RADFORD ON £2.4 million DIVIDEND, HASLAM RESPONDS
Announcement by Mansfield Town Football Club Limited
mansfieldtown.net, 3 Nov 2010
John Radford and the Board of Directors of Mansfield Town Football Club Limited have become aware that the Report of the Directors and Financial Statements for the year end 30th June 2009 for the Club reported that it was the then directors' view that a dividend of £2,442,488 paid on 9 December 2008 to amongst others the club's then owner Stags Limited, should not have been made because the Club had insufficient net assets to permit it at that time.
Certain other payments to various individuals and companies totalling over £600,000 have also been brought to the attention of the Club.
As a result of these matters the Club has today instructed lawyers and forensic accountants to investigate these payments and to report the outcome of their investigation to the Club.
If the investigation supports the view of the former directors, the Club will take any necessary steps to recover any monies for the benefit of Club which should not have been paid out in the past.
International award winning lawyers Pinsent Masons LLP have been instructed
CHAD papercopy (not online), 3 Nov 2010
CHAD exclusive, by John Lomas
DEAL WILL BE PROBED
Haslam share dividend is under legal scrutiny
It will raise fans hopes that, as suggested at the club's annual meeting in August, the final outcome could eventually end up with the club's Field Mill ground returning to the club's ownership.
However, Mr Haslam this week told CHAD that he believed that the dividend issue was legal and that an investigation was "news to him".
Mr Haslam dismissed the claims that there were insufficient funds to facilitate ethe deal and said: "I believe there was and I know there was. I don't even think it's an issue to be fair."
On Friday Mr Radford had met with Mr Haslam to open negotiations on purchasing Field Mill from the former owner but no announcement was made as to how the talks had gone before this twist in the tale.
By John Radford, Chairman - match programme notes - Saturday 06 November 2010
I was well aware of some chants after the match, calling for me to replace the Manager, but I must note, on record, of my backing and faith in David. He needs time for his new players to gel and I would appreciate your support towards both him and our players. I have been impressed with both David's wide array of contacts in the game and his knowledge. He also has the experience of being with a number of clubs who have played at the level where I ultimately want us to be.
I have seen for myself in the training sessions, the standards that he imposes on his players and the demands that he and 'Russ' make of them. We are only six points off a play-off spot and I am confident that David is the right man to see us in a top five position by the end of the season.
Referring to off-the-field matters now, and I know many of you read Wednesday's statement with great interest (a copy of which can be seen in the news pages of this programme). I cannot elaborate on it at the moment, but you will be kept informed of any news as and when it develops, via our usual communication streams.
Last Friday's meeting with the stadium's current landlord almost saw me burning the midnight oil. I took many positives from a lengthy meeting, which ended at 11pm, but ultimately we disagreed on a £2,000,000 valuation of the stadium.
I know Mansfield's Executive Mayor, Tony Egginton, will play a key role in being able to resolve such matters in the near future and you can be safe in the knowledge that I will do everything I can to strengthen our legal case. All the decisions I make as Chairman of our club are with the intentions of taking us forward.
Finally, I would like to thank you most sincerely for your continued support. I, like you, have suffered for a long time as a Stags' fan, but I am confident that our time to shine is not far away.
Latest | November 2010