New Investment Options

[texanwellfan]

2 hours ago, StAndrew7 said:

I think this is my issue with the whole thing; what other benefits, exactly? Backing an investment based on what "might" have transpired is incredibly risky, particularly when said investor doesn't have any track record in the area they're wanting to invest into aside from making a couple of sports documentaries.

There was absolutely no substance to any of what Barmack offered, other than "this is the kind of what we'll do with AI and other shit". There wasn't a definitive business plan in any shape or form, there were incorrect figures used etc. It wasn't just the value; it was the whole thing. The £300k number I quoted was just the tip of the iceberg for me, you can see that from my previous posts on the matter. It's just the first one I go to for demonstration of how shit the whole thing was.

I agree that the Society needs to start showing progress on things; I mentioned over on P&B that I'm concerned they've given this month as a date for announcing the first strategic partner, for example.

I'd caveat that with that we do need to remember that Society is effectively starting from the ground up; there are significant governance issues within the Club which need to be sorted; not least how board members are appointed and also how to put in place checks and balances to avoid us getting into the situation we found ourselves in this year.

Effectively five people were in control of whether or not an investment should be recommended to the club shareholders. Also, my understanding is that the recommendation/vote for the investment at Executive Board level took place prior to the wider members of the Society's board being consulted and asked to provide their own position on the matter to properly inform its representatives. That also needs sorted, or was just a massive overstep of their roles by the two WS reps to vote in favour without consulting their peers.

As a random thought, was Douglas interviewed when he was appointed, or did he just get a seat at the table because he was on the WS Board? Did any of those who became Board members at that point go through a formal interview process, providing examples of where they've had direct input and membership on an Executive Board of a football club? I doubt it.

I don't think anyone is against investment on the right terms, with the right people at the fore of it providing X,Y,Z which benefits the Club, Society and the local community. Time will tell if/when that happens, but I fear if the Society doesn't start to provide more solid updates on it, people will start to get restless. I'm willing to give them time but the quote of October for the first investor is just a rod for their own backs, as it'll give folk wanting to see them fail (not suggesting you are one of those) ammunition to get started.

Wasn’t there also mention of it going to take about 4 million to implement the ideas he had? It was 100% not just about the investment amount as you rightly point out. 

[David]

3 hours ago, prideoflanarkshire said:

Acknowledge your comments, however, IMO the time is ticking on the WS for actions.

What kind of actions are you looking for?

[StAndrew7]

57 minutes ago, texanwellfan said:

Wasn’t there also mention of it going to take about 4 million to implement the ideas he had? It was 100% not just about the investment amount as you rightly point out. 

Aye it was spending double what was going to be invested over the piece by the WS and EB in the in the first couple of years or something.

[joewarkfanclub]

Made the mistake of going onto FB to discuss this.

Mr Dickies supporters are on full attack mode.

Is it an age thing? Im 55, but even I have a greater grasp of the internal workings of our club than some of these muppets!

[Villageman]

3 minutes ago, joewarkfanclub said:

Made the mistake of going onto FB to discuss this.

Mr Dickies supporters are on full attack mode.

Is it an age thing? Im 55, but even I have a greater grasp of the internal workings of our club than some of these muppets!

Most of them ae what used to be quoted as "open mouth before engaging brain". Nowadays read Keyboard.                       Even had one person asking if the WS was trying to takeover the club.

[santheman]

9 minutes ago, Villageman said:

Most of them ae what used to be quoted as "open mouth before engaging brain". Nowadays read Keyboard.                       Even had one person asking if the WS was trying to takeover the club.

Had a wee chuckle at that post on FB I must admit.

Its actually quite worrying at the amount of our supporters who don't understand the structure of the club.

Some of the responses are what you would expect if we were fighting a hostile takeover.

Reads like  Executive Board=good guys

WS Board= ******s

I despair sometimes.

[wunderwell]

2 hours ago, David said:

What kind of actions are you looking for?

