussions with a number of people with the aim of forming a new consortium which can then be brought to you, the Members, for approval. Unfortunately when dealing with more than one person these matters take time and we certainly want to be able to come back to you with a degree of confidence before doing so. In the meantime can I assure you that finances have been put into place to ensure that the Club can run at its current level.

We are hopeful that these discussions will be completed within the next few weeks and fully expect to be able to send you a full proposal or at the very least a firm outline by early January. With this in mind and conscious of not calling meetings unnecessarily we have decided to hold this year’s AGM in January. We have provisionally set a date for Wednesday 18th January 2017 but formal notices will be sent out to confirm this in due course. We have taken advice on this course of action and have been informed that it is quiet legal and in fact not unusual. Hopefully this will ensure that we have all the information in place and will not burden you with an unnecessary meeting in December, when we will have no concrete information to present.

One piece of information I can give you however is that following a Board Meeting on Monday 21st November I can announce that Mr Glyn Hopkin was co-opted to the Board with immediate effect. He is someone who has been associated with the Club for more than 20 years, known to many of you, and I believe someone who will be a great asset to the club.

Obviously if you have any questions on any of the above and would like to speak to myself or any member of the Board, please feel free to email, phone or speak to any of us on a match day.

May I take this opportunity to wish you a Happy Christmas and New Year and some great football in the meantime. Come on you Daggers!

Yours sincerely

Paul Gwinn
Chairman

The state of the Finances

As stated by Steve Thompson, club finances at the moment are geared to the Daggers getting back up into the Football League, and quickly, and the Board have set the budget on the assumption that there will be significant investment coming in to cover the gap between our income (gates, bars, regular sponsorship) and that budget.

Anyone that has been around the Conference will realise that it is a massively hard league to get out of, at the right end at least.

In the season 2015/16, which saw the Daggers relegated, turnover for the club was around £2.86m, which included in the order of £720k from the Football League. this includes the "Premier League Solidatity Payment".

This season that will be £470k as the solidarity payment is not part of the parachute. Next season that halves, then it is gone, unless we get back up.

At the same time, gates at the ground are down, both home and away fans. We have no FA Cup run this season after the run to the third round tie at Everton last season which netted us of the order of £250k in prize money, TV and income from away gates.

With no direct view of what the expenditure is at present, but on the assumption that it is broadly similar to last season, income is down around £500k at first glance.

The conclusion has to be that the Daggers are in major problems financially, and need investment, and to get back into the Football League, as quickly as possible.

Glenn Tamplin buys Billericay Town

Yesterday, in a statement by outgoing Billericay Town chairman Steve Kent, it was confirmed that Glenn Tamplin's takeover had been completed.

The statement can be read here.


 

 

 

 

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