AGM Today

[aylesburyos]

Any one go? Any news?

[Esteban]

Any one go? Any news?

They are changing the name of the club to the Leyton Leopards and moving the club to a 50,000 all seater arena in Texas.

[banqo]

Any one go? Any news?

They are changing the name of the club to the Leyton Leopards and moving the club to a 50,000 all seater arena in Texas.

Think I spotted an error in this story!

[Orient_Man_And_Boy]

Plus ten chartered Airbus A380 each fortnight to ferry the fans there and back ... free of charge

Otherwise, it was very interesting. The board all spoke with passion. But financially and mentally we have to deliver tomorrow.

Mr Travis says “we’re gonna win!”

I hope he’s right.

[RientO]

Plus ten chartered Airbus A380 each fortnight to ferry the fans there and back ... free of charge

That's just being silly.


How are the other 1,000 fans going to get there?

[Max B Gold]

Plus ten chartered Airbus A380 each fortnight to ferry the fans there and back ... free of charge

That's just being silly.


How are the other 1,000 fans going to get there?

Subsidised supporters buses.

[MrB]

Any one go? Any news?

They are changing the name of the club to the Leyton Leopards and moving the club to a 50,000 all seater arena in Texas.

Think I spotted an error in this story!

Yeah it’s Lions not Leopards

[RientO]

They are changing the name of the club to the Leyton Leopards and moving the club to a 50,000 all seater arena in Texas.

Think I spotted an error in this story!

Yeah it’s Lions not Leopards

Not true.

i) It would have to be Dragons or Wyverns
ii) Can't be Leyton as there is no Leyton in Texas.

You will have to do better than that!

[tuffers#1]

Think I spotted an error in this story!

Yeah it’s Lions not Leopards

Not true.

i) It would have to be Dragons or Wyverns
ii) Can't be Leyton as there is no Leyton in Texas.

You will have to do better than that!

There is no Doll House in Texas either
Bunch of Cowboys dem Texans !

[Max B Gold]

They are changing the name of the club to the Leyton Leopards and moving the club to a 50,000 all seater arena in Texas.

Think I spotted an error in this story!

Yeah it’s Lions not Leopards

That was the mane error.

[RientO]

Yeah it’s Lions not Leopards

Not true.

i) It would have to be Dragons or Wyverns
ii) Can't be Leyton as there is no Leyton in Texas.

You will have to do better than that!

There is no Doll House in Texas either
Bunch of Cowboys dem Texans !

But there is the best little whorehouse.

[Orient_Man_And_Boy]

“Mane error”. Very good, Max.

[Disoriented]

Good for showing pride in the club.

[Thor]

Let’s be serious now, what was said at the AGM please?

[F*ck The Poor & Fat]

Changing the name to
Little Leyton Orient was proposed by Bazza.

[EliotNes]

My nephew went and gave me the lowdown today. The club have received offers of £1M for each of 3 players (which were not named) but they are not going to sell them. The money Teague and Travis and others put in they have written off, consider it a gift to the club and don’t expect to get any back; they cannot stop other clubs talking to JE if he wants to talk to them, but they want JE to stay and will do all that is possible to keep him if other clubs approach him; ground redevelopment has gone as far as it can at this time, it is not economically feasible to redevelop the east stand (cost of demolition because of the asbestos roof is prohibitive); the club is financially sound for an NL club. Finally, when they bought the club they had no idea of the terrible mess it was in business wise and it was far worse than they ever imagined it could be.

That’s it in brief. My nephew ( who is 38) was impressed by what was said by Kent & Nigel

[slacker]

As the first season’s operating loss was £2.35m, that’s nice to know the directors responsible have written off their loans. Though I doubt that will go through the books (like Beelzebub’s £9m write off did the season before after the sale of the club).

Be interesting to see whether they can get the loss for this (&subsequent) seasons lower. Though if they are realistic about what return they will get - zero unless you get to the PL, really - they’ll be writing them off too, so it doesn’t really matter.

[CreamofSumYungGai]

How can a loan be written off yet not go through the books?

[WGC O]

Also 10 players out of contract - they have to be told of their futures 7 days after the last game ie May 26

[Bergen]

My nephew went and gave me the lowdown today. The club have received offers of £1M for each of 3 players (which were not named) but they are not going to sell them. The money Teague and Travis and others put in they have written off, consider it a gift to the club and don’t expect to get any back; they cannot stop other clubs talking to JE if he wants to talk to them, but they want JE to stay and will do all that is possible to keep him if other clubs approach him; ground redevelopment has gone as far as it can at this time, it is not economically feasible to redevelop the east stand (cost of demolition because of the asbestos roof is prohibitive); the club is financially sound for an NL club. Finally, when they bought the club they had no idea of the terrible mess it was in business wise and it was far worse than they ever imagined it could be.

That’s it in brief. My nephew ( who is 38) was impressed by what was said by Kent & Nigel

Thanks. Interesting.

[Thor]

How can a loan be written off yet not go through the books?

It can’t.

[CreamofSumYungGai]

So they say they’ve written the loans off but they actually haven’t?

[CreamofSumYungGai]

Struggling to believe people have offered over £1m for Bonne, Korma and one other....

[A Pedant]

My recollection of the meeting was that Martin Ling referred to "significant six-figure bids" for 3 players, which he recommended to the Board be turned down for the club to progress, which the Board agreed with.

In terms of directors' loans to cover losses, they're no doubt structured that way for accounting reasons (Kent referred to it enabling a tax write-off in the US for him and Nigel) - his specific words about them were "it's a gift".

As for losses, the loss for this season will be c.£1.9m, if we'd stayed in the National League then next season it would have been c.£1.75m, whereas in League Two next season they're budgeting for a £1.1m loss (the difference in League income is massive, something like £850k if memory serves from the slideshow presentation Danny Macklin put up).

[Thor]

So they say they’ve written the loans off but they actually haven’t?

If they said they’ve written it off, I’d believe them, I believe they are people of integrity.

The debt sits on the books at present or at least it was in the last financial set of accounts. In this trading year they may have chosen to write the debt off, if they did that would show in the next set of accounts and we would need to wait till then to see that action has happened. They may well leave the debt on the books and let it accumulate over several years and never call the debt in. As the club is run at a loss, those losses can be used to offset tax either now or in the future depending on where the club stands from a profitable basis or within a group structure.

Take Man Utd when the Glaziers took them over they did it through debt and let the club pay it back without the family having to use their own cash assets to cover it. We don’t have that advantage unless we were to ever get to the premier when those losses just might come in handy.