ASFC Financial Status - IMPORTANT UPDATE

[expatriate]

I have been looking forward to writing this particular bulletin board message for a long time.

In June last year we (by which I refer primarily to the club's supporters, playing staff, employees, but also to the broader network that includes the local community) were told that the club faced serious financial problems due to historic debt. The true nature and extent of that debt only became clear in the months that followed. By the time that the well documented and now well known circumstances of the Nov 2009 deadline came along, the cumulative debts were clearly in excess of £500k from a tax standpoint alone.

In the immediate aftermath of having paid off the November petition debt of £308,000 my primary objective, and that of the club as a whole, was to try and ensure that we paid off all our debts in an orderly and professional manner, and I think you will recall my publicly stated objective that we wanted to get the club on an "even keel" by the end of the season, and also aim to lift all the various embargoes and restrictions that afflicted the club with respect to player registration and acquisitions.

Additionally, we determined NOT to sell our most precious assets in trying to repay our debt. The easiest thing in the world would have been to try and solicit interest in some of our talented players, and then use that cash to repay external debt.

It therefore gives me immense pleasure to report to you that as of today, the club has repaid all its historic debt and also the PFA liability. As of the time of writing i am not aware of any creditors that are outside our ordinary course of business, and the club is now free from the crippling financial lock-jam that affected each and every decision from about the middle of 2008 (as best i can tell).

During the past few weeks the club has also benefited from revenue that was not anticipated, in the form of the cup run, but this, in all honesty, replaced revenue that was lost when so many of our games were delayed. However, from a non financial standpoint, the most pleasing thing is that your club (thats right, its your club) has achieved headlines and status on the field that occupy newspaper and media headlines up and down the country.

I won't talk here about Coleman's magic on the field, and the incredible heroics of our team. However, on the non playing side, your club is in the best situation it has been for many many years.

There remain many challenges. I will reiterate my commitment and the commitment of the club as a whole that we will turn our attention to those challenges. Its so much easier, now that we have finally addressed our financial concerns, to itemise, prioritise and then put in place a plan of action that will, amongst other things, see our ground improved, our pitch improved, our customer and corporate facing activities improved etc etc. The list goes on.

I will close this message by again repeating the unadulterated pleasure i have in being able to convey this message to you. Its been a tough road since November, but not one from which I have ever flinched and I am just pleased to be able to report that our actions continue to match our words. WIth your help and your support, we will continue to put our efforts behind the club. I wish also to pay tribute to all the people at the club, from David O neil, Rob Heys, through to Hannah behind the scenes and Mike and through to many many who toil on a paid or voluntary basis. I am proud of being associated with this team of people. we are all human, we all make mistakes, but I can see that we are all motivated by the club's best interests.

As usual, now that my partial self imposed silence is broken (I had vowed not to post on financial issues till these large and imposing historic debts could be repaid), I am available for any questions and comments you might have. You can post on this board, or email me at [email protected] or call me 07826 600600. This club - your club - is run as transparently as possible, and nothing is off limits.

with my absolute warmest regards this thursday morning
Ilyas (just off a plane from Hong Kong)

[Neil]

I can't admit to being a Stanley supporter or even a football fan but that is really good news for everyone involved with the club.

Congratulations to all involved, you have made a lot of people very happy.

[lancsdave]

Well done to all concerned.Long may it continue

[VALAIRIAN]

I would just like to take this opportunity to say thank you to everybody concerned with sorting out the terrible troubles that had been bestowed upon our wonderful little club In the main I would like to say that I have found it very satisfying, the way in which the club - and in particular Ilyas and Peter - have gone about their business and have - as Ilyas has alluded to in his post - sorted out the massive debt and uncertainty, which was surrounding the club way back in May.

Let's now just focus on what has been so far - and will be come May - a FANtastic season and let Coley and the Team, carry on doing us proud!!!

ON STANLEY ON

[Mr T]

Ilyas,

Once again for a personal view point, THANK YOU

I'm sure all Accringtonians (and those from further a field) will now unite behind our FANtastic club and team

ON STANLEY ON

[AccyMad]

Fantastic news Ilyas, thanks once again for all you & Peter have done and are continuing to do, for our club and for always being open & honest about what's going on, as you promised you would. On, Stanley, On!

[Mr Whippy]

Hi Ilyas,
Thankyou. Without you there would be no Stanley - FACT. I know you don't make a fuss about all the good you do but Freeman of the Borough should be ont the cards. Anyone out there know how to go about it?

[Doug]

Thank you and congratulations to all at the club for your commitment and dedication to Accrington Stanley and Accrington; without which we would have now't. Regardless of the past it is pleasing to know that all involved, including all those who give time and money to the SOS fund have brought about this restoration of Pride in what and who we are. Thank you again Mr. Khan and Mr. Marsden and the Club at large.

[Exile on Spencer St]

This is indeed a good news day and one which, only six months ago, seemed beyond many people's dreams. It's impossible to express here the gratitude I have for the fighting spirit of Messrs Khan and Marsden, and all those other folk who never stopped believing and working for the club (and not merely for themselves). With their leadership and generosity, Ilyas and Peter have inspired the fans and the club to save our Stanley, against all the odds.

Clearly, Clint Eastwood chose the wrong sport when he made "Invictus".

[AsFc62]

Ill keep it short...

Thanks Ilyas and Peter

I LOVE MY CLUB!

[Tickler]

having all that debt hanging over any company is almost impossible to survive so well done to Ilyas and his team lets hope Stanley can now push on from strength to strength
the club needs to build on this as soon as possible and gain its rightfull status as a football league club worth visiting . i am sure there is improvements in place to be made and in this time of businesses going to the wall in accrington and Tesco and co opening on every street corner maybe if the club approached them they may build a new ground for what is the best known football club in the world (apart from Man u lol) just a thought

good to see stanley on the right side lets push for promotion now

[Stanleymad]

Excellent news indeed, many thanks Illyas for ensuring that our debts have been paid off & looking after our little club

[Stanleymad]

Originally Posted by Mr Whippy

Hi Ilyas,
Thankyou. Without you there would be no Stanley - FACT. I know you don't make a fuss about all the good you do but Freeman of the Borough should be ont the cards. Anyone out there know how to go about it?

I'd certainly give my vote i think it should be given serious consideration indeed

[smudgie]

Ilyas Khans BARMY ARMY!

Superb news

[fc:stanley]

Superb News!!!!!!!!!

Thankyou, thats all i can say Mr Khan!!!! . If you ever want to bang the drum, be my guest anytime!!!