The open forum at Stripes was co-chaired by John McGlashan (Chairman & BFC Director) and Pete Johnston (Bees United Supporters Rep); plus a three man panel – Andrew Wainwright (Bees United legal), Joe Bourke (Bees United finance) and David Stacey (independent merchant banker assisting Bees United). Cllr Luke Kirton (elected in Brentford Ward via the ABeeC Campaign), Lee Shailer (from Supporters-Direct) and Bees United secretary, Bruce Powell were also in attendance to field questions.
It was requested from the outset that Bees United wished to discuss the future, not the past. John McGlashan outlined the perilous position BFC is in. The club could be technically insolvent at the end of October, although the impact of Darren Powell`s transfer fee was not yet known. Administration would be catastrophic for BFC as the Club`s debt is owed to a single party and Griffin Park`s value, even without planning consent in place, exceeded the debt. A scenario of BFC losing its home (probably groundsharing at Kingston) was a possibility if a deal is not struck soon to avert such a grim future.
Bees United`s option to buy BFC for £1 (and Griffin Park Stadium Ltd for £100k) is dependent on either clearing or refinancing the £4.5m debt. Joe Bourke reported that constructive discussions had taken place with many local businesses (small and multi-nationals) and, whilst limited offers of support had been received, it had proved difficult to gain absolute support. Joe suggested that if and when Bees United exercised its option it would be far more straight forward for the trust to "sell itself" to the local business community.
David Stacey is actively attempting to secure a refinancing package suitable to Bees United`s needs. These talks are ongoing and Bees United is exploring every avenue possible to avoid the sale of GP at this stage (ie before a site for our new stadium is secured) and for Bees United to exercise its option as soon as possible.
Talks with Hounslow Council have proved highly productive so far and real progress has been achieved, especially since May. Bees United were limited in what they could reveal at this stage, due to confidentiality agreements, but the general feeling was that supporters should bear with things at the moment. John McGlashan stated that Bees United`s first choice would be to stay in Brentford, secondly to stay in the borough. Bees United would be doing everything possible to secure a breakthrough, and are hopeful.
The meeting produced a mixture of despondency and hope. The financial predicament at BFC is extremely serious and cannot be overstated. However, Bees United could feasibly come up with a solution. But time is of the essence.
Thanks for all the support received so far. We ask you to keep the faith and continue doing your bit. We have 850 members, which we would like to see rise to 1,000 as soon as possible, plus £260,000 in cash and pledges. Bees United is getting stronger and stronger. We need your continued help support if we are to achieve our numerous goals.