vcmazz Posted January 13, 2014 Report Share Posted January 13, 2014 sorry dont see that is relevant, if you have 4 shops 3 make profit and the other makes a loss, get rid of the burden Indeed. Unless of course the money losing shop is there for the love of it and the other three profitable shops are used to fund it? The key to my point is the name of the company "Isle of Wight Speedway Ltd" which is not closing down and it was stated that it makes a profit. A Speedway company without a Speedway team? My point however is indeed irrelevant if the Speedway losses are causing the company to lose money overall, which is why I would be interested to know. Quote Link to comment Share on other sites More sharing options...
greyhoundp Posted January 13, 2014 Report Share Posted January 13, 2014 (edited) sorry dont see that is relevant, if you have 4 shops 3 make profit and the other makes a loss, get rid of the burden But if the other three shops are set up to support the continuance of the fourth shop, what then ? Im the sure the Clue is in the title of the company, Isle of Wight Speedway Ltd, its not called that for nowt, and why have loses spirraled in the last two years? all overseen by the Chairman. So in looking at your viewpoint BB, it could be said the 3 shops are NOT doing sufficient to support the fourth shop..LOL. Edited January 13, 2014 by greyhoundp 1 Quote Link to comment Share on other sites More sharing options...
builderbob Posted January 13, 2014 Report Share Posted January 13, 2014 yes the clueis in the title ltd not charity Quote Link to comment Share on other sites More sharing options...
Guest Posted January 13, 2014 Report Share Posted January 13, 2014 (edited) Hi all, What hasn't been mentioned is that at the last shareholders meeting, the vote was already taken and it was decided to suspend Speedway for a minimum of 3 years. It was only AFTER this vote that somebody stepped forward with the name of an interested party and so it was agreed to defer the decision until this party had made/been contacted. It would therefore seem that the outcome of the forthcoming meeting is a forgone conclusion - such a shame. That does throw a rather sad picture on things. IMO - and I could be accused of negativity for this - the reason you give for the delay on IoW' future should of course have been brought to light previously. It gives a different outlook on things and tends to deflate the hard work many Posters have been giving on how to save speedway at Smallbrook Stadium. Fingers crossed still though for a positive happening at the next shareholders' meeting. Edited January 14, 2014 by Guest Quote Link to comment Share on other sites More sharing options...
vcmazz Posted January 14, 2014 Report Share Posted January 14, 2014 yes the clueis in the title ltd not charity I am a new supporter and not a shareholder - therefore as shareholder meetings go I was an interested outsider and onlooker. But the impression I came away with (and forgive me if I'm wrong), is that the club owners (the shareholders) were, on the whole, as clear as mud as to the full picture. They seem to me to be a bunch of Speedway fans who, if given the option "all those in favour of funding Speedway from the other revenue streams the club generates", would have done so pretty much unanimously. The only option they appeared to have had in front of them was coughing up a large some of cash between them there and then (which no doubt most were not in a position to do), or suspend Speedway for three years. This is why I am intrigued to know if the other revenue streams create enough income to make supporting Speedway an option because I've little doubt that the shareholders (owners) would have voted for that. They seem to me to be interested in Speedway, not business or shares dividends. Quote Link to comment Share on other sites More sharing options...
greyhoundp Posted January 14, 2014 Report Share Posted January 14, 2014 yes the clueis in the title ltd not charity Yes we have a Stadium not a shop, now hows about we try being relevant to the Topic title. Quote Link to comment Share on other sites More sharing options...
Hunty Posted January 21, 2014 Report Share Posted January 21, 2014 Wishing everyone involved and the supporters on the island a postive outcome for tonight. Fingers Cross and Good Luck! 4 Quote Link to comment Share on other sites More sharing options...
Main Man Posted January 21, 2014 Report Share Posted January 21, 2014 hope something positive turns up for the Islanders tonight. 1 Quote Link to comment Share on other sites More sharing options...
Halifaxtiger Posted January 21, 2014 Report Share Posted January 21, 2014 Dean has put on facebook that its a 'no-go' for the Islanders Quote Link to comment Share on other sites More sharing options...
vcmazz Posted January 21, 2014 Report Share Posted January 21, 2014 Dean has put on facebook that its a 'no-go' for the Islanders Indeed. It's all over I'm afraid. Well for this year anyway. The question I have been asking has been answered tonight - the other revenue streams at Smallbrook are not sufficient to cover the Speedway losses and the money simply isn't there to make racing viable this year. It is to be requested that the licence be put on hold and the situation with regards to next year will be reviewed in October. Chins up and let's start an "Isle of "Wight 2015" thread. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 21, 2014 Report Share Posted January 21, 2014 Dean has put on facebook that its a 'no-go' for the Islanders How sad. I await the Press Release with more details. Quote Link to comment Share on other sites More sharing options...
greyhoundp Posted January 21, 2014 Report Share Posted January 21, 2014 I am so pissed off to read this, with more notice of the mounting losses, something could have been done to avoid this, I await the details with interest. Cant help feeling for the IOW supporters. Quote Link to comment Share on other sites More sharing options...