A website pre the nuclear war.

[StirlingDosser]

This is all a bit tinpot in my view. In the balance of things I have questioned the influence/presence of the Dickie family on the board (which has been a feature of MFC as long as I can remember) and also been really critical of the Well Society at times. But, this is just airing dirty laundry in public. The club should remove the statement (mind you it's done now, it's in cyberspace) as that is needless.  All that should have been posted was a notice that he had resigned and moved on...like any other director of any organisation. 

That said, there is a sense of entitlement throughout that statement (maybe it's a family thing, his father seemed to stand at the tunnel every home game when he was alive...no idea why). And the Well Society "pack" business around board placements...board appointments are a matter for an AGM/EGM to my understanding. 

The ripples of the last years events are still moving through the club I think.

[Kmcalpin]

Douglas Dickie's resignation came in a peculiar turn of events. Not so much the event in itself, more the manner of the announcement. Given recent events, he was always going to leave the Executive Board, the only question in my mind was how this would happen. We now know. Irrespective of how this happened and was publicised, its best for all parties concerned. We now move forward thank goodness.

I have mixed feelings about yesterday's announcement. On the one hand, I have a lot of respect for him, for the time and effort he devoted to the club. Not everyone could or would do that. On the other hand, I think he should have stepped down a few months ago when he also resigned from the Society Board. 

I do take issue with his resignation letter though. His wording doesn't come across in a good light and I'll leave it at that. As one of the 29% group of shareholders,  I don't necessarily feel that he was standing up for me and never did. Thats no slight on him. This group is disparate and many, like me, will also be Society members. Its not a single entity. 

Finally, should the club have posted his letter in full? A double edge sword I guess, and whilst I can see the benefits in terms of transparency I'm not sure I would have done it.

 

 

 

[StAndrew7]

36 minutes ago, Kmcalpin said:

I do take issuse with his resignation letter though. His wording doesn't come across in a good light and I'll leave it at that. As one of the 29% group of shareholders,  I don't necessarily feel that he was standing up for me and never did. Thats no slight on him. This group is disparate and many, like me, will also be Society members. Its not a single entity. 

Same; he was never "elected" into such a position, either. The arrogance in suggesting that's what he was there to do when he had no mandate to is off the charts.

Like you say; "the 29%" are all individuals who can vote and can represent themselves just fine, thanks.

[joewarkfanclub]

Firstly, apologies for the lengthy post.

Ive had to read the clubs statement again a few times to make sure Im understanding it correctly.

Dickie has clearly wanted this to be published 

"I feel I need to outline the circumstances of my departure."

So neither the club nor the WS have done his legs here, albeit they could have refused to publish it.

I was previously of a mind to thank the guy for his service and move on. But there are a number of things about the whole thing that bother me.

Firstly, being born into a family that had enough money to buy a position on the club board does not in itself make you a suitable person to hold that position, regardless of how much experience you subsequently gained in the role.

Dickie by his own admission (and McMahon) were the architects of the WS previous incarnation post Les Hutchison. An incarnation that was set up to be kept at arms length and have little influence over the day to day running of the club and used as a cash cow to support the club when required.

Most fans have been rightly critical of this incarnation of the Society as it appeared very poorly run and had no apparent direction.

Douglas Dickie was Vice Chair of the Society and Club Boards at that time. He had the power and influence to do things differently. He chose not to.

As an outsider looking in with no connection to any individual on either side, this whole thing appears to have kicked off last October when Society members had the audacity to vote in some younger board members with energy, enthisiasm and a vision for what fan ownership should and could be.

These individuals appear to have rocked the boat and the "old guard" could no longer keep the Society at arms length and control it as they had in the past.

Now, this could merely be coincidence, but it appears to me that it was about this time that the mantra of the club not being financially sustainable going forward without outside investment first appeared and the now infamous "video" was hastily produced

We all know what happened over the summer so no need to re-hash that. But as Mr Dickie claims in his statement

"the Club is on a sound financial footing, the best for around 25years"

Both positions cannot be true. 

