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15th March 2011- Community Trust Project Q&A's
CFU Questions and answers regarding its Community Trust project for Cambridge United
As speculation mounts this week about potential investors and high profile takeovers of Cambridge United, Cambridge Fans United has been continuing to work on its project to determine whether the club could be run as a community trust led club, with a not-for-profit objective, in which all funds would be applied solely to the running and development of the club.
CFU Chairman, Dave Matthews-Jones explains "In the responses to the brochure we issued recently, we had a lot of people express support, but there were a number of questions asked, as well, so we thought we would publish some of those questions, along with some answers."
What is due diligence?
Due diligence involves obtaining detailed information about all aspects of operation of the business being bought, to ensure that sufficient is known about it to enable sensible decisions to be made about the level of an offer to be made.
Typically, it covers four main areas:
CFU has, so far, not been permitted to conduct due diligence at Cambridge United.
Why is that?
The request has been denied on the grounds that CFU has yet to show proof of funds to pursue a purchase. Whilst this is understandable where an unknown outsider is concerned, it is a little surprising, given that CFU is the third largest shareholder in the club and its aims and objectives are wholly related to the welfare of the club. It suggests, perhaps, that CFU's interest in pursuing the community trust option is not wholly welcomed by the club's Board, despite the invitation issued by Chairman, Paul Barry, when he announced that the club was being put up for sale, that supporters groups get involved.
What has CFU done, then?
CFU expects to have a zero-based budget completed this week: an annual forecast where the level of income is built from the ground up, assuming a minimal level of revenue. Once this is in place future budgets can be constructed, from which Cambridge United could be run sustainably.
Who else is CFU involving?
We have met with a number of local businesses as we continue to seek pledges of time and finances with which the club could be run in future. The Chamber of Commerce are interested in helping to develop CFU's plans. Local authorities with community interests and the Cambridgeshire FA have also agreed to talk to CFU about how a community trust club could offer something that a conventionally run club doesn't.
How is CFU's plan being received?
There has been considerable interest and support shown, both by business people and others, though the plan needs to be developed to the extent that it will attract firm commitments to invest time and money in it.
What is CFU going to do now?
CFU plans to turn Cambridge United into a Trust led club, using the support and skills of supporters, local businesses and with the involvement of local authorities. This brings together the goal of having a secure, sustainable and ultimately successful football club.
In addition to preparing a budget, a detailed project plan has been developed, which will seek to cover all eventualities.
It is hoped that an official offer for the club can be made in due course. The current asking price for Cambridge United does not meet CFU's valuation.
What can I do to help?
CFU would be delighted to hear from any individual or group who is willing to offer any kind of assistance. Whether financial or through time and expertise, any help would be utilised as CFU aim to take further steps to make this Community Club project a reality.
How can I contact CFU?
Contact CFU Here
Email: cfuinbox@btinternet.com
Telephone: 07957 344005
Or visit the CFU caravan on Matchdays at the Newmarket Entrance to the R Costings Abbey Stadium
As speculation mounts this week about potential investors and high profile takeovers of Cambridge United, Cambridge Fans United has been continuing to work on its project to determine whether the club could be run as a community trust led club, with a not-for-profit objective, in which all funds would be applied solely to the running and development of the club.
CFU Chairman, Dave Matthews-Jones explains "In the responses to the brochure we issued recently, we had a lot of people express support, but there were a number of questions asked, as well, so we thought we would publish some of those questions, along with some answers."
What is due diligence?
Due diligence involves obtaining detailed information about all aspects of operation of the business being bought, to ensure that sufficient is known about it to enable sensible decisions to be made about the level of an offer to be made.
Typically, it covers four main areas:
- The strategy, future prospects and risks of the business.
- The business' finances - income and expenditure, debts and tax issues, as well as commercial contracts.
- The stakeholders such as directors and employees must be explored, as must any debts that may be owed to them.
- The legal structure of the business must be considered. Outstanding or ongoing legal issues must be made apparent, as well as existing leases and contracts.
CFU has, so far, not been permitted to conduct due diligence at Cambridge United.
Why is that?
The request has been denied on the grounds that CFU has yet to show proof of funds to pursue a purchase. Whilst this is understandable where an unknown outsider is concerned, it is a little surprising, given that CFU is the third largest shareholder in the club and its aims and objectives are wholly related to the welfare of the club. It suggests, perhaps, that CFU's interest in pursuing the community trust option is not wholly welcomed by the club's Board, despite the invitation issued by Chairman, Paul Barry, when he announced that the club was being put up for sale, that supporters groups get involved.
What has CFU done, then?
CFU expects to have a zero-based budget completed this week: an annual forecast where the level of income is built from the ground up, assuming a minimal level of revenue. Once this is in place future budgets can be constructed, from which Cambridge United could be run sustainably.
Who else is CFU involving?
We have met with a number of local businesses as we continue to seek pledges of time and finances with which the club could be run in future. The Chamber of Commerce are interested in helping to develop CFU's plans. Local authorities with community interests and the Cambridgeshire FA have also agreed to talk to CFU about how a community trust club could offer something that a conventionally run club doesn't.
How is CFU's plan being received?
There has been considerable interest and support shown, both by business people and others, though the plan needs to be developed to the extent that it will attract firm commitments to invest time and money in it.
What is CFU going to do now?
CFU plans to turn Cambridge United into a Trust led club, using the support and skills of supporters, local businesses and with the involvement of local authorities. This brings together the goal of having a secure, sustainable and ultimately successful football club.
In addition to preparing a budget, a detailed project plan has been developed, which will seek to cover all eventualities.
It is hoped that an official offer for the club can be made in due course. The current asking price for Cambridge United does not meet CFU's valuation.
What can I do to help?
CFU would be delighted to hear from any individual or group who is willing to offer any kind of assistance. Whether financial or through time and expertise, any help would be utilised as CFU aim to take further steps to make this Community Club project a reality.
How can I contact CFU?
Contact CFU Here
Email: cfuinbox@btinternet.com
Telephone: 07957 344005
Or visit the CFU caravan on Matchdays at the Newmarket Entrance to the R Costings Abbey Stadium
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