black morse wrote:Can Jason, as owner, sack the board?
fulwoodshrimp wrote:What on earth is Whittingham playing at? He clearly wants to make a killing from selling the club but his absurd valuation is putting off serious interest and attracting nonsense offers like he received from Johal.His business acumen is awful- he destroyed Worcester Rugby Club and if he continues to neglect the shrimps he will destroy us. Is now the time for protests? A March from the Mazuma to the town hall to deliver a letter to the m.p. would be a start. We cannot let Whittingham destroy our club. WHITTINGHAM OUT!
black morse wrote: Can Jason, as owner, sack the board?
KenH wrote:Re sacking the Board, yes, in theory, the shareholders can vote to dismiss Board members at a general meeting, and with Bond Group being the majority shareholder, they can easily pass such a motion. Whether the Board members have right to compensation for loss of office etc depends on the wording of their director's appointment agreement (if any). But, yes, in theory, they could be removed and replaced with a puppet Board. But, that's not really in Jason's interest as he'd have to pay the Board members to run the company and even then, it doesn't solve the financial problems. It's in Jason's interests to keep the Board in place to keep the company/club operational at minimal cost to him, and he can just sit back and wait for a buyer to come along as he can just sit and wait and take the interest on the loan etc.
I think it's another case of brinkmanship, like Derek releasing all the players in May, to force Jason's arm into providing a new loan. The threat of the BOD resigning en-masse may likewise force Jason to face such a prospect which will undoubtedly cost him in the long term if the club does fold and he's left with an asset he can't do anything with. It's in his interests to keep the club operational until he sells. The BOD know what they are doing (as they did in May), so I am confident they have a "cunning plan" and wouldn't have made such a statement lightly.
redrobo wrote:To our excellent BoD I say a very welcome statement so a big thank you for that.
I however am concerned about the requirement of the EFL to place an amount of money before the end of this season with the EFL as we learned a few months ago.
Assuming that The Bond Group or Jason have not undertaken that directive what will be the outcome if no money is placed with the EFL if as it would appear relations between our BoD and the owner(s) have now finally broken down.
The Bond Group / Jason must now cooperate with our BoD to get a deal so that this ongoing saga can come to an end with new owners in place to take the club forward.
If our BoD place the money required by the EFL directly in other words by pass Jason is that money eventually returned to the club after the EFL are satisfied that we can operate and honour our financial obligations going forward? If that is the case then any prize money that we have already accumulated and any in the future should in my opinion be used to safe guard our club.
vvm wrote:the money has already been placed in an account.
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