I do also wonder about the departure of Allan Burrows and how all that came about? Did he want more for the fan ownership model? Was he being thwarted? Did he become frustrated? Were there already murmurings about changing the model and selling the club? Hard to believe that someone so devoted to the club would suddenly resign for no reason.

The facts as I see them are.....

Motherwell are a fan owned club. Fan ownership has been paid lip service by the old board for way to long. The majority shareholder has now realised it can actually exert some power within the club and has chosen to do so for the benefit of the club and the fan ownership model. A club director has chosen to support a path to effectively end fan ownership, despite his position on the Executive Board being inextricably linked to his position on the WS Board. Said directors position is at that point untenable. He resigns from the WS Board but he refuses to resign from the club board. The WS win the power struggle and invite applications for a new executive board. Said director reads the writing on the wall and decides in a fit of rage to go out punching and try to stir up some ill feeling towards the WS.

So in summary, I no longer feel I can thank Mr Dickie for his service. It could have been so different. But ultimately he has chosen the nature of his departure and I do not think it reflects well on him.

[StAndrew7]

Good post @joewarkfanclub.

Just to pick up on the investment point you make; McMahon and Dickie bleated on about it for years at the AGMs, going back to well before COVID came about. Kept going on about "we've got an amazing story to tell" then promptly did fuck all about it, because we were doing fine financially.

As you rightly point out, the re-energised Well Society board arrives in October and wants to (rightfully) have more of a say in the Club and act like an owner and all of a sudden the messaging around the "money in the bank" required every year is peddled at the AGM, along with the catastrophising about budgets, lack of cup runs and so on.

I think it's quite telling that Derek Weir (for all his faults), decided to go before the investment discussions went much beyond initial introductions. Definitely feels like distancing himself from it, aside from having opening chats with the parties.

[Busta Nut]

2 hours ago, joewarkfanclub said:

Firstly, apologies for the lengthy post.

Ive had to read the clubs statement again a few times to make sure Im understanding it correctly.

Dickie has clearly wanted this to be published 

"I feel I need to outline the circumstances of my departure."

So neither the club nor the WS have done his legs here, albeit they could have refused to publish it.

I was previously of a mind to thank the guy for his service and move on. But there are a number of things about the whole thing that bother me.

Firstly, being born into a family that had enough money to buy a position on the club board does not in itself make you a suitable person to hold that position, regardless of how much experience you subsequently gained in the role.

Dickie by his own admission (and McMahon) were the architects of the WS previous incarnation post Les Hutchison. An incarnation that was set up to be kept at arms length and have little influence over the day to day running of the club and used as a cash cow to support the club when required.

Most fans have been rightly critical of this incarnation of the Society as it appeared very poorly run and had no apparent direction.

Douglas Dickie was Vice Chair of the Society and Club Boards at that time. He had the power and influence to do things differently. He chose not to.

As an outsider looking in with no connection to any individual on either side, this whole thing appears to have kicked off last October when Society members had the audacity to vote in some younger board members with energy, enthisiasm and a vision for what fan ownership should and could be.

These individuals appear to have rocked the boat and the "old guard" could no longer keep the Society at arms length and control it as they had in the past.

Now, this could merely be coincidence, but it appears to me that it was about this time that the mantra of the club not being financially sustainable going forward without outside investment first appeared and the now infamous "video" was hastily produced

We all know what happened over the summer so no need to re-hash that. But as Mr Dickie claims in his statement

"the Club is on a sound financial footing, the best for around 25years"

Both positions cannot be true. 

I do also wonder about the departure of Allan Burrows and how all that came about? Did he want more for the fan ownership model? Was he being thwarted? Did he become frustrated? Were there already murmurings about changing the model and selling the club? Hard to believe that someone so devoted to the club would suddenly resign for no reason.

The facts as I see them are.....

