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Members of the HUST board will be meeting with the Club Board to discuss the proposed bid for the club on Tuesday night.
The clock is ticking on the club, with less than five weeks to the Conference AGM. HUST will be seeking to perform due diligence on the club at the earliest possible opportunity in order to give the Club’s Board a third option to save the club from extinction.
In line with the comments made by Vice Chairman Martin Watson on BBC Hereford & Worcester’s breakfast show on Wednesday morning (https://bullsnews.blogspot.co.uk/2014/05/hust-looks-for-sustainable-future-for.html), the board of HUST does not see itself as being the pole position bidders and is happy to work with any owner of the club to achieve long term stability for Hereford United at Edgar Street.
The board accepts that other bids may offer a better financial outcome, either for the Club’s board or the Club itself, and that the two other reported bids are in a more advanced stage than ours – but we are prepared to table a bid on the basis that it may be the only option left on the table to save the club if other offers fail to come to fruition.
We have already spoken at length with people experienced in the field of club finances to assist our bid. We have secured the services of a experienced football club accountant to assist us in the due diligence procedure locally.
With our links to Supporters Direct we also have substantial support from people who have performed rescues at a number of clubs. James Mathie was a leading figure for Supporters Direct as they assisted Wrexham’s Trust in the takeover of their club as well as the complex Portsmouth deal, and has been involved in many more rescues around the country. Chartered Accountant Nick Igoe, for 15 years the Financial Director at West Ham, assisted Aldershot’s Trust through their turmoil of last summer. Both are available to HUST to assist our bid and offer expert opinion, and have already held discussions with HUST to begin the process.
Any bid from HUST will not be possible without the backing of our members and the wider community. Should we be in a position where we can successfully navigate a path through the debts facing the club, we will present our proposal at a members meeting. We will need your approval to turn your pledges into funds to back our bid. In the event of a new owner coming in to the club, we would seek an audience with that owner before calling a members meeting to discuss our findings and determining what our membership wishes us to do going forward.
In other HUST news, The Prize Bull lottery has received strong early interest with more than 60 fans already signing up to the weekly draw.
Our first draw is three weeks away on Monday, May 26th. You can sign up online through Paypal, or download the Standing Order form –
The HUST board is also delighted that London Bulls have voted towards closer ties with HUST. The organisation, with over 100 members, voted 93% in favour of closer ties to HUST and will help spread HUST initiatives to the South East.
A representative of London Bulls will be co-opted for meetings to convey their views.
The move comes a week after Chris Oleksy joined the HUST board. The Supporters Team organiser, who had been a working group member for some time, was co-opted at the most recent HUST Board meeting.
HUST would also like to thank Nathan Morris and the Funbussers for a £126 donation following the Aldershot trip. Nathan organised and sold the red caps that many fans – and a few of the staff and players – were wearing at Aldershot in salute to Peter Beadle, with the profits being donated to HUST along with the proceeds of some other fundraising activities on the day.