The report in The Chronicle newspaper on 28 February 2002 highlighted some of the problems faced by Brentford Football Club, some of which are issues Bees United will need to address when it takes up its option to purchase the Altonwood share-holding. It is common knowledge that the club is losing thousands of pounds every week and at the recent meeting of the board of directors (lasting well over four hours) a number of options were considered to maintain the club’s viability.
Next season’s budget forecast (based on 2nd Division football) indicates a deficit of £890K, which is pretty close to Bees United’s own estimation when we put together a three year business plan last year. To continue trading, the club therefore needs to raise a similar amount, simply to avoid increasing the existing debt further. The directors have pledged about half that from their own resources if possible, thereby providing the club with sufficient working capital for the next few months. I want to stress these are cash pledges and not guarantees for an increased bank overdraft facility.
This doesn’t resolve any of the underlying issues however, and it looks as though we will have to raise substantial sums of money on the one hand, and reduce the club's level of spend on the other, in order to stay at Griffin Park for the time being. If we are unable to do that, the club may be forced to sell the ground and it will then be up to the directors to negotiate the best deal they can. Obviously there are all sorts of possibilities, one of which might be "lease back", but I doubt if our bargaining position will be very strong, so it would be wrong to make any assumptions over what is achievable. Bees United will do its utmost to ensure selling Griffin Park, without acquiring a new site, is an absolute last resort whilst at the same time attempting to keep spending under control. This is not going to be easy by any means and some very tough decisions will need to be made, particularly if promotion is not achieved this year. Fund raising has become the priority and Bees United will be publishing its long awaited brochure very soon, detailing various ways of providing the funding required. It is not just aimed at supporters, our target is the whole community!
Bees United, Hounslow Council and Brentford FC must also work together to find a solution which is a little more imaginative than it has been up to now. A planning consent that allows the club to gain maximum value from the sale of Griffin Park would be a good start!
Finally, in case there are any lingering doubts, the income from any sale of Griffin Park will go to the accounts of Brentford Football Club. The directors will not benefit in any way.
John McGlashan, Chairman