Motherwell are a fan owned club. Fan ownership has been paid lip service by the old board for way to long. The majority shareholder has now realised it can actually exert some power within the club and has chosen to do so for the benefit of the club and the fan ownership model. A club director has chosen to support a path to effectively end fan ownership, despite his position on the Executive Board being inextricably linked to his position on the WS Board. Said directors position is at that point untenable. He resigns from the WS Board but he refuses to resign from the club board. The WS win the power struggle and invite applications for a new executive board. Said director reads the writing on the wall and decides in a fit of rage to go out punching and try to stir up some ill feeling towards the WS.

So in summary, I no longer feel I can thank Mr Dickie for his service. It could have been so different. But ultimately he has chosen the nature of his departure and I do not think it reflects well on him.

Very good post

[Busta Nut]

Also. Who is in charge of the clubs out going media stuff?

The statements that McMahon made, The fact the WS statements were treated like a different entity during the investment stuff and now Dickie's "toys oot" rant being posted.

Get a fucking grip of that someone.

[texanwellfan]

 I am a bit confused, is the revised interview process for selecting persons to represent the WS on the MFC executive board or for selecting any applicant to serve on the MFC executive board? 
 

certainly makes sense that once he was no longer representing WS then he should not have remained on the MFC board

[Cameron_Mcd]

10 minutes ago, Busta Nut said:

Also. Who is in charge of the clubs out going media stuff?

The statements that McMahon made, The fact the WS statements were treated like a different entity during the investment stuff and now Dickie's "toys oot" rant being posted.

Get a fucking grip of that someone.

Where are Grant Russell and Laura Brennan when you need them

[StAndrew7]

1 minute ago, texanwellfan said:

 I am a bit confused, is the revised interview process for selecting persons to represent the WS on the MFC executive board or for selecting any applicant to serve on the MFC executive board? 

I think it's both; the WS are working jointly with the Club to interview potential appointees to the Exec Board and co-options to its own. They released this statement earlier today:

https://thewellsociety.uk/2024/10/02/update-on-board-recruitment-progress/?swcfpc=1

[Busta Nut]

1 minute ago, Cameron_Mcd said:

Where are Grant Russell and Laura Brennan when you need them

haha, I mean, I doubt Grant would have let that go out. Laura would probably have went on an almost racist xenophobic rant too.

[wellfan]

9 minutes ago, StAndrew7 said:

I think it's both; the WS are working jointly with the Club to interview potential appointees to the Exec Board and co-options to its own. They released this statement earlier today:

https://thewellsociety.uk/2024/10/02/update-on-board-recruitment-progress/?swcfpc=1

That's a nice 'get it up ye, Dickie'.

[StAndrew7]

1 minute ago, wellfan said:

That's a nice 'get it up ye, Dickie'.

Aye, a very grown up and dignified response, which some would argue after yesterday's petulant rant he doesn't deserve in the slightest.

[joewarkfanclub]

2 hours ago, Busta Nut said:

Very good post

Cheers mate.

Apologies to everyone for the font if it made the post difficult to read.

I tried to be smart and include "quotes" but it seems to have thrown everything out of sync!

They will be taking the controls for the telly off me soon! 😆

[weeyin]

1 minute ago, joewarkfanclub said:

They will be taking the controls.for the telly off me soon! 😆

AT LEAST YOU DIDN'T WRITE IT IN ALL CAPS!!!

[joewarkfanclub]

1 hour ago, Busta Nut said:

Also. Who is in charge of the clubs out going media stuff?

The statements that McMahon made, The fact the WS statements were treated like a different entity during the investment stuff and now Dickie's "toys oot" rant being posted.

Get a fucking grip of that someone.

Not sure, but I think at the point of McMahons statement he and was still in control of the club so in a position to instruct others as to what was put out and what wasnt.

On this occasion, I think Dickie has wanted to have his say and folks have let him fill his boots knowing how it looked and what the fallout would be.