Double Up Posted January 22, 2014 Report Share Posted January 22, 2014 Greyhound, having read the NL tread on Facebook it appears that there wasn't the interest from the IOW shareholders to even attend last nights meeting. Only a quarter of the 200 could be bothered. That speak volumes. Kevin Sheoherd has voiced his suspicions that there is a seperate agenda from the Board members that has yet to become apparent. What is clear though is that the club hasn't not closed because of the cost oft an airfence. That money would have been found if fit were the be all and end all. The greater issue is the attendance figures and no club can sustain speedway on gates of 150 or so. Ironically the Island team dropped into to NL because it couldn't makes ends meet in the PL on gates of 500 odd. That shows that the support was there then, if not now. That they have been unable to keep those fans in a lower league might suggest the supporters don't appreciate racing at a lower level. One thing is for sure though, Chris Hunt and Kevin Shepherd couldn't have done anymore than they did to keep the club alive. Ultimately the lack of support is what's closed the doors. Every club is a victim of local supporter apathy to some extent and it remains to be seen whether there is any clamour locally for the return of the club. There seems to be more support for the Island from the wider speedway community than there is in their own backyard!! Quote Link to comment Share on other sites More sharing options...
StevePark Posted January 22, 2014 Report Share Posted January 22, 2014 Gutted for all of the IOW speedway people. Let's hope they can come back in the future. Quote Link to comment Share on other sites More sharing options...
AndyK86 Posted January 22, 2014 Report Share Posted January 22, 2014 Such a shame, always loved Isle Of Wight visiting Owlerton back when they had likes of Shields, Danny Bird etc 1 Quote Link to comment Share on other sites More sharing options...
vcmazz Posted January 22, 2014 Report Share Posted January 22, 2014 Kevin Sheoherd has voiced his suspicions that there is a seperate agenda from the Board members that has yet to become apparent. Perfectly apparent to me. This is an opinion by the way and by no means a statement of fact (so no need to sue me for my £2.74p. Took me ages to save that ). The Chairman and (to a slightly lesser extent) two directors have between them stumped up well in excess of £100k in loans, which it appears to me they would rather like back at some stage. By not staging Speedway, the profits from other revenue streams at Smallbrook will give them a chance of recouping their money. Run Speedway? They're not going to see it and indeed would end up putting more money in. As Brendan Johnson has tweeted, "One man got his wish". But, sad and disappointing as it is, it's their money and they're entitled to it back so who are we to criticise? Quote Link to comment Share on other sites More sharing options...
Great Central Posted January 22, 2014 Report Share Posted January 22, 2014 Perfectly apparent to me. This is an opinion by the way and by no means a statement of fact (so no need to sue me for my £2.74p. Took me ages to save that ). The Chairman and (to a slightly lesser extent) two directors have between them stumped up well in excess of £100k in loans, which it appears to me they would rather like back at some stage. By not staging Speedway, the profits from other revenue streams at Smallbrook will give them a chance of recouping their money. Run Speedway? They're not going to see it and indeed would end up putting more money in. As Brendan Johnson has tweeted, "One man got his wish". But, sad and disappointing as it is, it's their money and they're entitled to it back so who are we to criticise? You are indeed entitled to your opinion and nobody should attack you for it, and you make a valid point about the Board stumping up an amount of money to save speedway in the IOW but the figure quoted is inaccurate unless the Chairman has put in nearly £80k of his own money and since he didn't know last night how much he had loaned, I can't argue with you. The bank overdraft and Council loan equate to nearly £45k of the £100k and the Council loan repayment appears well under control. What I found strange last night being a non shareholder and it being my 1st meeting, was that there appears to be no plan in place to turn it round and a resignation that if people don't want to watch speedway then there is nothing you can do about it. As greyhoundp said, given time, there was every opportunity to find ways of funding the deficit this year, even to the point that the debts could be cleared quicker but having said that there do seem to be too many skeletons left over from previous Boards that have wrecked forward financial planning. On a positive note, the Supporters Club seem hell bent on keeping going and finding ways to increase club funds so well done to them because they may provide the rock on which speedway in the IOW continues in the future. Quote Link to comment Share on other sites More sharing options...
vcmazz Posted January 22, 2014 Report Share Posted January 22, 2014 You are indeed entitled to your opinion and nobody should attack you for it, and you make a valid point about the Board stumping up an amount of money to save speedway in the IOW but the figure quoted is inaccurate unless the Chairman has put in nearly £80k of his own money and since he didn't know last night how much he had loaned, I can't argue with you. The figure is an estimate on what I heard last night and £80k is exactly what I have calculated in for Mr Chairman. You may have missed it, but there was what appeared to be a slip of the tounge towards the end of the meeting when the Chairman quoted £80k as the sum owed to him - despite denying knowledge of the amount earlier in the evening. Are you the non-shareholder who spoke and said he wished he was a shareholder so that he could say more? If so I was sitting to your right and thought you spoke very well. Quote Link to comment Share on other sites More sharing options...
Lord Skid Posted January 22, 2014 Report Share Posted January 22, 2014 Would be nice to know what the 100k was used for, if the complex without Speedway is profitable, can't believe that was used to keep Speedway afloat, perhaps it was to pay the Chairman, nice little earner Rodney, as Del Boy would say. Quote Link to comment Share on other sites More sharing options...
Great Central Posted January 22, 2014 Report Share Posted January 22, 2014 Would be nice to know what the 100k was used for, if the complex without Speedway is profitable, can't believe that was used to keep Speedway afloat, perhaps it was to pay the Chairman, nice little earner Rodney, as Del Boy would say. To be fair, a loss of £30k on speedway last year could have been possible and some of it is those skeletons. Unpaid VAT, Council loan not paid were just two mentioned last night. I don't doubt that The Chairman and Board are all honest people but just seem bereft of new ideas to turn it round. Population of 130,000 which must be doubled in summer and you can't get more than 250 there on a nice summers evening!!! Quote Link to comment Share on other sites More sharing options...
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