Message from Paul Barry
As the halfway point of our season in the Blue Square Premier League has been reached, I wanted to take stock and review the unbelievable progress that has been made in the last six months.
Last January, the mood was quite pessimistic around the club. A number of heavy defeats left us languishing in the bottom half of the table and, with crowds slumping, the picture was pretty grim. The Board took the view that a very painful financial step was needed to change the football management at the club.
The team was in freefall but besides just the football management, a culture change was needed. Appointing Jez temporarily, against his own better judgement, and persuading him and Nolan at the season's end to take the job permanently, was quite an effort by the Board. It was and still is the right step forward for the club.
During the off-season, the Board set an individual wage cap, reduced the playing budget by 25% to a more realistic level and supported Jez in assembling a very young squad. This was achieved through a vastly enhanced scouting network that had been put in place during the final three months of last season.
The budget restraints were necessary to bring the club's level of expenditure closer to its annual income and create some financial security moving forward. The cost of compensation payments for previous management, partial contract settlements for a number of players and the fact that not every issue regarding existing players has been settled will contribute to significant losses this year and has again been funded mostly through director's inputs. This action will allow the club to move forward next season though without this financial burden and with a young squad, with several sizeable assets, on affordable wages.
Thinking back to the summer, no-one could have expected beyond their wildest dreams that we would have spent so long in the top 5 and have 40 points on the board at the half way stage. It is testament to the change effected by Jez, Nolan and their coaching staff as well as the way in which such a young group have responded to their leadership.
We know that doubling our points tally in the second half of the season will be extremely difficult but we are confident that when we look back at the season as a whole, real improvement will have been made, which was our only aim back in August.
We are also delighted by the seamless manner in which Mark Bonner has taken over the coaching of the scholars; the future lifeblood of the club. Jez retains a very active role with the overall running of the Youth & Community Trust but the club is fortunate to have a team of such talented, dedicated and committed youth development staff.
Where do we want to get to? The Board has publicly spoken about striving to become a sustainable break even business. With the help of our landlord, Grosvenor, we believe that the budget figure for next year will be the closest to break even as the club has been in the last 10 years.
That will involve maintaining our internal wage cap, developing more of our youth products and being judicious in our signings. The philosophy of the club will remain one of sustainable growth and developing young talent, both home grown and young players we can attract to the club.
Off the field that will involve maximising revenue from our ground assets and working to improve our level of commercial activity. The Board believes that we have great potential within this squad and throughout our development structure.
We all take great pride in the fact that our Centre of Excellence continues to compete favourably with Football League counterparts and that our development pathway involving over 1200 youngsters, without any FA, Premier League or Football League funding, is unique in this country.
As a club we need to be brave enough to play our young players in order to give them the experience necessary to improve. But we need everyone to be patient.
Sometimes that is difficult as results do not happen right away but we believe this philosophy is the only way for the club to prosper in the future. We have promoted from within both on and off the pitch and will continue to do so, along with identifying and securing the right signings that fit our culture and profile.
I have been asked the question if the club shall strengthen the squad in January if we maintain our position in the League. The Board's answer is that we are always trying to strengthen our squad, which is often from within by giving young talent a chance to develop. For example, the club has just signed Jonathon Thorpe, another exciting prospect, on a two and a half year professional contract.
It can also mean shuffling the pack a little in January, but it will not mean spending money we do not have, chasing the dream. Development and gradual improvement with fiscal restraint is paramount. We currently have a competitive squad that is overachieving for our size of budget and a management staff that cost only a fraction of the previous regime.
We wish to be in a position where our best assets are not sold in a firesale situation to pay for exorbitant and unaffordable wages for existing squad members. That was the past actions in the sale of Rendell, Holroyd and Willmott. When it is the right time for a player to leave, with the right opportunity for him, and at the right price for Cambridge United, the transfer would be sanctioned.
Off the pitch, we have cut costs even further, with some full time employees being replaced by volunteers. Costs are being carefully managed, all aspects of the club are being reviewed and new initiatives explored.
Greg Mould and Dave Doggett have joined us as Chief Executive and Director respectively, adding management experience and quality to the existing hard working staff. You will see some new developments over the coming weeks, some of which like ticketing and a new lottery, have been instigated by CFU and embraced by the club. Bridges are being rebuilt with various fan groups around the club, such as CFU, VP's and the Supporters Club.
The Board is also well aware that they have limitations with only four locally based members. Being based 5000 miles is far from ideal for a Chairman and the Board is looking for the right individuals to join us to bring additional financial strength and business experience.
Our centenary season will begin in 2012-13. It is a chance to reflect on the past and especially look forward to the future of Cambridge United. With a new Community Stadium on the horizon, fans and business people working together, a first team squad including numerous home-grown players, a pipeline of future stars through our Centre of Excellence, the continued growth of our Youth and Community Trust, along with a culture of hard work and community outreach, that bright horizon has a decidedly amber tint.
Happy Christmas to everyone and my best wishes for the New Year.
Paul Barry
Chairman
Cambridge United: YOUR CITY - YOUR CLUB
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