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Hux: No money for players
By: Rob Sedgwick
Hux: No money for players
27th July 2000
Town vice-chairman Bryan Huxford today announced that no money would be made to manager Alan Buckley for new players, after the former board blocked the injection of cash in a shareholders rights issue at the club's AGM yesterday.
The club's current share capitalisation stands at Â£600K. The board had wanted to increase this figure to around Â£5m, more in line with club's of a similar size and stature to Grimsby Town.
The club's directors had intended to use some of this money to get new players in at the club, with the current squad depleted to one of the smallest total of first team players for many years.
The old board's refusal to accept the revised articles of association meant that the vote for the share plan did not even go ahead, as the defeat of the new, more modern, rules more or less left the shares vote irrelevant.
The rights issue would have allowed every shareholder in the club to have purchased two shares for each share currently owned. The remainder of the shares would have been offered to the open market. The balance of power following the rights issue clearly could have potentially drastically altered the balance of power, depending on how many shares were taken up by the existing shareholders, and which "side" any new shareholders supported.
In a new development, Mr Huxford has invited the "old board" camp to come up with an alternative to the current board's plan in an attempt to bridge the divide between the two factions. "They have been invited to come up with proposals. We have to take this football club forward," said Mr Huxford today.
Meanwhile matters on the pitch have been continuing with the club's "tour" of Ireland. Town beat Finn Harps 2-0 on Tuesday night with 2 goals from Kingsley Black and tonight take on fellow first division team Tranmere Rovers.
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